Personal Loan Eligibility Calculator
Check out the eligible amount for a Personal Loan
The Personal Loan eligibility calculator in India helps you calculate the maximum Personal Loan you are eligible for. It is also known as a Personal Loan limit calculator or Personal Loan checker. You just need to key in some basic details such as your Net Monthly Income (in Rs.), Monthly expenses (in Rs.) and your desired tenure (in months). Just input this information in the Personal Loan amount eligibility calculator, sit back and know the Personal Loan amount you are eligible for.
You are eligible for
a Personal Loan up to
- Apply Now
Disclaimer : Please note that the amount derived from the Personal Loan limit calculator is merely an estimate of the loan amount that you may be eligible for. Several other factors determine the loan eligibility amount for an individual such as credit history, employment history, credit policies of Poonawalla Fincorp, etc. The above amount calculated from the Personal Loan checker is just an indicative amount and should not be taken as a final one. Poonawalla Fincorp or any of its employees, group entities, agents, or licensors are not responsible for any decision and consequences arising from the use of this information.
Broad Eligibility Criteria For Personal Loan
The exact eligibility criteria for availing of a Personal Loan vary from lender to lender. However, the broad criteria are as follows:
- Age - Should be more than 22 years at the time of loan application and less than 58 years at the time of loan maturity.
- Citizenship - Indian.
- Employment - Full-time employment with a public or private company or LLP
- Work experience - Minimum 1 year of full-time experience with at least a 2-month vintage at the current place of employment.
- Monthly Income - At least ₹20,000
- Credit score and credit history - Credit score above 750 is preferred; however, some lenders could allow a score of 650 or higher in some cases.
Besides the above eligibility criteria, your relationship with the lender also matters. If you already have a loan going on with the lender or recently availed of any services from the lender and displayed a good repayment pattern, you may be preferred.
How To Use The Online Personal Loan Eligibility Calculator?
The Online Personal Loan Eligibility Calculator is extremely easy to use. You just need to input the following information:
- Tenure in months - Select a number from the list
- Qualification - Select your professional qualification; whether Chartered Accountant (CA), Company Secretary (CS), Doctor or other.
- Net monthly salary (in ₹) - Minimum ₹20,000 per month.
- Fixed monthly expenses (in ₹) - This includes any other EMIs that you might be having and your monthly household expenditures.
That’s all! Input these numbers in your Personal Loan limit calculator and get your Personal Loan eligible amount in an instant.
How Is The Personal Loan Eligibility Calculator Useful?
The calculator helps you to check the eligible amount for Personal Loan, hence it is also known as a Personal Loan checker. This eligibility calculator is easily available on Poonawalla Fincorp’s website. This online Personal Loan eligibility Calculator is an extremely handy tool having the following benefits:
- Helps you get a fair idea regarding the loan amount that you are eligible for.
- Requires you to simply input a few basic parameters.
- Calculates the loan amount you are eligible for within seconds.
- Is free from any human error or bias.
- Is available 24x7x365 at your fingertips.
- This calculator can be used along with the Personal Loan EMI Calculator to plan your monthly finances and repayment.
Type Of Interest Rates Applicable
The interest rate on a loan is decided based on the applicant’s income, age, credit score, employment status, debt-to-income ratio, etc. You can choose between a fixed interest rate and a floating interest rate.
Fixed Interest Rate - A fixed interest rate implies that the rate of interest stays unchanged throughout the term of the loan. This is irrespective of the changes in Repo or other rates by the Reserve Bank of India (RBI). The loan EMI remains constant for the applicant throughout the loan tenure.
Floating Interest Rate - In this case, the interest rate may increase or decrease depending on market conditions. Consequently, EMI may increase or decrease during the tenure of the loan.
You may choose the type of interest rate you want depending on your requirement, after fully understanding the merits and demerits of both. Once you decide the type of loan, the Personal Loan eligibility calculator in India will work out the eligibility for you.
Frequently Asked Questions Regarding Personal Loan Eligibility Calculator
What is the minimum and maximum age for availing of a Personal Loan from Poonawalla Fincorp?
According to Poonawalla Fincorp’s policies, the minimum age at the time of loan application should be 22 years and the maximum age at the time of loan maturity should be 58 years.
How to calculate Personal Loan eligibility?
Poonawalla Fincorp has developed an easy-to-use Personal Loan eligibility calculator, which can be used for checking your Personal Loan eligibility. All you need to do is key in a few details and you can get the amount of Personal Loan that you are eligible for. A Personal Loan eligibility criteria in India is a free tool extremely useful to you.
Is the amount displayed by the Personal Loan amount eligibility calculator the exact loan amount for which I am eligible?
No. The amount displayed by the Personal Loan amount eligibility calculator is just an indicative amount. The Loan eligibility calculator for a Personal Loan cannot precisely answer your query of “How much loan can I get?”, but it will give you a ballpark figure, The exact amount will depend on several factors such as credit score, credit history, employment history, Poonawalla Fincorp’s internal credit policies, etc.
What should be your employment status to be eligible for a Personal Loan?
Salaried, as well as self-employed individuals, who are Indian citizens, can apply for a Personal Loan. You must have a work experience of at least one year. In the case of salaried employees, you must be employed with your current employer for at least the past 2 months.
Can I get a Personal Loan if I have a low credit score?
Generally it is preferred that you have a good credit score so that your chances of rejection are minimized. A credit score above 750 is considered to be very good. A score above 650 may also be allowed in some cases, subject to other conditions and scrutiny. Your Personal Loan limit could be decided by your credit score, the higher the credit score, the higher the Personal Loan limit. If you are faced with the question, “How much loan can I get?”, the Personal Loan EMI calculator is another useful tool available at your disposal.
Why should I choose Poonawalla Fincorp’s Personal Loan?
Personal Loan from Poonawalla Fincorp is available at an attractive interest rate starting from 9.99%* p.a., which is one of the best in the industry and also the Personal Loan limit is high at ₹30 Lakh. The processing fee is minimal, ranging from 0% to 2% plus taxes. Should you decide to close the loan ahead of time, no prepayment charges or penalties are applicable. Since we like to be transparent in our dealings, there are no hidden charges. Whatever you have to pay will be informed to you clearly. The process is very simple, requiring minimal documentation and quick approvals, provided all documents are up to date. Most importantly, Poonawalla Fincorp provides you with best-in-class customer service and assistance whenever you require it. Also, the Loan eligibility calculator for a Personal Loan is a great tool in your arsenal. All in all, Poonawalla Fincorp Personal Loan provides you with the best combination of attractive interest rates, easy process, impeccable customer service and complete transparency.