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How Can You Use a Personal Loan Eligibility Calculator to Determine Your Chances of Getting a Loan?

One has to be eligible for getting a personal loan approved from most banks and financial institutions and for this, an eligibility calculator for personal loan is available from most banks. Some banks have it as an online tool while some banks will use it once you approach them for the loan and determine your loan eligibility through it. An online personal loan eligibility calculator is an effective tool because it gives the potential debtor an idea that whether his loan would at all be approved or not, and if not, what are some of the measures he can take to turn the tables.

Benefits of Personal loan Eligibility Calculator


An online personal loan eligibility calculator has a few features that give the exact calculations to show whether the debtor is a potential candidate for a loan and they may check their endowment. To start with, the calculator would have options of whether the debtor is a salaried individual, a businessman or is self employed. For a salaried individual, the minimum salary required varies from bank to bank and for self-employed or businesspersons, the minimum amount is higher than the minimum amount of a salaried individual.

The personal eligibility calculator would then ask the age of the personal and personal loans in general are approved for people within 22 to 58 years of age, in case of salaried individual. For self employed persons or business, it can be extended to 65 years, and even some more in special cases. It is a given that the tenure of the loan period approved by the bank would go down with increasing age and those above 50 would have to pay considerably higher rates of interest.

The personal loan eligibility calculator India would ask the number of years for which the individual has been employed and also whether he has his own residence. This is to determine whether the debtor has to pay a considerable amount of his salary towards rent or not, and if yes, the next question would be how much. The calculator would also ask about the EMIs paid towards other existing loans and if there are any combined outstanding on credit cards. In the case of the latter, it is better to clear them before applying for the loan.



In case of salaried individuals, submitting the IT return files are enough and monthly pay slips are documents that are considered as valid proof. In case of self employed or business individuals, the minimum turnover as per the audited financials has to be within 15 lakhs to 40 lakhs in case of most financial institutions. There should also be a minimum profit of 1 to 2 lakhs in a financial year. The question of business stability comes next and as for salaried individual, one has to submit their IT returns for a minimum of three years to prove that they have been successfully employed. For self employed or business people, one has to be in the current business for above three to five years.

The loan calculator is built on certain algorithms that takes into account all these facts and figures and leaves the creditor with the amount for which they would be able to give you a personal loan. The above mentioned factors might change from bank to bank but the basic premises remain the same. Of course, this just sets the ground work for applying for the loan. Over and above this, when one is personally approaching the bank, a potential debtor might be able to convince the creditors about certain special circumstances that they might be going through and if there is already a strong working relationship with the bank, these factors might be taken into consideration.

Fullerton India has excellent options for applying for personal loans and their personal loan eligibility criteria is one of the best. Once all the data has been punched in, the calculator would come up with the exact amount that the debtor would have to pay as EMI, principal and interest combined and his salary would determine whether he would be able to make those payments, thus solving the question of his eligibility.

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