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About Eligibility
Loan eligibility refers to the criteria that determine whether a lender is likely to approve your loan application. It’s essential to understand your eligibility before applying for a loan, as it helps you avoid unnecessary credit checks and potential rejections. To check your eligibility for specific loans, you can use online tools provided by financial institutions. These tools perform a “soft search,” which doesn’t impact your credit score.
Eligibility calculator is an online tool that helps
individuals to be aware of the maximum eligible amount for
a Personal Loan. It is calculated based on a few factors
like income, tenure (of the loan amount) and existing
financial obligations.
Note Individual CIBIL score might impact
the maximum eligibility amount.
Checking your loan eligibility is an important step before applying for a loan. It helps you understand the likelihood of approval without negatively impacting your credit score. To use eligibility calculator, enter your personal and financial details such as income, expenses, existing loans and tenure. The calculator will analyse your eligibility and estimate the loan amount you may qualify for. Based on this, an individual can apply for a loan, as required.
Most banks/ lenders decide the loan amount up to 60 times one’s monthly salary. So, if you earn your monthly salary is Rs 25,000, you can get a loan amount of Rs 15 lakh approximately. For example, Rohan earns a monthly salary of Rs 25,000. He can get a loan of up to approx. Rs 15 lakh for a residential property worth Rs 40 lakh.