Personal Loan Eligibly Calculator Overview
What is loan eligibility calculator:-
Loan eligibility calculator: -
Loan Eligibility Calculator is one such calculator in which we can know our loan eligibility in a matter of seconds. You can self-assess your loan eligibility through the criteria on other given site by online method, and check whether your age, work experience and monthly remuneration falls within the specified limit. In this calculator you have to feed some of your information about loan and then you only have to click on calculate, the site will show you eligible amount & monthly EMIs.
Link for eligibility calculator
How to check loan eligibility with us:-
We can check our loan eligibility through online medium with the help of eligibility calculator. This is the simplest way to know your eligibility, in this you just have to fill some important details on the given screen and in a few moments your loan eligibility is shown to you on your screen.
Here you can know how to check your home loan eligibility step by step, through www.grdindia.in
- Visit to our site through www.grdindia.in
- You have to choose your type of employment, from the options are provided
- You have to feed your fixed monthly income, then click on "continue" to get new slide.
- Feed some information about your current residence like- pin code and full address.
- In the next slide you have to choose the main purpose of taking home loan.
- Enter you current and fixed Mobil no.
- Check the box to authorize Contacts permissions.
- Feed your information like- your full name, DOB, e-mail ID, in the given space, then click on continue.
- After this process enter the OTP which you will receive on your mobile no. Then click on submit button.
After this step, you will be able to easily check all the loan offers for which you are eligible and apply for the home loan easily. You can also use the GRD India's Loan EMI Calculator to calculate the effective EMI amount for the loan product you wish to choose. It will tell you how much amount you have to pay to the bank every month by calculating your monthly installments.
What are the main factors affect loan eligibility?
Age- The first and foremost factor that a lender/financier considers when you applies for a loan is your age. Generally, financial institutions try to limit the loan tenure to the retirement age of the primary applicant. This means that young professionals (early 20s and 30s) can avail loans with tenures of up to 25 years without any hassle. But it can be a bit tough for older applicants especially for applicants over 40 to be eligible for the extended tenure.
Income- Any category the applicant belongs to, they must have a stable and regular source of income. Let us categorize it into salaried, professional and self-employed. Basically, if the borrower is a good money earner then there is less risk in borrowing money from any bank.
Salaried- The people who work in the firm whether they are private registered or government, then these rules also applies on them:-
- Should have experience of last 1 year or more in the current organization.
- Documents like pay slip, bank statement and Form 16 may be asked by lender.
- Must be a co-applicant or guarantor too.
Independent professionals - This category includes doctors, dentists, architects, engineers, management consultants, chartered accountants comes under independent workers/professionals. These people are required to submit bank statements and ITR papers to take the loan.
Self employed- If you have your own company or your own business, or you have any other source of income like rented property or share holder then you come under this category. If you have solid proof of your income like bank statement or tax related documents then you can easily apply for loan.
Cibil score - Your CIBIL score plays a major role in getting your loan document approved. The Bank checks your past credit payments from Credit Information Bureau India Limited. This company keeps all of your past credit records, and your relationship with lenders. If your old record is not correct then it can greatly reduce your eligibility.
Loan tenure - If you choose a longer tenure for your loan, your eligibility will improve and it can extend even further. Your EMI will also be low and manageable. But the downside is that you'll end up your loan paying more interest.
Outstanding loans- If you have taken a loan in the past, then always pay it on time and try to repay your loan as soon as possible. Apply for another loan only after you have settled your previous loan. If your old loan goes unsettled, it can take a toll on your eligibility, and your loan approval may get rejected.