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Calculate your personal loan eligibility criteria and apply for a personal loan instantly
The Personal Loan Eligibility Calculator is one of the easiest ways to calculate your personal loan eligibility. You just have to enter your net income and the Equated Monthly Installments (EMI) amount that you wish to pay.
Today, most banks/NBFCs provide the Calculator on their websites, so that the borrowers can instantly check their eligibility.
You can easily use the Personal Loan Eligibility Calculator by providing information in two fields mentioned below:
Check out our Personal Loan Interest Rate and charges
As a salaried employee, you can avail of a Personal Loan provided you fulfill the required eligibility criteria. Here’s the personal loan eligibility criteria:
Know the details about personal loan for self employed.
The applicant, if salaried, must be employed in the company he is working in currently, for at least one year.
Your income plays a major role in your personal loan eligibility. Higher the income, higher are chances of you getting a Personal Loan at low interest rate.
Banks/NBFCs always consider the borrower’s credit profile while sanctioning a loan. If you have a poor repayment history, then banks may reject your loan application or provide you a loan but at a higher rate of interest. Good CIBIL score has helped in increasing your chances of getting a loan.
If you are having a salary account or savings account with the bank, then there are higher chances that you can get a Personal Loan at attractive interest rates.
If you maintain a good relationship with your bank, you can negotiate on interest rates, fees, etc. You can also ask, if you can enjoy special offers or benefits, when availing the Personal Loan. Depending on your negotiation skills, you might get a Personal Loan at a very good interest rate.
To qualify for a loan, you are required to 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, who paid their past payment dues on time. On the other hand, a lower score of 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 existing 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 percent 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's important for you to showcase all of your income besides your salary.
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 might be seen as credit hungry.
Ensure that the bank you apply for a personal loan 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 eligibility using an eligibility calculator present on the online portal or website of the lender.
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, while that might be saved if you live in your own house.
Your place of work or organization represents your job stability, your income and hence your repayment capacity. The reputed your organization, 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.
Personal Loan is generally offered to salaried employees.
You can increase your eligibility by maintaining a high CIBIL Score, clearing your existing loans and credit card bills, having a steady source of income, avoiding multiple loan applications.
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