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8th May 2020
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Loan Eligibility Calculator
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Disclaimer: The aforementioned values, calculations and results are for illustrative and informational purposes only and may vary basis various parameters laid down by Tata Capital.
What is Personal Loan Eligibility Calculator
In need of a quick personal loan for a medical emergency? Not sure if you would qualify for the loan? With Tata Capital's hassle-free application and flexible eligibility criteria, you can secure an affordable personal loan in no time!
At Tata Capital, your personal loan eligibility depends on several key factors, including your monthly income, nature of employment, CIBIL score, age, professional experience, and more. For a seamless loan approval process, you must fulfil our easy-to-meet eligibility criteria.
Whether you're a self-employed or a salaried individual, use our online personal loan eligibility calculator to determine your eligibility. It is a free and easy-to-use online tool that informs you about the personal loan amount you can borrow based on your eligibility. By estimating your eligibility accurately, you can evaluate the loan amount you're eligible for and enjoy instant approval after submitting the required documents.
To calculate personal loan eligibility, all you need to do is enter details like your net income, current monthly expenses, loan tenure, and interest rate in the online calculator. Our online calculator will show the results instantly, and you can get an idea of the maximum loan amount you can apply for.
What is Personal Loan Eligibility?
Getting an affordable personal loan is now easy with Tata Capital. However, before moving forward with the application process, you must check the personal loan eligibility criteria. We offer simple and flexible eligibility criteria to ensure you can get the best personal loan for your unique financial needs. The amount of loan you can avail with Tata Capital depends on various factors, including your age, employment, and income. Once you meet the basic requirements, you can apply for a personal loan and get it approved instantly.
Not sure if you'll qualify for a loan? Calculate personal loan eligibility using our online loan eligibility calculator. It is a helpful and easy-to-use tool that allows you to estimate the maximum loan amount you can apply for, depending upon your eligibility. Enter basic details like net income, monthly expenses, interest rate, and loan tenure in our personal loan eligibility calculator to know your eligibility and experience a seamless application process.
What are the Eligibility Criteria for Obtaining a Personal Loan?
With Tata Capital, your personal loan eligibility depends on your age, income, credit score, professional experience, and nature of employment. Employed individuals between the age of 22 to 58 years can opt for a quick personal loan.
Tata Capital offers instant personal loans ranging from Rs. 75,000 to Rs. 35 lakhs for various purposes – from medical emergencies to a fun international vacation. So, check your eligibility and apply for a personal loan hassle-free.
The eligibility criteria vary across salaried and self-employed individuals. Tata Capital offers flexible personal loan eligibility criteria as follows-
Factors Affecting Personal Loan Eligibility?
Several factors can affect your personal loan eligibility. These include-
1. Age
Your age determines the amount of loan you can apply for based on the number of working years you have ahead of you. At Tata Capital, you must be of a minimum age of 22 years to apply for a personal loan.
2. Monthly Income
Your monthly income is directly linked to the personal loan amount you are eligible for. This ensures you have adequate income to repay the loan on time. The higher your monthly income, the more loan amount you can apply for.
3. Nature of Employment
Your personal loan eligibility also depends on whether you're a salaried individual or self-employed. This is because salaried employees have a regular source of income. Whereas for self-employed individuals, their monthly income depends on business performance.
4. Credit Score
Your credit score indicates your credit history – your credit card bills and loan repayment history and is used to determine your creditworthiness. A good credit score of 750 and above can help you quickly secure a personal loan. The higher the credit score, the higher your loan eligibility.
Popular FAQs
Our personal loan eligibility calculator is an easy-to-use online tool that lets you determine the maximum loan amount you can apply for based on your eligibility. It also shows potential applicants the minimum and maximum interest rate and tenure available with us.
What’s more, this nifty online tool is designed in a way that allows you to try out various permutations and combinations between interest rates and tenures until you reach one most affordable to you.
A rule of thumb to remember before using a personal loan eligibility calculator is that if your present liabilities or expenses are moderate, you will likely qualify for a higher loan amount. This is because your income and expenses or liabilities decide your repayment capacity. So, the lower they are, the higher your chances for approval at affordable interest rates.
Furthermore, when inputting your income into the personal loan eligibility calculator, you must include any alternate income sources. For instance, if you are a salaried professional who earns rent from a used property, your total income will be higher, which you must include while calculating your personal loan eligibility.
Want to check your personal loan eligibility with us before applying? While you can walk into one of our branches and talk to one of our reps, it’s much easier to use our online personal loan eligibility calculator. This user-friendly online tool will ask you to key in certain personal details before coughing out the amount of loan you are eligible for and at which interest rate.
