The personal loan eligibility calculator is a free and easy-to-use online tool with no restrictions.
To calculate personal loan eligibility, you must enter details like your net income, current monthly expenses, loan tenure, and employer name in the online calculator. Once you enter the details, the results will be shown promptly, and you can get an idea of the maximum loan amount you can apply for.
But before using a personal loan eligibility check, remember that if you have moderate liabilities or expenses, you will be eligible for a higher loan amount. This is because your income, expenses, and liabilities determine your repayment capacity. So, the lower they are, the better your chances of being approved with an affordable interest rate.
Furthermore, you must include any alternate income sources when inputting your income into the personal loan eligibility calculator. For instance, if you are salaried and earn rent from a used property, include it in your total income.