Availing a personal loan can be tricky if you are not sure about your eligibility. Imagine you have some emergency and you need ample funds to meet that. You apply for a higher loan amount, but you don't have a good credit history, or you don't meet the eligibility requirements of the lender. So, how will you check that? This is where a personal loan eligibility calculator comes into the picture using which you can easily know your eligibility before applying for a personal loan.

Visit - Personal Loan EMI Calculator

How to check your eligibility with a Personal Loan Eligibility Calculator?

To know your personal loan eligibility and to calculate the monthly EMIs of your loan, you need to put in factors such as loan amount, loan tenure and the rate of interest in the calculator. After entering this information, the calculator will show you the desired output which will help you to choose the best personal loan for yourself according to your eligibility and repayment capacity. You can follow the below-mentioned steps to calculate your loan eligibility-

Steps to Calculate Your Loan Eligibility

These are the steps you need to follow to calculate your personal loan eligibility-

1. Go to the Personal Loan Eligibility Calculator page of the lending institution

2. Enter the following information:

· Principal Loan Amount (the amount you need to borrow)
· Loan tenure (the period for which the loan amount is sanctioned)
· Rate of Interest (the rate at which the lender offers the loan)

3. After entering the above-mentioned information, the monthly EMI you are required to pay will be shown instantly

You can use the slider to adjust the values to get your desired results. In case you need to add precise values, you can type the values in the relevant boxes provided next to the slider. As you change the values using the slider or hit the tab key after entering the value, the EMI is re-calculated according to the new values.

What is the need for a Personal Loan Eligibility Calculator?

The Personal loan eligibility calculator becomes handy when you want to know your eligibility before applying for an online personal loan. If you want an instant approval on your loan, then using this calculator is very important. If you apply for a loan without checking your eligibility, then there are higher chances of your loan rejection. Using this calculator is very simple. You need to put details such as the loan amount you wish to take, loan tenure and the rate of interest. Based on these factors, the calculator checks your eligibility which helps to make an informed decision before getting a loan. So, it is very important to check your eligibility and EMIs beforehand using the loan eligibility calculator to avoid any hassles later.

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