Fret not if you don't presently have the specifics of your income and expenses as of now. You can input values based on approximations to get a ballpark figure.
Click here to visit our website or type in personal loan eligibility calculator by Tata Capital on a search engine
Go to the personal loan eligibility calculator page
On the personal loan EMI eligibility calculator, enter the following details:
- Monthly income
- Age
- Monthly expenses
- Rate of interest
- Loan tenure
Click Enter
Here’s how you can conduct an instant loan eligibility check on our website
The online tool will automatically calculate personal loan eligibility instantly, giving you an estimate of the loan you can apply for. If you plan on applying for a joint personal loan with your spouse or child, add what they earn to the income column as well. Both salaried and self-employed individuals are eligible for a personal loan and should use our personal loan eligibility calculator before applying for personal finance.
If you wish to apply for a personal loan, it is best to determine your eligibility before moving forward. Assessing your personal loan eligibility in advance not only informs you of your approval chances but also reflects the total amount you may be eligible for.
If you find yourself ineligible or are unhappy with the amount due for approval, you can always take quick measures to improve your personal loan eligibility. These may include repaying your credit card bills or ongoing EMIs on time. But you can only find such vital information once you check your personal loan eligibility.
The easiest way to accurately assess your personal loan eligibility is by using a personal loan eligibility calculator. You can find one on our website. It is free to use and will assist you in checking your personal loan eligibility in exchange for some personal information.
All you need to do is enter basic details, including:
Your age
Current expenses
Net monthly income
Loan tenure
Interest rate
After you input these values, the calculator will instantly provide you with an estimate of the loan amount you're eligible for.
Know that this calculator does not lock any values, and you can continue altering them as per your consideration. In case you're unsure of your income and expenses, make a list of them before using the personal loan amount eligibility calculator.
Your income will include your salary if you’re employed or profits if you’re a self-employed professional. In both cases, you must also include any alternate sources of income you may have. As for counting expenses, you must not exclude any debt or EMIs you’re still repaying. What we mean to say is that your expenses shouldn’t only feature your living expenses.
Remember, the more precise you are while inputting values in the PL eligibility calculator, the more accurate the results. Once you have the eligibility results, it’s time to apply for the actual loan.
Applying for a personal loan at Tata Capital is just as easy as calculating its eligibility. You can do it online by visiting our personal loan page, filling out a digital form, uploading soft copies of any documents, if required and waiting for approval.
The approval also comes online, and don't worry; our loan officers don't access the information you had initially inputted in the PL eligibility calculator. So, if you want to check your personal loan eligibility, head over to our website now!
Meeting the eligibility criteria for personal loans can be overwhelming for many applicants. Although there are several ways, here are some standard practices to strengthen your loan application. You can improve your personal loan eligibility by building and maintaining a high credit score of 750 and above, stable repayment history, and a high monthly income.
Your credit score is a snapshot of your past banking behaviour. So, lenders take this score as an essential criterion for eligibility. A score of 750 and more portrays you as a responsible borrower. It shows that you have paid most of your past dues on time. A score lower than 750 alerts some lenders. It indicates that you have a substandard repayment record, making you a high-risk applicant. In such cases, the lender can ask for higher interest rates on your loan to accommodate the risk of low credit scores. You can avoid this by paying your dues on time which will affect your credit score positively.
A stable repayment history will help in speeding up your loan application process. If you have other debts, consider repaying a considerable part to improve your debt-to-income ratio. This ratio tells the lender whether you have adequate income to repay your loan. One way to do personal loan eligibility check online is to ensure that all your EMIs do not exceed 50% of your income. Also, repay any other outstanding debts like credit card bills before applying for the loan, so there are no pending dues during the verification process. A squeaky-clean record can make your application process hassle-free.
Income is another crucial metric in determining your eligibility for personal loans. Lenders assess your repaying capability primarily through this component. So, do not shy away from mentioning all your income sources. Include income from fixed deposits and other investments along with your salary to increase the net amount. A high monthly income will increase the lender’s confidence in you, following which they will offer a reasonable loan amount and affordable interest rates.
Now with minimum and simple eligibility criteria apply with Tata Capital. Troubling applicants with long waiting periods and numerous paperwork is not a common practice at Tata Capital. We believe in a smooth and stress-free loan application process to help our needy customers. In addition, to avoid confusion, we also encourage applicants to use a personal eligibility calculator before applying for a personal loan.
