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. You should be a salaried professional
- 2. You should be aged between 21-55 years
- 3. You should have minimum of 2 years work experience
- 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.