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Personal Loan Eligibility Calculator

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What is personal loan eligibility calculator?

Personal loan eligibility calculator is a tool that helps you calculate the loan amount you are eligible to receive from the lender. The eligibility amount is calculated on the basis of monthly income, age, existing EMIs, employer and other factors. Entering accurate details is important when using the calculator to get a fair idea of the loan amount you are eligible to get. The calculator is easy to use and offers you an estimate of the eligibility amount without having to submit any documents.

For instance, if you are a 26-year old salaried professional residing in Mumbai having a monthly income of Rs.50,000 with no existing liabilities, then you are eligible to receive loan amount of Rs. 1,45,000.

How is personal loan eligibility calculated?

Personal loan eligibility is calculated on the basis of several factors that have an impact on the loan interest rate as well.

  • Credit history: Your credit history is one of the most important factors that is taken into consideration when processing your personal loan application. Lenders in India check your credit score i.e. a three-digit numeric score that determines your credit worthiness. The score also represents your repayment capacity and gives the lender a fair idea about your loan eligibility. The credit score ranges between 300-900 with 300 being the lowest and 900 being the highest.
  • Income: Having a high income increases your chances of getting a high loan amount at low interest rate. This assures the bank regarding loan repayment.
  • Employer: Working with a reputed employer increases your chances of getting a high loan amount as employees of a reputed company are considered more stable and responsible towards loan repayment.
  • Housing: Residing in a rented property decreases your chances of disposable income, thereby reducing your repayment capacity.
  • Location: Your location is another important factor that affects your personal loan application. The minimum salary requirement criteria too changes depending on the location. Generally, the minimum salary requirement for getting a personal loan in tier II and tier III cities is low in comparison to tier I cities.

What is the eligibility criteria for getting a personal loan?

The eligibility criteria for getting a personal loan in India is as below:

  1. 1. You should be a salaried professional
  2. 2. You should be aged between 25-60 years
  3. 3. You should have minimum of 2 years work experience
  4. 4. You should be employed at your current job for at least 6 months

How to use Upwards personal loan eligibility calculator?

Upwards personal loan eligibility calculator is easy to use and quickly gives you an estimate of the loan amount you are eligible to receive. Simply enter your basic details such as name, mobile number, email ID, city and others. You will also have to enter your monthly income, PAN number (optional), employer name and pin code. Then click on submit. On successful submission, you will get the amount you will be eligible to receive.

The Upwards Advantage

Affordable

EMI as low as ₹ 1500 for a loan of ₹ 50,000

Quick Approvals

Get approval within 24 hours and disbursal within 48 hours

Fully Digital

Comes with auto-debit e-NACH and EMI facility

How it Works?

Fill in Application Form

Get Approved In 24 Hours Maximum

Digital Signature & e-NACH Setup

Personal Loan Eligiblity Criteria

You don’t have to worry about a hundred different things like your credit score in order to qualify for Upwards’s quick loan. These are the only 3 personal loan eligibility criteria that you need to fulfil:

You are resident of India
You must be 21+ years of age
Minimum Salary of INR 15,000

You will need Following Documents

Address Proof
Bank Statment
PAN Card
Last 3 Months Salary Slip

Flexible Loans For All Pocket Sizes!

Personal Loan Eligibility Calculator FAQs

What is the tenure for which a personal loan is offered?
Personal loan is offered for tenure of 12 months- 60 months.
What are the documents required for getting a personal loan?
Documents required for getting a personal loan are:
  • Identity proof or Aadhar card
  • Form 16
  • IT returns
  • Bank/salary statement of past 6 months
Am I eligible for personal loan?
If you are a salaried or self-employed professional having regular income then you can avail a personal loan from any bank or financial institution in India. It is important to note that the eligibility criteria is affected by number of factors including job location, income, employer status and others.
Is working from home professional eligible to get a personal loan?
If you work from home and file IT returns and have regular income flow, then you are eligible to get a personal loan.