Personal Loans are usually considered one of the most availed Loan products in the Indian debt industry. Today, more and more people are applying for them to cover their more significant expenses. A reason for the rise in the popularity of a Personal Loan is that, since it is an unsecured loan, it does not require any collateral. Its processing time is also quick. You can also apply for this Loan from any bank you choose.
To ascertain the maximum amount you qualify for, you can conveniently use a Personal Loan eligibility calculator. Learn more about this calculator and how to use it. Here are also the factors that affect Personal Loan eligibility.
About Personal Loan eligibility calculators
A Personal Loan eligibility calculator is an online tool that lets you find out the maximum Loan amount you could qualify for when applying for a Personal Loan. It is calculated based on various factors like income and existing financial obligations. It offers a quick assessment and more information to help you make the right decision.
How to use a Personal Loan eligibility calculator?
To use the calculator, follow these basic steps:
- Find a reliable Personal Loan eligibility calculator online.
- To use the calculator, enter the essential details. For example, you may have to enter your age, existing monthly instalments, monthly income, etc.
- Once you enter the required information into the calculator, click ‘calculate’. This online tool will quickly calculate your eligibility based on the data you have provided. Thus, this calculator lets you get an idea of the Loan amount you will be eligible for.
What are the factors influencing Personal Loan eligibility?
Besides using a Personal Loan calculator, you can also check your bank’s eligibility criteria before applying for the Loan and compare your options. The various factors influencing Personal Loan eligibility include:
- Age
Banks usually have an age criterion for getting a Personal Loan. For example, some banks may offer this Loan to applicants between the ages of 21 and 60.
- Minimum income
A higher income generally shows a higher capacity to repay the Loan on time. This generally implies a lower risk for banks. Some banks may require a net income of Rs 25,000 per month.
- Work experience
Some banks might specify that salaried individuals need a minimum total work experience of one year, with others requiring longer work experience to be eligible for a Personal Loan. Banks may also require the applicants to have worked for a pre-determined period with their current employer to be eligible for this Loan.
Conclusion
Now that you know how to use a Personal Loan Eligibility Calculator, you can use it to get an idea about the maximum Loan amount you can qualify for.
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