Personal Loan Eligibility Calculator

What is loan eligibility calculator? 

To avoid any hassle and make sure to check your personal loan eligibility before applying for the loan. Your loan eligibility depends on a few factors including your age, monthly income and type of employment. After knowing all part of your eligibility, go to www.grdindia.in personal loan EMI calculator to know more about your monthly repayments.

 

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.

Factors that Affect Personal 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:-

  1. Should have experience of last 1 year or more in the current organization.
  2. Documents like pay slip, bank statement and Form 16 may be asked by lender.
  3. 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.

 

How to Improve Eligible Personal Loan Amount?

Here we are going to tell you some innovative ways, with the help of them you can improve your eligible home loan amount.

 

While applying for home loan, you can make your own spouse or any family member as your co-applicant and can take joint home loan together. In this response the income of your spouse or your co-applicant will be considered and it increases your loan eligibility and amount.

 

You can choose a longer tenure of your home loan to increase the eligibility of your loan amount. This will also reduce your monthly installments and make it easier to repay the loan.

 

As we have already told you that you can add your life partner or your parents or any member of the household as a co-applicant for your loan. Provided their income should be fixed and their CIBIL score should also be good.

EMI Calculator & Schedule

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Loan EMI

24,959

Total Interest Payable

34,90,279

Total Payment
(Principal + Interest)

59,90,279

Loan Eligibility Calculator
%
Comparison Chart
LenderInterest RateProcessing FeeEMI / LakhLoan Tenure
8.80 %1.8% + TaxesRs 2,06612 to 60 Months
9.20 %2% (Min Rs 250)Rs 2,08612 to 60 Months
10.00 %NILRs 18536 to 72 Months
10.25 %Up to 2.5% (Min Rs 999)Rs 2,17412-60 months
10.25 %Up to 2.25%Rs 214912 to 60 Months
10.35 %1.00% (Min Rs 1,000)Rs 3,2436 to 36 Months
10.49 %Up to 2.00%Rs 2,14912 to 60 Months
10.49 %Up to 2.5%Rs 1,87712 to 72 Months
10.49 %0.75% to 1.75%Rs 2,14912 to 60 Months
10.75 %Rs 4,999Rs 2,16212 to 72 Months
10.75 %Up to 2.5%Rs 2,14912 to 60 Months
10.90 %NARs 3,26912 to 36 Months
10.99 %Starting Rs 999 (Min)Rs 2,58412 to 48 Months
11.25 %1.5% (Min Rs 500)Rs 3,17512 to 60 Months
11.49 %0.40%Rs 3,16612 to 36 Months
11.50 %up to 3.00%Rs 2,12512 to 60 Months
11.50 %1.00%Rs 2,19912 to 60 Months
12.00 %1.00%Rs 2,22412 to 60 Months
12.80 %0.50% (Min Rs 500)Rs 2,13512 to 60 Months
12.99 %1.50 to 3.00%Rs 2,27512 to 60 Months
13.30 %0.50%Rs 2,69812 to 48 Months

Related Frequently Asked Questions

Checking your loan eligibility is an important step before applying for loan as it will enable you to find out the lender and the amount for which you are eligible.

Feed your monthly income, monthly expenses and age details and check your personal loan eligibility. Your income and liabilities together determine your repayment capacity. You may be eligible for a higher loan amount if your current liabilities are moderate. If your current liabilities are high, your loan eligibility may also be affected.

It is easy to check your personal loan eligibility by using GRD India financial services Pvt. Ltd. personal loan eligibility calculator on their official website.

The net monthly income of the applicant excluding lump sum bonus/incentive etc. in addition to the existing EMI is used to measure loan eligibility. You Just need enter those details and click on calculate.

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.

RELATED BLOGS (9)

News Update on Personal Loan Eligibility Calculator

Special HDFC Bank Offer for Government Employees

Admin 2022-07-30 18:53:25

HDFC Bank has launched a special Freedom Dhamaka Offer for personal loans for government employees. The personal loan rates start at 10.25% and are valid till 15th August 2021.

Google Updates Policy for Personal loan Apps

Admin 2022-07-30 18:53:37

Google has asked all the personal loan lending apps in India to provide a declaration form stating that the application serves as a middle-man for registered non-banking financial companies (NBFCs) or banks.

The apps must comply with these norms and provide relevant documentation such as a license till September 15 if they want to stay listed on the app store.

RBI Revises Personal Loan Limit to Rs. 5 Crore for Board Directors

Admin 2022-07-30 20:11:42

RBI has revised the limit of the personal loan that can be granted to board directors and their families.

The new limit is set at ?5 crore as against the earlier threshold at Rs 25 lakh.

Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank

Admin 2022-07-30 20:11:56

Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021.

Customers have been asked to apply for cheque books with the new MICR code at the earliest.

4 smart ways on how to maintain your CIBIL score effectively

Admin 2022-09-01 12:35:27

The key to being credit-ready is having an excellent CIBIL score and a commendable financial profile. Here, the key is to have the right financial habits. When it comes to your CIBIL score, it isn’t enough to simply build a high score, as it takes effort to maintain it as well. A good score helps your eligibility for new credit, and can fetch you favorable repayment terms that do not strain your finances.

But in order to maintain a good credit score, you need to understand the credit factors that influence your score. These factors include your credit utilization, credit mix, and repayment history. Besides understanding these factors, you should also know the best habits to practice to sustain a high CIBIL score. To get you started, here are 4 simple and smart ways to maintain your CIBIL score. 

Make informed credit decisions

Review your credit report regularly

Use your credit limits strategically

Pay EMIs diligently and without delays

 
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