A Personal Loan refers to a type of unsecured credit extended by several financial institutions to their customers. This kind of Loan is increasingly becoming popular since it has a short processing time and eliminates the need for collateral. Additionally, this Loan does not have any end-use restrictions. Hence, you can use it to fulfil several needs and desires.
For instance, you can use the Loan amount to plan your dream wedding, expand your business, renovate your home, pay for your child’s higher education, etc. Today, you can conveniently apply for Personal Loan online within minutes using a Banking app or the official website. The process is simple, only takes a few taps, and can be done anywhere and anytime.
However, before you apply for a Loan, it is crucial to determine whether you fulfil the eligibility requirements or not. To do this, you can use a Personal Loan eligibility calculator.
About the Personal Loan eligibility calculator
An online Personal Loan eligibility calculator can conveniently and quickly check if you are eligible for a Personal Loan. It can also calculate the Loan amount you qualify for. To do so, the calculator considers factors like age, income, professional experience, other Loan obligations, etc.
How to use it?
A Personal Loan eligibility calculator is an excellent tool that checks your Loan eligibility and lets you plan your borrowing amount accordingly. To use the calculator and determine your eligibility, follow these simple steps:
- Search for a reliable calculator online and open it
- Fill in the necessary fields like age, income, professional experience, etc.
Once you enter the relevant details, the calculator will immediately display the Loan amount you are eligible for. You can then use this and apply for a Personal Loan online.
Eligibility requirements
It is crucial to check Personal Loan eligibility since different people have different criteria. Following are some basic eligibility requirements for salaried and self-employed individuals:
For self-employed individuals:
- You need to be at least 22 years and not more than 60 years at the time of Loan maturity
- You should have a minimum monthly income of Rs. 20,000 to apply for a Personal Loan
For salaried individuals
- You should be a minimum of 22 years and not more than 60 years at the time of Loan maturity
- You should have at least two years of experience in your current job.
- You need to have a minimum monthly salary of Rs. 20,000 to apply for a Personal Loan for salaried individuals
How to apply?
After you have determined your eligibility, follow these simple steps to apply for the Loan online:
- Download the app or use Net Banking and log into your account
- Search for Personal Loans, fill out the requirements and apply
The bank conducts the necessary checks, and once approved, they disburse the Loan amount directly to your Savings Account.