Despite attractive personal loan offers showcasing the lowest interest rate charged by lenders, it is important for you to check your eligibility before getting too excited. Since a lender is more cautious about offering a loan without collateral, pay more attention to the eligibility criteria before you apply for a personal loan. This way, you can avoid rejection and any consequences to your credit report that follows. Further, by calculating your EMIs before applying, you can judge how affordable the loan will be for you to repay and reduce chances of a default too.
Read on to know the importance of these two aspects and how personal loan calculator makes computing both eligibility and repayment easy.
Importance of Calculating your Eligibility for Personal Loan
Though all lenders prefer a good credit score, there are other details like your income, age, job profile, and more that is taken into consideration by lenders to judge your eligibility. Further, not everyone who applies for a personal loan has a good credit score of 750 and above. Just as various lenders offer varied features and benefits, they also have varied eligibility criteria.
For instance, the minimum age requirement for a personal loan for one lender may be 18 while another lender only considers applications of individuals above 22 years of age. By calculating your personal loan eligibility beforehand, you can remove all chances of rejection based on your eligibility. This is important as a rejection can affect your credit score adversely.
How Personal Loan Eligibility Calculator Comes in Handy
Instead of having to note down various requirements and ensure you comply with them, use a personal loan calculator. Check the eligibility calculator specific to your preferred lender by looking for one on their website. Personal loan eligibility calculator tells you how much of an amount you are eligible to borrow by asking you to fill out certain details like monthly income and expenses, age, and city of residence. This way, you can see your eligibility for a personal loan in seconds and apply in a more well-informed manner.
Importance of calculating your personal loan EMIs beforehand
While you may think you know how much you need to borrow and for how long, it is always better to ensure accurate calculations. Forecasting your EMI can help you decide whether you need to choose a longer tenor or a lower amount and also help you plan your repayment before you apply forpersonal loan by weighing it against your monthly income.
Further, by calculating the expenses you will incur by just paying interest, you can choose to shorten your tenor, thereby increasing your EMIs and adjust this amount as many times as needed. This way you can also compare the difference in your EMI when you apply different rates of interest, keeping your tenor and principal the same.
How Personal Loan EMI Calculator Comes in Handy
To make sure your calculations are free of any errors, you can use a personal loan EMI calculator. This handy tool not only helps you choose between lenders by checking EMI amounts with different rates of interest, but also helps in giving you accurate results within minutes. and You need to understand the importance of loan EMI calculator. Since it is online, you can access it at anytime from anywhere.
Finally, an EMI calculator helps you choose the right EMI amount by allowing you to put different inputs and arrive at the most affordable EMI. The personal loan EMI calculator by Bajaj Finserv helps you see your EMIs along with your total interest payment such that you can make a wise decision.
So, pay attention to these requirements and make use of the two personal loan calculators before you fill out the application form. If you are looking for a reputed lender that offers affordable solutions, look no further than NBFCs such as Bajaj Finserv for the ideal personal loan. Here you can find funding up to Rs.25 lakh at nominal interest rates. You can also apply online within minutes and manage your loan account online on the customer portal. Further, you can choose the flexi loan facility to borrow as you need and pay interest only on the used amount. This is perfect for times when you can’t predict your exact financial needs. Moreover, you can also choose interest-only EMIs and repay the principal at the end of the tenor to manage your cash flow better.