Personal Loan Eligibility Calculator | Quick & cheap Unsecured Loan at lowest EMI

Want to know how much Personal Loan you are eligible for? Use this tool - enter your salary, other EMIs you pay & find the amount of Personal Loan you can get.
Net Income in Rs./pm you get
Tenure of Loan (In Years)
Year
Interest Rate
%
Other EMI you pay

You Can Get a Personal Loan Of
at an EMI of

EXPERTS OFFERS

Introduction

A personal loan is a loan where the lender (Bank or NBFC) sees your salary slip, Bank Statements, makes some verifications, gets some signatures & credits your account with the loan amount. Yes, it is as simple as it gets.

Want to transfer your loan? Check our Balance Transfer Saving Calculator to know how much will you save

The lender does not need your house papers or car RC or any other things – it is a clean loan. No security required by the lender. As the name suggests, it is taken for a personal purpose which could range from wedding in the family OR funding higher education OR spending for vacation OR consolidating credit card dues OR anything else. The lender never asks and hence the name personal loan.

Now will the Bank just give you the money. Not so easily! They would assess you thoroughly and based on certain criteria only they would lend you the money. Banks typically look towards your eligibility before they offer you a personal loan.

The individual/person taking the loan could be salaried person or self-employed person. The Banks assess them differently. Eligibility calculation for salaried person is very simple. The Banks see the salary you are getting every month. They have a thumb rule that the person can afford to pay about 50% of his salary as EMIs. So if you are earning Rs.80000 per month, the Banks believe you can afford to pay around Rs.40000 as EMIs every month. This could be plus or minus 5%. This figure in our example so arrived is checked against any EMIs you are paying. If you are, the EMIs are deducted from this figure of Rs.40000 so arrived. Say you are paying a Car Loan EMI of Rs.10000 per month, your eligibility would be calculated on your capacity to pay Rs.30000 as EMIs.

This roughly works out to Rs.11 lacs of Personal loan eligibility for you for 3 years.

Apart from this, Banks also check out your total work experience, experience with current employer, your stability at a residence & certain other subjective factors to take a call on your eligibility.

Self Employed Person:

Eligibility calculation for a self-employed person starts from Net profit his firm is making. To that gets added depreciation, salaries paid to director/partner, income showed in ITR (if separate from business) of individual (income apart from salary drawn). This is divided by 12. Most Banks will consider 80-100% of this amount as the amount of EMI which can be paid. Any existing EMIs being paid monthly are deducted. A reverse calculation is worked out – and you are given the amount of loan one can get. To be truthful, this type of a loan would more be categorized as a Business Loan instead of a personal loan but I thought it was important to make the reference in this article.

Apart from this, Banks also check out your total work experience, experience with current employer, your stability at a residence & certain other subjective factors to take a call on your eligibility.

You can use this loan eligibility calculator to find out car loan eligibility for yourself. Then you can choose from the best offers available from the site & go for the lowest interest best car finance for your next car purchase.

The need for this Personal Loan Eligibility Calculator

Financial Calculations are not so easy to understand. We thought why not make a calculator that helps you easily to determine how much your eligibility can be for your requirement. It asks for minimal things. That’s it. The rest is done by the calculator.

How to use this calculator

Just going through the formalities, I will now tell you how to use this Personal Loan eligibility calculator.

NET INCOME IN RS. PER MONTH YOU GET: Enter your salary in Rs. Per month that you get. Please enter the Net Salary you receive every month.

TENURE OF LOAN IN YEARS: Here you select the tenure of the loan you feel is comfortable for you – 3 years or 5 years. We have put the default value at 3 years which is what mostly the personal loan borrowers go for when they are taking a Personal Loan.

INETREST RATE:Enter here the current offer in the market for the best interest rate. You can check offers on our site to enter the new interest rate. Default value we have put here is 15% which we believe is much closer to the prevailing interest rates in the market.

OTHER EMI YOU PAY:You have to enter here what all other EMIs you are paying in total for the other loans you are running.

What you get as an answer is the amount of Personal Loan you are eligible for getting from the Banks. This is just a good approximation. The final thing depends on the Banks that are approached. If you would look around slightly on this page, you can find offers on Personal Loans. Choose from one of them, get door-step service & save money. Then go on a long drive for a holiday and make your family happy.

Document List

Documents required for Personal Loan

Salaried

Self Employed Professional

Self Employed Non Professional

Application form

Y

Y

Y

KYC

 

 

 

Photographs

Y

Y

Y

Identity Proof

Y

Y

Y

Address Proof

Y

Y

Y

Age Proof

Y

Y

Y

Bank Statements

Y

Y

Y

Signature Verification

Y

Y

Y

Income Proof

 

 

 

Latest Salary Slip / Form 16

Y

 

 

Income Tax returns of 2 previous financial years along with complete financial/audit report.

 

 

Y

Income Tax Returns of 2 previous financial years.

 

Y

 

Other Documentation

 

 

 

Business Stability proof / Ownership proof

 

Y

Y

Employment Stability Proof

Y

 

 

Partnership deed and Letter signed by all partners authorising one partner

 

 

Y

Companies and Societies: Resolution by Board of Directors (or such managing body) and Memorandum and Articles of Association

 

 

Y

Disclaimer

The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by the site BankerBhai.com. Such information and the resultant data is provided only for user's convenience and information purposes. BankerBhai.com does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. The information contained / data generated herein may be subject to change, updation, revision, verification and amendment without notice and such information/data generated may change materially.


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