How Personal Loan Eligibility Calculator Helps in Availing Personal Loans

If you are planning to go for a personal loan, then you have to first check your loan eligibility using personal loan eligibility calculator. Whenever you are applying for any loan, you have to get this checked and prove your eligibility so that your loan is not rejected. It is nothing but a pre-set conditions related to both your personal as well as professional profile which you have to prove to get the loan approved. Of late, many NBFCs have a personal loan eligibility calculator which is available on their website itself without any charges. You have to fill in the details like the city, monthly income, date of birth, monthly expenses, etc. and click on ‘Apply Now’. Then, this calculator will show you the exact amount that you can borrow. Hence, you can apply for that amount only and your loan will be approved very easily without any risk by the lenders. As these are available online, these can be used in smartphones as well as in other mobile devices.

The criteria for this personal loan eligibility calculator is you should be aged between 23–55 years, need to be a resident of India and should work with an MNC or public or private company. Let’s see here as to how to increase the personal loan eligibility.

• You have to maintain a good CIBIL credit score of 750+, and then only you will be able to get the higher loan amount at lower interest rates. This credit score proves that you do not default in repaying your loan amount and also gives an idea about you as to how well you have managed your earlier debt as well as current debt. When you repay your credit card outstanding and other debts in time, it will increase your credit score.
• You should do thorough research before finalizing on the lender as to the personal loan interest rates and also higher loan amount. You should only check different websites of the lenders to check the offers.
• You should go for short tenor of repayment. This might increase your EMI but will provide the lender with the confidence that you are willing to repay the loan at the earliest possible time. This will increase your chances of getting the loan.

Now, you have got to know about the personal loan eligibility calculator and you can now choose the personal loan wisely.

Must Read: All You Need to Know About Personal Loan Eligibility Calculator