Check your personal loan eligibility through the Personal Loan Eligibility Calculator on Bajaj MARKETS. The calculator will help you compute the elegible amount you can raise through the personal loan without affecting your monthly finances. Your personal loan eligibility is determined by several factors and criteria such as age, income, employer, credit history, other financial liabilities, etc. If you’re looking to assess your personal loan eligibility, you have certainly come to the right place!
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Eligibility Criteria |
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Note: Max age 58 years at the time of maturity
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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”
Select “Net Monthly Income” and expected “Monthly EMI”
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 personal loan eligibility. Continue reading:
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.
The kind of house that you live in also plays a factor in your personal loan eligibility. The lender will ask if you live in a rented or owned apartment to understand your financial obligations.
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 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.
It is important for you as well as the lending partner to know about your current credit obligations while assessing your personal loan eligibility. This helps the lender understand whether you can manage yet another loan or not.
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.
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 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.
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.
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.
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.
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.
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.
You can check your personal loan eligibility using the Personal Loan Eligibility Calculator that is available on the Bajaj MARKETS portal.
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.