A personal loan is simply an unsecured loan provided by lenders to meet your immediate demands. No matter what your demand is, you can get a personal loan if you fulfil all the eligibility requirements. Personal loans have started to provide some exciting and helpful tools like personal loan eligibility calculator, EMI calculators, and interest rate calculators. These tools have been very helpful to people in determining their loan eligibility amount, EMI amount, and the rate of interest they will be offered by the lender beforehand only.
Follow this entire article till the end to obtain a better understanding of the personal loan eligibility calculator and whether you are qualified to apply for a loan or not.
What is EMI?
An EMI is a recurring monthly payment made by a borrower to pay off the loan’s interest as well as the principal amount. The debt is gradually repaid until it is fully paid off. EMI is a critical consideration to make while looking for a personal loan or any other kind of loan. Your EMI is impacted by three factors: total loan amount, interest rate, and loan term. An EMI calculator is often made available on a website or lending app for straightforward EMI calculations.
Who Are Eligible to Apply for a Personal Loan?
To know if you are eligible to apply for a personal loan or not. You will have to check the eligibility criteria available on your lender’s website. The eligibility criteria for most lenders are the same. Here’s a list of the eligibility standards:
- You must fall between the age bracket of 21 to 58 years.
- It is necessary for you to have Indian citizenship.
- Salaried as well as self-employed individuals can apply for a personal loan.
- If you are a salaried individual, you will need to have a minimum of six months of work experience in your existing business.
- If you are a self-employed individual you will need to have two years of experience in your current firm.
- You must have a monthly income of ₹15,000.
What Is a Personal Loan Eligibility Calculator?
A personal loan eligibility calculator is a tool that helps. You determine the amount of loan you can borrow from your lender. There are a few factors that ascertain your loan amounts, like your city tier, monthly income, expenses, and employment status. A personal loan eligibility calculator takes these attributes into account and presents you with an amount that your lenders will offer you as a loan. An eligibility calculator is very easy to use, you just have to fill in all the mandatory fields, and your results will get delivered in less than a minute.
What Documents Must I Provide When Applying for a Personal Loan?
A personal loan requires very few documents for verification. Here’s a list of all the necessary documents that you should keep at hand while applying for a personal loan:
- A passport-size photo and an application form
- PAN card, Aadhaar card, driver’s licence, or passport as proof of identity
- Passport/License/Ration Driver’s Card Utility Bill/Aadhaar Card as proof of residency
- You must present a letter of appointment from your current employer as well as. A certificate of experience from your previous employer as proof of employment continuity.
- Proof of ownership is provided through utility bills, maintenance bills, and property records (for salaried individuals only).
- Salary stubs from the past six months, bank account statements from the previous six months. And Form 16 for evidence of income are all required (for salaried individuals only).
- Verify your work address with Property Documents/Rent Agreement/Maintenance Bill/Utility Bill (for self-employed individuals only).
- Bank statements for the preceding six months and two years of income tax returns (for self-employed individuals only).
- Proof of firm establishment in the form of a company registration certificate/copy of tax registration/proof of business existence (for self-employed individuals only).
A personal loan is an excellent way of meeting your urgent funds demand. With the help of a tool like a personal loan eligibility calculator. It has become more convenient for people to get more information regarding their loan amount. You can find this tool on your lender’s website and by filling. In all the necessary details, you can also take benefit from it.
