Loan Eligibility Calculator

Over the years, financial institutes have brought tremendous change in the loan acceptance criteria. Since loan applications are sent via instant loan apps and websites, the loan eligibility criteria also simplified, so that more people can take advantage of personal loan services online.

Loan eligibility calculator clearly defines whether a person is suitable for a loan application or not. Factors like the applicant’s profession, age, income, loan amount, work experience and interest rate are considered to calculate loan eligibility criteria.

It is a safe option to check your loan eligibility before submitting the loan application. Rejection, delays and cancelled approval status can be avoided if you know first whether you are eligible for a loan or not. Rejection of loans affects credit history. Hence, don’t let your loan application bounce for any reason. Use the loan eligibility calculator to get faster loan approvals.

Download App

What is the Loan Eligibility Calculator?

In the hi-tech era, where most of the world is online, why spend sleepless nights thinking about loan approvals! Loan eligibility calculator gives better statistics considering your personal and professional details. The smart loan apps and credit websites let applicants check their loan eligibility without any cost. Once the eligibility is confirmed, go ahead and use the loan EMI Calculator. Enter the maximum loan amount, tenure and interest rate to derive an EMI that suits your budget.

Loan eligibility calculator stands appropriate for various loans including home loan, commercial loan or personal loan. So, the next time you approach a financial company for a loan, apply as per your eligibility.

How is Personal Loan Eligibility Calculated?

A personal loan eligibility calculator is an analytical tool designed to calculate personal loan eligibility criteria. It helps in comparison to pick the best personal loans available online and plan your finances accordingly.

  • For instance, an individual who has a work experience of 10 years, between the age group of 21-58 years, with a stable income and good credit score will be more eligible than a person with a low credit score and less work experience. He/she will be offered a low-interest rate observing the regularity of paying debts and maintaining a credit score.

How to use the Personal Loan Eligibility Calculator?

Personal loan eligibility calculator does not cost anything. It is an in-built tool in a loan app/website to calculate your personal loan eligibility. Enter the required details retaining the authenticity. Information not found to be true will lead to cancellation.

Here are a few simple steps to follow while calculating personal loan eligibility

1. Open the online loan eligibility calculator to enter the following parameters:

  • The age should be between 21-58 years old.
  • Net monthly income- minimum net monthly earning should be Rs.15000
  • Job/Profession information
  • A few locations or the cities are also restricted for loans.
  • Information about financial transactions

2. Once you have submitted the mandatory details, the calculator will analyse the loan amount you are eligible for.

3. As a result, the eligible loan amount can be accepted or rejected. On acceptance, fill in the loan application form to initiate the loan processing of the approved amount.

Tips for Salaried Person to Check Eligibility

The loan eligibility calculator analyses the loan amount based onsalaried person’s current income, city, residence, date of birth, interest rate and tenure.

Here are some common tips to derive loan eligibility for salaried individuals:

  • A senior-level salaried person working in a public, private or MNC level company will obviously have a high monthly income and be eligible for ahigher loan based on results of loan eligibility calculator.
  • A salaried individual with a strong credit history is eligible for a higher loan amount, whereas borrowers with a low credit score may be not eligible for the required loan amount or may be charged a higher interest rate.
  • Duly paid debts or credit card EMIs, will not only improve your credit history but also increase loan eligibility.
  • Transfer your existing loans to a lower interest rate and repay existing EMIs on time, to make yourself eligible for a new loan amount of a higher value.
  • Junior-level employees with a fixed monthly salary of Rs.15000 at least is eligible for a personal loan on the loan eligibility checker.

Tips for Self-Employed Person to Check Eligibility

A self-employed person may seek a personal loan for growth, expansion or managing the company’s assets and liabilities. Some tips for businessmen to know their loan eligibility:

  • The calculator will ask for your monthly earnings, city, nationality and age
  • If a self-employed applicant has other ongoing loans, the eligibility calculator will subtract the existing EMIs from your income to check the eligibility criteria of a businessman.
  • Years of work experience of a self-employed person in his business is also considered essential on the eligibility checker for attaining a personal loan
  • A self-employed person should have stability in the business and a minimum income of 15,000 monthly. The income may vary basis location.


Install App

Public Notice

OPT for Moratorium