How To Calculate My Eligible Amount For A Personal Loan?

By Author: Ankit Verma
Total Articles: 23
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The ongoing covid-19 pandemic has led to a socio-economic downfall. Financial institutions and NBFCs witnessed the increasing demand for personal loans due to considerable loss of jobs, lay-offs, and businesses shutting down.

Although a personal loan is the most popular and quick to avail, it has specific eligibility criteria to get a personal loan, which differs from lender to lender. Personal loan eligibility criteria on instant loan apps are minimum, and no collateral is required being an unsecured loon.

An instant personal loan is a small cash loan, so the eligible loan amount will not go beyond 5 lakhs. It usually ranges between a lakh to 2 lakhs. Depending upon your urgent cash needs, a personal loan eligibility calculator helps to calculate an accurate loan amount.

Usually, a personal loan amount is decided based on your monthly income and job stability. Besides, if you do not match the lender's eligibility criteria, your loan ...
... application will get rejected. So before applying for a personal loan, get the eligibility criteria clarified for faster loan approval.

How to use the Personal loan eligibility calculator

A personal loan eligibility calculator helps you understand the maximum loan amount you can avail of, based on your monthly income and repayment capacity.

Whether you are eligible for the required loan amount or not entirely depends on your income and credit score. Therefore, apply for the personal loan amount only if you are sure of repayment.

Moreover, the lender will check your creditworthiness before approving the requested loan amount.

So, how will you calculate your eligibility amount for a personal loan?

• The calculator will ask for current EMI obligations, monthly income, loan tenure, and employment status whether salaried or self-employed.

• A loan eligibility calculator is an analytical tool that confirms whether you are eligible for a particular loan amount or not.

• As you fill in the mandatory fields, the eligible loan amount, loan EMI, and max loan tenure appear if the eligibility is positive. If the loan amount exceeds the lender app criteria, borrowers will be notified of the status.

Eligibility criteria for a personal loan

Since a personal loan is applied through instant loan apps or official websites, the eligibility criteria set is simple for the borrowers. So that, more people can take advantage of instant loan services online.

So, to prevent cancellation of the loan amount, be prepared with the following eligibility criteria:

• You should be in an age bar between 21 - 58 years.
• You should earn a minimum income of 15,000 per month.
• You should provide six months bank statement for income proof
• You should be an Indian resident.

SimplyCash by Hero FinCorp is the latest instant loan app. You can confirm your eligibility for a loan amount using the in-built loan eligibility calculator. This is easy to use and will give the borrowers clarity on going ahead with a specific loan amount.