A personal loan is a godsend for those in need for urgent funds for meeting a variety of needs. One of the biggest benefits of personal loans is that these loans can be used for multiple requirements ranging from vacations and higher education to weddings and medical emergencies. They can even be used for renovating one’s home or even consolidating existing debt.
However, it is not wise to apply for a personal loan without knowing whether you fit the bill or not in terms of eligibility. The eligibility criteria for personal loans should always be carefully ascertained before applying. While eligibility criteria usually varies amongst lenders, the basic requirements usually have to do with age (usually 25-59 years), employment status (salaried professionals with a stable employment history), credit score (should be good) and net monthly salary (should pass the minimum threshold of the lender based on the city of residence).
A bigger concern is that many borrowers end up applying for high personal loan amounts without finding out how much they are actually eligible for. Nowadays, one does not need to rush to their nearest bank/NBFC branch to find out personal loan eligibility. You can simply use an online personal loan eligibility calculator to do the job for you. This personal loan eligibility calculator helps you determine the amount that you are eligible for. This runs the information provided by you against the basic eligibility guidelines of the lender and then lets you know the amount that you can apply for as a personal loan.
Using the eligibility calculator is a very simple process. You just need to enter/choose the following details:
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.