While taking a personal loan, it is always advisable to do your own homework on whether you can afford to take the loan or not. This is possible through using personal loan calculators like the eligibility calculator and also the personal loan EMI calculator.
The eligibility criteria for personal loans vary from one financial institution to another. In most cases, there is a certain net monthly salary that lenders insist on, depending on the city where the borrower lives along with a stable employment history and current employment with a good public/private/multinational organization. The age has to be between 25-59 years in most cases while there also has to be a good credit score.
Using a personal loan eligibility calculator will help you determine the loan amount that you are eligible for. This will help you choose the right loan amount since you will come to know how much you are eligible for and you will be able to apply accordingly without being carried away. You have to enter/choose the following details:
●Date of Birth- Date, Month, Year
●Current City of Residence
●Your Company/Employer Name
●Combined Monthly Loan EMIs
●Combined Outstanding on Credit Card
You also have to choose whether you have a home loan or not. Clicking on the Check Eligibility button will help you find out the personal loan amount that you are eligible for. You should also use the personal loan EMI calculator in order to find out the EMI for a particular loan amount. The EMI calculator will give you an idea of how much you can afford to repay every month based on the loan amount that you choose along with the loan tenor and rate of interest. You only have to move the sliders right or left to choose the required numbers for these three variables or type in the same.
You will get an idea of the right loan amount to apply for by learning what you are eligible to get and whether you can afford the same. If the EMI on the eligible loan amount is manageable for you, you can go ahead with the same. If it is a little tight/difficult for you to repay every month, you can consider applying for a lower personal loan amount. These personal loan calculators are a godsend when it comes to helping you find the suitable loan amount to apply for.