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Personal Loan Eligibility Calculator is one of the best ways to know about the maximum loan amount you can avail of based on your income and ability to repay. The best part about using the eligibility calculator on our page is that after checking your eligibility, it also lets you apply for a personal loan online to get instant approval as you upload the scanned documents.
|Age||18- 21 Years
Self Employed Professionals
|Credit Score||750 or above with a good credit history|
|Minimum Net Income ( Monthly)||Rs 15000( Non-metro cities)
Rs 20,000( Metro- Cities)
|Loan amount||Up to Rs 50 Lacs based on the credit profile|
Salaried ( Employed in current company for at least 6-12 months)
Self-employed ( Business tenure for at least 3 years ITR of last 3 years
Your age is indicative of your financial stability. You start working in your 20s and by the time you turn 30, you would have five or six years of work experience. So you are financially stable and moving up the proverbial corporate ladder with a better salary.
It is one of the most important factors that can affect personal loan eligibility. Your credit history is based on your pattern of settling past loans. It helps the bank in knowing how punctual you are in managing the finances. Longer the delay, lower your score is likely to be. The interest rate, tenure, and loan amount you can borrow will depend on this factor. To improve your chances of getting a personal loan, it is advisable to have a credit score of over 750.
Your loan eligibility is also based on your income. your income represents your repayment capacity. Banks assess your income capacity in the backdrop of existing debt obligations, dependents, source, and duration. In this context, one of the many things the bank checks are sufficient surplus after EMI payments. Higher will be your income, the higher the loan amount you will be eligible for financial institutions.
In case you have availed another personal loan, your chances of getting a new loan will be lower than if you have no other credit to repay.
The area in which you reside also considered to determine whether to qualify for a personal loan. Those who stay in metropolitan cities have a better chance of getting a personal loan than those who stay in rural or semi-urban areas.
Your housing situation also plays an important part in determining your loan eligibility. If you reside in your own house, you will have a better chance of having your application approved. The reason for this is that living in a rental house lowers your disposable income, thereby lowering your repayable capacity.