Are you looking for a personal loan? You may start by knowing the amount you can borrow on your salary/income. For this, you can use our personal loan eligibility calculator. It is a free-of-cost online tool that eases your borrowing experience. The personal loan eligibility checker informs you about the amount you can borrow as per your eligibility. Now, your eligibility is determined by your age, place of residence, monthly income, ongoing EMIs, loan tenure, and interest rate. You can input into the online calculator the required details and get an idea of the maximum limit of the personal loan amount you can request for, immediately.
Personal Loan Eligibility
Individuals between 21 to 60 years fulfil the personal loan eligibility criteria for age. This includes individuals who are self-employed, entrepreneurs and salaried.
The minimum monthly income for applicants from Delhi and Mumbai should be Rs 25,000. Applicants from other parts of the country need to have a monthly income of Rs 20,000
People who are applying for a personal loan should have a CIBIL score of 750 or above. The EMI of their loan cannot be more than 60%-70% of their monthly income.
How is Personal Loan Eligibility Calculated?
Using our personal loan eligibility calculator is your best bet for fast and accurate results.
With our advanced calculator, you can estimate your personal loan amount in seconds and also get an instant loan approval online after uploading the required documents.
Your income, credit score, employment history, and repayment capacity are the key factors that are reviewed to sanction your eligible loan amount.
How to use the Personal Loan Eligibility Calculator?
Our online personal loan eligibility calculator is a simple and helpful tool that gives you an instant estimate for your eligible personal loan amount.
- Select your location
- Enter your age. You have to be at least 21 years old when you apply for a loan, and a maximum of 65 years of age, at the time of loan maturity.
- Select your net monthly income (or yearly profit after tax if you are self-employed). Please note that this amount should be after all tax deductions.
- Select your monthly EMI. This should be equal to the sum of all EMIs that you are currently paying, including those on your credit card.
You will be able to see the personal loan amount you are eligible for on the right side. You can change the interest rate and tenure as per your preference.
Please note that this calculator only gives you an indicative figure. Actual personal loan eligibility depends on many more factors, including employment details, credit history and more. To know the exact figure, you can “Apply now” and help us with some additional information as requested.
Personal Loan Eligibility Calculator Tips
Tips for Salaried Person to Check Eligibility
If you are interested to apply for a personal loan for salaried, then it would be beneficial to know the loan amount you can borrow in order to ensure loan approval. The loan amount along with tenure and interest rate influences the total cost of the loan. Knowing your personal loan amount eligibility will is the first step towards responsibly planning your finances in order to ensure a hassle free loan experience.
Here is how personal loan checker helps you:
- The calculator analyzes the loan amount as per your repayment capacity (monthly income – ongoing EMIs)
- It calculates the loan amount based on your disposable income, residence city, birth date, interest rate, and tenure so that you can repay in time.
Tips for Self-Employed Person to Check Eligibility
The personal loan eligibility calculator helps self-employed applicants to know their loan amount eligibility, in a matter of seconds. The online eligibility calculator is dynamic. It calculates near accurate results. If you are looking for a personal loan for self-employed, then here are a few tips to consider when checking out the loan amount (maximum limit is Rs. 10 lakhs) to borrow:
- The calculator subtracts the existing EMIs from your income, considers tenure, interest rate, your birth date, and residence city to convey the amount you can request
- You can either apply for a lower amount or up to the eligible amount