Personal Loan Eligibility Calculator helps you compute the eligible amount you can avail through the personal loan without affecting your monthly finances. Your eligibility is determined by several factors and criteria such as age, income, employer, credit history, other financial liabilities, etc. Assess your personal loan eligibility now! The general requirements are given below:
Personal Loan Eligibility |
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Age Limit |
21 – 68 years |
Minimum Monthly Income |
₹10,000 and above |
Credit Score |
Above 750 |
Maximum EMI |
Up to 65% of Income |
Personal Loan Partners |
Eligibility Criteria |
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Note: Max age 58 years at the time of maturity
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A personal loan eligibility calculator has the following features:
Can Help You Avoid Loan Rejection
A personal loan eligibility calculator can reveal how much credit you're qualified for. This calculator will give you the outcome based on your income and obligations. Thus, if you are not qualified for the loan amount that you need, it is advised that you do not apply for the loan as it may be denied. A loan rejection might have serious consequences for your credit record. As a result, a personal loan eligibility calculator may assist you in protecting your credit record.
Can Help You Plan Your Budget
Using this calculator to estimate your EMI amount helps planning the monthly budget much easier.
May Assist in Comparing Different Lenders
A personal loan eligibility calculator can help you examine your eligibility with numerous lenders. As a result, you'll know which lender will grant you a loan and what the interest rate will be. After that, you may evaluate the lenders and choose the most suitable one.
If you are interested in applying for a personal loan, please follow below steps to check your personal loan eligibility.
Open personal loan eligibility calculator
Select whether you are “Salaried” or “Self-Employed”
Decide “Net Monthly Income” and “Monthly EMI” using the slider.
Your eligible personal loan amount will be displayed
Before checking your personal loan eligibility, there are certain factors that you need to keep in mind. These factors or variables tend to have a nominal-to-significant impact on your loan eligibility.
Annual Income: Remuneration from economic activities, such as salary from a job or running a business, play a crucial factor in determining your personal loan eligibility. After looking at the total amount you earn annually, your lender will be able to determine your maximum loan-bearing capacity.
Type of Residence: The kind of house that you live in also plays a factor in your loan eligibility. The lender will ask if you live in a rented or owned apartment to understand your financial obligations.
City of Residence: The higher your standard of living, the greater are the expenses of an individual. Lenders tend to take note of your place of residence to develop a risk profile for you before proceeding with the personal loan application.
Your Company/Organisation: Your employer plays a critical factor in your personal loan eligibility as well. In addition, the reputation of your company is taken into consideration too while assessing your creditworthiness. Moreover, your time at the organisation also helps the lender understand your job stability.
Current Debt-to-Income Ratio: It is important for you as well as the lending partner to know about your current credit obligations while assessing your loan eligibility. This helps the lender understand whether you can manage yet another loan or not.
Credit Rating/Credit Score: The credit history or CIBIL score is indicative of your behaviour towards your financial obligations and also serves as a testimony to your financial management skills. Irregular loan repayments or not honouring or delaying other repayments tend to negatively reflect in your credit score. Such activities tend to lower your credit score and your creditworthiness at large.
Relationship With the Bank: If you have a salary or savings account with the bank, then there are higher chances of you getting a personal loan at attractive interest rates. In such cases, you need not necessarily check your personal loan eligibility as they have records of all of your salaries coming in.
To determine your eligibility for a personal loan, you need to submit your employment type, net income, monthly EMI. Your repayment capability is determined by the sum of your income and obligations. If your current responsibilities are manageable, you may be eligible for a higher loan amount. If your previous liabilities are bigger, your loan eligibility may be reduced.
To qualify for a loan, you must meet the online personal loan eligibility criteria. The following are a few pointers to increase your chances of availing a loan.
Maintain a High Credit Score: Generally, a CIBIL Score of 750 and above displays you as a responsible borrower, i.e. one who has paid all their past dues on time. On the other hand, a score below 750 suggests that you have a substandard repayment record. This might lead you into paying a higher interest rate or even rejection of your loan application.
Clear Existing Loans and Credit Card Bills: Before applying for a personal loan, make sure that you reduce your outstanding debt as this will balance out your debt-to-income ratio. If you have multiple loans to repay, ensure that the combined EMIs does not exceed 50% of your income.
Include all Sources of Income: Your income is one of the most important aspects of qualifying for a personal loan eligibility criteria. Your source of income is what assesses your ability to repay the loan amount. So, it is important for you to showcase all of your income besides your salary to build a better case for yourself.
Avoid Multiple Loan Applications: When you apply for a personal loan, lenders run a check with the credit bureau to assess your default risk. Such inquiries are considered hard inquiries and are listed in your CIBIL report. Thus, when you apply for multiple loans simultaneously, you are seen as credit-hungry. Ensure that the lender has minimum eligibility criteria to make the loan process much easier. Compare your available options wisely and make a final decision.
If you are a salaried individual with a monthly income of ₹25,000 (assuming an EMI payment of ₹3,000), you will be eligible to receive a loan of ₹4.62 Lakhs. While as a self-employed individual with a monthly income of ₹25,000 with the same EMI payment, you will be eligible for a loan of ₹4.23 Lakhs.
The salary necessary for salaried workers to get a personal loan is more than ₹15,000. A self-employed person, on the other hand, must have a consistent monthly income in order to qualify for a personal loan.
Determining your eligibility while applying for a personal loan helps you identify the kind of loans you are eligible for. This will, thus, help you apply for the right kind of loan.
No, most of the lenders provide this facility without charging any fee.
Your residence indicates your ability to repay the loan. If you live in a rented house, then a certain portion of your income will go in paying the rent, reducing your disposable income.
Your place of work or organisation represents your job stability, your income and hence your repayment capacity. The reputed your organisation, more are your chances of getting the loan.
Your credit history indicates your creditworthiness and if you are a responsible borrower or not, who paid his/her past payment dues on time. A poor repayment record might lead you into paying a higher interest rate or even rejection of your loan application.
A personal loan is generally offered to working (salaried/self-employed) individuals.
You can increase your eligibility by maintaining a high Credit Score, clearing your existing loan dues and credit card bills, having a steady source of income, and avoiding multiple loan applications.
To be eligible for a personal loan application, you must be at least 21 years old and no older than 60 years old. If you are not in this age bracket, your personal loan application may be rejected.
Borrowers from all income levels have consistently taken personal loans. A personal loan qualifying criteria begins with a monthly salary of ₹15,000. This is due to the fact that obtaining a personal loan needs a minimum income of ₹15,000. With a minimal salary slab, the eligibility requirements are reduced, allowing all persons with low earnings to benefit from personal loans.