How to Check if You are Eligible for a Personal Loan?
What is a personal loan eligibility calculator?
Personal loan eligibility calculator aids us in finding out if we are eligible to apply for a personal loan. It is basically used to gather the details of the applicant and process the information thus received in order to establish whether the applicant meets all the requirements to apply for a personal loan.
What information does the personal loan EMI calculator provide the applicant with?
The personal loan EMI calculator helps the applicant glean the following things-
- What is the maximum loan amount that the applicant is eligible for?
- What is the loan tenure that applicant is eligible for?
- What is monthly EMI payment that the applicant is eligible for?
The above information allows the applicant to make decisions regarding the loan tenure as well as the amount of loan that he would like to apply for.
Personal loan eligibility calculators available online
There are two types of personal loan eligibility calculators that are available online. They are-
- Custom quote eligibility calculator
- Quick quote eligibility calculator
Custom quote eligibility calculator
The custom quote eligibility calculator allow the user to find a personal loan that caters to the individual’s specific requirements. This calculator will require more input from the user than he would have to provide using the quick quote eligibility calculator but the results of this calculator are more detailed leaving little to no room for any queries or confusion.
In order to use the custom quote eligibility calculator, the user has to input the following values-
- City of residence
- Purpose of loan
- Loan amount required
- Type of employment
- Net salary or gross fixed monthly salary
- Bank that user’s salary gets credited to
- Work experience details of the user
- Details of user’s residence
- Age of the user
- Any existing EMI details of the user
- Name of the user
- Mobile number of the user
- Email address of the user
Quick quote eligibility calculator
A quick quote eligibility calculator enables the user to view a list of banks that meet a certain blanket criteria of the user’s requirements.
The user can choose a bank to apply for a personal loan at his discretion.
It provides an instant list of banks providing personal loans with the best rates of interest.
Furthermore, it displays tenures, processing fees and monthly EMI fees of each bank.
The quick quote eligibility calculator requires the following details-
- Place of residence
- Organization of work
- Gross fixed monthly salary
- Amount of personal loan required
You can further modify your search by changing the values for the loan amount and the tenure of the loan.
Editing these values helps you decide which combination works best for you as the calculator calculates monthly EMIs for each of the variables that you key in.
Once the user has calculated his , he can directly apply for a personal loan of his choice.
If not, you can choose to save your search so that you can use the information that you found at a later date.