Most people have common questions when taking a Personal Loan, including the amount they can get and how much they need to repay every month. You may also wonder if you can calculate your Loan eligibility. You apply for Personal Loans for several reasons, like a wedding, foreign travel, children’s education, home renovation, medical emergency, etc.
Regardless, the principal amount depends largely on the eligibility and equated monthly instalment amount. A Personal Loan calculator is a saviour for most borrowers as it enables you to calculate the approximate EMI amount payable towards the end of the month. Let us discuss how to use the tool:
EMIs
The EMI is a fixed amount payable every month to the bank over the Loan tenure. The amount, interest, and tenure determine it. Since the bank fixes the interest rate, you can adjust the tenure and amount to arrive at an affordable EMI. You must use the Personal Loan EMI calculator to estimate the approximate instalment amount.
Firstly, decide the amount you can afford to pay towards the Loan every month. Next, estimate how much you require to meet your expenses. Visit the bank website or app to check eligibility. Enter the amount, interest rate, and tenure in years to get the Personal Loan EMI amount. Tweak the values in the amount and tenure to adjust the EMI.
Eligibility
Various factors influence Personal Loan eligibility, including your repayment capacity, income flow, and creditworthiness. The bank evaluates whether you are in a financial position to repay the borrowed amount over the desired tenure. They consider factors like your credit score, outstanding repayments, current, and continuity of income. If you have a high credit score with financial stability, you are eligible to get higher amounts.
The Personal Loan eligibility calculator is simple, accurate, and user-friendly. Enter the variables for the city, birthdate, employer, monthly income, and expenses to know your eligibility. It is easily available online and evaluates whether or not you are eligible for the desired scheme.
Application procedure
Nowadays, all banks offer Personal Loans through an end-to-end digital process. Whether you are working on weekdays or enjoying a vacation on weekends, the process is smooth, hassle-free, and paperless. You must enter your registered mobile number and validate it through an OTP. Mention the details as requested on the online form. Check the total and instalment amount on the Personal Loan calculator and enter the verification OTP.
After approval, you receive the desired amount in your Bank Account instantly. By approaching the bank where you are an existing account holder, you get added benefits like attractive interest rates, flexible repayment tenures, easy approval, and instant disbursal.
