All You Need to Know About Personal Loan Eligibility Calculator
Personal loans offer diverse financial utilities due to their instant availability, thanks to minimal documentation requirements and easy-to-meet eligibility criteria. This makes such a credit facility your go-to option to fund a variety of financial requirements such as medical emergencies, overseas education costs and many more.
However, before applying for a personal loan, you must check your eligibility to find your loan approved. These eligibility criteria are pre-set conditions that require you to provide a few personal and professional details to prove your eligibility for the credit. Use a personal loan eligibility calculator of your preferred lender to determine the same.
How to Use Loan Eligibility Calculator?
Here is how you can check your personal loan eligibility –
- Open the eligibility calculator from your lender’s website.
- Select your city of residence.
- Put your date of birth, your monthly income and the estimated expenses.
- Once you selected these fields, the personal loan eligibility calculator will display the amount you are eligible for.
Now, you can apply for that amount and have your personal loan approved online. However, the borrower must be aware of the eligibility required to apply for such an advance specific to the lender of their choice.
What is Personal Loan Eligibility?
To meet the eligibility conditions, you must qualify under these criteria –
- You must be a resident of India.
- It should be within 23 to 55 years of age.
- Must be employed at a private, public or an MNC sector for salaried.
- For self-employed borrowers, you must possess a stable source of income and proof of business.
Nowadays, leading financial institutions and NBFCs have their own personal loan eligibility calculator to determine your eligibility for the loan amount. With this information in hand, you can easily avail a personal loan in a hassle-free manner.
Must Read: All You Need to Know About Personal Loan Eligibility Calculator
