Know Your Monthly Installment With Personal Loan EMI Calculator. Here's How.
Certain professions like Chartered Accountants, Company Secretary, and Doctors are often perceived as businesses. A CA or healthcare professional may want to set up a private practice or scale up an existing one. In case they require a loan for the purpose, they would have to apply for a loan for professionals known as a practice loan instead of a business loan. The personal loan segment is booming in India. The number of applications for personal loans has increased by 70% over the last three years, and this trend is expected to continue with more financial institutions coming into the market. With such high demand for personal loans, it is important that you understand what qualifies as an eligible borrower before applying for one.
Personal loan eligibility is a big deal. If you're applying for a personal loan, it's important to know whether or not you'll be able to afford the monthly payments. The good news is that there are some simple steps you can take to find out if you qualify for a personal loan before you apply for one.
The Personal Loan Industry
Personal loans have become the most preferred form of credit for people looking at quick access to funds. More than 50% of personal loans sanctioned in India are for amounts between INR 2 lakh and INR 5 lakh, with the average loan size being about INR 3 lakh. For most lenders, the maximum loan amount that can be availed is INR 40 lakh. Borrowers can use personal loans for a variety of purposes such as home renovation, purchasing consumer durables, funding education or wedding expenses, or for business needs and medical emergencies.
Getting to know your eligibility
First off, we recommend using a personal loan eligibility calculator. The online personal loan eligibility calculator will help you determine whether or not your credit score is high enough to qualify for a personal loan. If it is, then congratulations! You've found an affordable solution to paying off your debt. All major lenders and banks alike, have online personal loan eligibility, EMI, and Interest calculator.
Here are 5 key factors that determine your personal loan eligibility: -
1. Your CIBIL score
2. Your earnings & income status
3. Your job
4. Your age
5. Your current credit status
What if you are not eligible?
If by chance your credit score isn't high enough, then there are still other things that can be done to see if you qualify for a personal loan. The best way to do this is by looking at what types of loans there are and how much they cost. You should also look at how long it takes those types of loans to pay back their full balances after they're paid off in full each month. Once you've determined whether or not you qualify for a personal loan as well as what kind of loan you're looking for, then you can move on to finding a lender who will give you the best rate and terms possible. You should also try to find a lender who has an easy application process and fair interest rates – although some lenders may be willing to offer more attractive interest rates if they know that their customers are going to pay off their loans quickly instead of putting them on credit cards or other types of revolving lines of credit.
How important is personal loan eligibility?
Before you apply for a personal loan, it is important to know the eligibility criteria. The eligibility criteria for personal loans varies from bank to bank and state to state. If you are looking for an easy way to calculate your eligibility for a personal loan, then this article will help you out.
To calculate your eligibility for a personal loan:
Calculate your monthly income as per the guidelines set by your bank/financial institution. This may include salary or other income sources like interest on investments etc., which can be used as part of calculating eligibility while applying online or offline at their nearest branch offices across India
But like all other types of credit, personal loan pre-approval is subject to fulfillment of certain criteria by the applicant. These criteria are largely based on income and repayment capacity, employment status and occupation, credit history, and score. Since eligibility criteria vary from one lender to another, it is advisable to check your eligibility first before applying for a personal loan with a specific lender.
The eligibility criteria for personal loan pre-approval vary from lender to lender. You must check your eligibility first before applying for a personal loan with a specific lender.