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Why Is It Crucial That You Calculate Your Loan Eligibility?
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First and foremost loans are a stipulated amount of money that a person borrows from the bank and has to pay back within a fixed period of time with additional interest levied on the principal amount every month. Before you begin your loan application procedure, there are certain criteria’s that you need to tick off on that loan application list.
There are various kinds of loans in the market which is tailored to serve your different needs. After you have figured out which one you need you need to carry out an in-depth research of the banks and their loan offers. You need to check for the best interest rates that are being given out by the bank, the extent of the flexibility of the bank when it comes to the repayment tenure. In this second step, you must pass certain criteria’s with the help of a loan eligibility calculator app on your smartphone in order to be able to shortlist on the bank. The loan eligibility criteria include your monthly income; whether it is a steady one, your monthly expenditure, the borrower’s repaying capability, and the time the borrower will take in order to pay off the debt. Other two very important factors that the borrower needs to take into account at the time of the loan eligibility consideration is their credit history and the penalty charges that will be imposed by the bank should the borrower fail to repay the loan on time. Every bank has a different loan penalty charge which is usually on the higher side for all loans and banks. When using a loan eligibility calculator, try to look into the lowest penalty charge that is imposed by a bank.
A loan eligibility calculator is therefore very important when you are thinking about applying for a loan. This calculator helps you to quickly and easily check loan eligibility. It gives extremely accurate results, and you can easily compare the loan option between two lenders. When comparing, as mentioned look for the total loan deal, the interest rates and the tenure. Additionally do not forget to keep an eye out for the processing fees, the penalty charges and advantages if any at all. The benefits of using a loan eligibility calculator online is many; it saves time, it saves you the hassle of running to different banks in order to find out about loan application criteria’s and saves you from the headache of manual calculations or keeping track of the amount that needs to be paid off.
Before you set out on your hunt for the perfect loan, download the app for a loan eligibility calculator and enjoy hassle-free and stress-free loan application.
Author Bio:- Neha Sharma is an aspiring student in the field of finance. He also spends his free time reviewing the latest apps introduced into the market. Check out his work as he talks about the important of using a loan eligibility calculator when applying for a loan.
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