Personal Loan Eligibility Calculator – A Quick Take!

Just like any other crisis, financial disasters can also give you jitters especially if you have not planned your finances tactfully. The key here is to look for remedies instead of giving in.Lucky for you, there are many types of personal loans offers available these days which can take care of your financial worries.

If you are looking for a personal loan from a reputed bank, you can easily know about your personal loan eligibility with the help of the online eligibility calculator.

Personal Loan Eligibility Calculator

A personal loan eligibility calculator checks whether you are eligible for a personal loan or not. The online personal loan eligibility calculator would need some details such as:

  • Date of birth
  • Your current city of residence
  • Company or employer name
  • Net salary
  • Combined monthly loan EMIs
  • Combined outstanding on credit card
  • Do you have a home loan

You will need to enter these details and submit the form. Once you enter the information and submit the form, the personal loan eligibility calculator will showcase the result – whether you are eligible for a personal loan or not.

Personal Loan Eligibility Factors

Other than the personal loan eligibility calculator, you can also determine if you are eligible for a personal loan or not if you fulfill conditions such as:

  • A salaried employee
  • You must be at least 21 years of age
  • You must be no more than 58 years on the loan maturity
  • An Indian citizen residing in the top metro and select tier-2 cities

CIBIL Score – Another Key Eligibility Factor

Another thing that you must consider is having a good CIBIL score. A CIBIL score of 750 or more is considered good for the personal loan to be sanctioned else it may be rejected.

Many people have credit cards but do not repay either the full amount or the minimum amount due which results in a bad CIBIL score. When you have a bad CIBIL score, your chances of a loan approval diminishes.

It is for this reason that financial experts suggest to maintain a good CIBIL score and pay at least the minimum amount due to a component of the credit card.

If someone does not do this, it is reported to Credit Bureau and they do not approve you for a personal loan since you could not settle your credit card bills. You will be considered a weak subscriber with a not so good background of repayment and hence your personal loan application may be rejected.

Personal Loan Vital Features 

All set to apply for a personal loan? If you still have some doubt about the features and benefits of the personal loan, you can brush up your knowledge quickly.

They Are Collateral Free

That’s right! You don’t need to provide any security or any collateral is not needed. Yes, that’s why you hear that personal loans are unsecured loans. A collateral is an asset such as house, car, bike, gold or anything else of value but it is not required if you want to avail a personal loan.

Minimal Paperwork

You don’t need to submit a bag full of documents to avail a personal loan as giving just a few will be enough. Many lenders are offering 24 hours paperless approval these days to make the entire process hassle-free. It means no tonnes of paperwork and no lost time.

The Approval Process is quick

All that you need to do is visit a bank or a financial institution with a well-drafted file and you will get your loan sanctioned quicker than you think. You should know that a personal loan is disbursed much quicker than other types of loan.

Personal Loan is Cheaper Than a Credit Card

Who does not love swiping a credit card? We all do because credit cards come with a huge array of benefits such as cash back and rewards. But, if you compare a credit card and a personal loan, the personal loan is a better choice in case of a cash crunch due to a lower interest rate.

Uniform interest Rates

Personal loans are provided at a fixed rate of interest and to be repaid within an allotted time period. It ensures that our EMIs remain uniform. A fixed or a stable EMI mean a stable monthly budget and you don’t need to press the panic button.

Easily Available

Personal loans are easily available these days online because many reputed financial institutions and banks are offering personal loan online. This is possible with the help of the personal loan eligibility calculator. Fill in your personal information, salary, and other details and know if you are eligible or not.

Now that you know almost everything about the personal loan, let’s provide you details on the most vital part of applying for one – the eligibility criterions.

The Bottom Line

Applying for a personal loan is an easy process and even eligibility hurdles are minimal and if you are able to fulfil the discussed conditions and have a good CIBIL score, your personal loan application will be approved and you will get the cash in a crisis without issues.

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