All You Need To Know About Personal Loan Eligibility Calculator

Just like every other crisis, financial disasters can give you the blues too. The key here is to pull yourself together and look for remedial measures instead of giving in. Lucky for you, we have an amazing range of Personal Loan offers to take care of your financial worries. You can find a variety of different loan plans that offer features like flexibility in interest rates, comfortable repayment options and much more.

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If you’re looking for something to sweep you off your feet, we have some unbelievable one-day, paperless approval Personal Loan offers that are too good to resist. Don’t believe us? Try the Personal Loan calculator

But, before you go ahead and start looking for offers that suit you best, let’s take you through the features of a Personal Loan.

Features of a Personal Loan

There are many reasons why Personal Loans are so popular. Here are some of the most popular ones:

• They are collateral-free

That’s right! You don’t need collateral to get a Personal Loan. But, what exactly is collateral? Well, when you pledge an asset to a lender in exchange for a loan, it’s called collateral. It can be anything ranging from your house, car, bike, gold, or anything else of value. When it comes to applying for a Personal Loan, you don’t need to secure it against an asset.

• The paperwork is minimal

You don’t need to submit a suitcase full of documents to get a Personal Loan either. Just a few will suffice. What’s even better than that? We are offering some amazing one-day, paperless approval Personal Loans to make your day! Now you can say goodbye to tonnes of paperwork and hours of wasted time. Phew!

• The approval process is quick

All you need to do is visit your bank with a well-prepped file and you’ll get your loan sanctioned in no time. Personal Loans are disbursed faster than any other type of loan. A plus point here is that we have one-day approval Personal Loan offers to save lots of your time and energy. How cool is that?

• They are cheaper than a Credit Card

We know how you love swiping your plastic buddy. And we definitely understand why. After all, Credit Cards come with a huge array of benefits like rewards and cashback. But, when it comes to choosing between a Personal Loan and a Credit Card, the former definitely is the better choice in case of a cash crunch due to lower rates of interest.

• They come with uniform interest rates

Personal Loans are most often given out at a fixed rate of interest and are to be repaid within a fixed time period. This ensures that your EMI amount remains more or less uniform. A fixed EMI means a stable monthly budget and lowers your chances of landing in a financial pickle.

• They are easily available

Yes, you are in luck! Personal Loans are readily and easily available. It isn’t just banks, but independent lenders who give out Personal Loans as well. Woohoo!

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Now that you know everything about the amazing features of Personal Loan, let’s move to the most important prerequisite of applying for one—the eligibility factors.

Personal Loan Eligibility Factors

Here’s how you can decide if you are eligible for a Personal Loan or not:

If you are a salaried employee:

• You must be at least 21 years of age
• You must be no more than 58 years on the maturity of the loan
• You must earn at least Rs. 17,500 monthly
• You must have been employed for at least one year with your current organisation

If you are self-employed:

• You must be at least 24 years of age
• You must be no more than 65 years on the maturity of the loan
• You must earn at least Rs. 17,500 monthly
• You must have completed at least three years in the same profession

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Another important factor that can affect your eligibility is your Credit Score. Before approving your loan request, most banks check your Credit Score first. You must ensure that your Credit Score is greater than 750. The simplest way of ensuring you have a good Credit Score is by using your Credit Card wisely and making timely payment of all your utility bills and other EMIs.

If you find yourself at sixes and sevens when it comes to calculating your Personal Loan EMIs, all you have to do is check out BankBazaar’s Personal Loan EMI calculator. This incredibly simple and handy tool can take the burden of crunching numbers off your shoulders and help you make an informed choice based on the results you get. Simply move the sliders according to the Personal Loan amount and tenure you’re looking for and enter other relevant data such as the rate of interest and the processing fee involved. Once you’ve done that, all you have to do is sit back and watch this nifty tool work its magic.

Now that you know what needs to be done to get yourself out of a financial crunch, go ahead and check out our amazing Personal Loan offers.