Instant Personal Loan Eligibility Calculator 1.1 APKs

→ An easier way to check instant personal loan eligibility is by using an online calculator.

→ Use the Instant Personal Loan Eligibility Calculator as a guide before applying for a personal loan or home loan as it lets you understand what is the loan amount you are eligible for and what would the EMI be. So next time you approach a Bank or financial institution for loan, you can apply as per your eligibility.

→ The Instant Personal Loan Eligibility Calculator helps you to understand the maximum loan you can avail of depending on your income and repayment capacity. Several factors will determine your personal loan eligibility such as income, employer, credit history, other financial liabilities, age, etc.

→ Being an unsecured loan, a personal loan requires no collateral. Lenders determine the eligibility of the applicants based on their age, credibility, income and other such factors. The lender may approve or reject a loan application based on these factors. To make it easier for the borrowers, most lenders usually have an online personal loan calculator to help them identify if they are eligible for a home loan or not. Just fill in the basic fields and find out the loan amount you are eligible for within seconds without visiting the lender’s branch.

→ Unlike other loans, it usually has a shorter repayment tenure ranging from 1-5 years. Depending upon the individual applicant's profile and lender, the APR (Annual Percentage Rate) of a personal loan may vary from 11.29% to 35%.

→ For example, if you take a loan of Rs. 4.5 lakhs at the rate of 15.5% with repayment tenure of 3 years, your EMI will be Rs. 15,710. The total payable amount at the end of 3 years would be Rs. 5,65,553. Therefore, you are paying total interest amount to the tune of Rs 115,553. This, however, excludes other applicable charges which can be quantified as under:Loan Processing Charge@2% = Rs.9000 Documentation charges = Rs. 500 Amortization Schedule charges = Rs. 200

Factors that Affect Personal Loan Eligibility
→ As a personal loan requires no collateral, banks have to rely solely on the borrower's credibility to determine their loan eligibility. Following are some of the factors that play an important role in determining a lender’s credibility.
1. Your monthly income
2. Your Credit Score
3. Your Employment Status
4. Your Age
5. Existing Relationship with the Lender

How is Personal Loan eligibility calculated?
→ We use our own method to calculate personal loan eligibility. Thus, it is best to use the lender’s PL calculator when applying for a loan. Assuming all the eligibility criteria mentioned above are met, lenders may use two methods to determine the total loan amount that borrowers may be eligible for.
1. Debt to Income Ratio
2. Monthly Income Method

Disclaimer
→ We does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained data generated herein or on its completeness & accuracy.
→ Customer Care Email : [email protected].
→ Working Hours: 9:00 AM to 6:00 PM (Monday to Friday).