Today there are several online application portals to get a personal loan. Any individual in need of some extra funds can apply for a personal loan from the comfort of their homes. So, lenders must check several factors before sanctioning a loan to anyone as it will determine their repayment capabilities.
Some common factors that most lenders consider are
Income: Lenders have a minimum income criterion to ensure that applicants have regular income to pay their EMIs on time. The higher your income, the lower your chance of defaulting on your payments, making you an ideal applicant for personal loans.
Age: This number indicates the remaining years of service you have. Lenders rely on it to determine your loan amount, interest rates and repayment options. Young applicants with a moderate income are more likely to enjoy better loan facilities as lenders believe they can get more growth opportunities in the future.
Credit Score: It determines your creditworthiness in the financial world. A score of 750 or more indicates that you have a stable repayment history. Lenders are more likely to offer you better interest rates with a high score. A mediocre score can affect your interest rate or decrease your loan amount. On the other hand, lenders can reject loan applications from individuals with extremely low credit scores.
Experience: Your work experience can also play a crucial role in determining your personal loan eligibility. The exact period may vary from lender to lender. Still, a minimum work experience of two years and at least six months in the current organisation is preferred for salaried individuals. A minimum experience of two years in the current business is valued for self-employed people.
Documents: A pretty basic but important factor in ensuring a smooth application process is the availability of all required documents like Aadhar Card, PAN Card, Salary Slips etc. Lenders use these documents to verify your claims and keep an official record of your personal loan application.
When it comes to borrowing a personal loan, it is critical to check and fulfil the personal loan eligibility criteria as the maximum loan amount depends on your loan eligibility. At Tata Capital, you can enjoy simple and flexible loan eligibility criteria, which are based on your income, age, credit score, employment, and work experience.
To get an accurate estimate of the loan amount you're eligible for, you can use our personal loan eligibility checker online.
Both salaried and self-employed individuals can apply for personal loans with Tata Capital. No matter your source of income, you can apply for a personal loan of up to Rs. 35 lakhs with Tata Capital. Keep in mind that the final loan amount you can get will depend on your net monthly income, age, and other eligibility criteria.
Wondering the exact loan amount you are eligible for? The easiest way to calculate personal loan eligibility and determine the maximum loan amount you can get on your salary is to use our personal loan eligibility calculator tool.
If you are unsatisfied with the loan amount you are eligible for and want a bigger loan, you need to boost your loan eligibility. Here are a few ways to do it.
Increase your credit score
Lenders typically approve higher loan amounts if they are confident that the borrower will repay the loan on time. And since the credit score numerically determines the credit worthiness, it is the first thing lenders check before approving the loan amount. Borrowers with a higher credit score can avail of larger loan amounts.
Fortunately, you can boost your credit score.
The easiest way to boost your credit score is to check your credit report for errors. Many times incorrect data entry can lower your credit score. So, check your credit reports periodically for errors and inform the credit bureau immediately. Once rectified, your credit score will go up.
Have more than one income source
Lenders also look at your income to determine your loan repayment ability. The higher your income, the higher the chances of timely loan repayment, and the higher the loan amount you can get approved for. So, add an additional source of income when applying for a personal loan.
For instance, rent out your property to generate a stable side income or start your venture. Alternatively, get a co-applicant with regular pay to co-sign your personal loan. Or include variable pay details like commissions, incentives or rewards in your salary information.
Pay your debts on time
Late payments of your loan EMIs or your credit card bills will reflect in your credit history. And this may cause lenders to approve lower loan amounts. Hence, you must ensure you pay off all your dues on time. This way, you can maintain a spotless credit history and assure lenders that you are financially disciplined. So, you can boost your loan approval chances.
If you're looking for a personal loan for salaried employees, you need to do a personal loan eligibility check and meet the following eligibility criteria-
You must be between the age of 22 to 58 years
You must have a minimum monthly income of Rs. 15,000
You must have at least one year of work experience
Remember, the above eligibility criteria are the basic requirements you must fulfil to get a loan. But if you want to boost your loan approval chances, you will need to boost your personal loan eligibility further. Here are some ways to do it.
Reduce your debt-to-income ratio
Lenders prefer to approve loan applications from borrowers who will repay their loans on time. And since borrowers with a lower debt-to-income ratio will be more likely to make timely EMI payments, lenders approve their loan applications quicker. So, reduce your debt-to-income ratio to boost your loan eligibility.
Ensure you repay all your debts on time and in full, where possible. Better yet, ensure your outstanding debts are never over 30-40% of your monthly income. This way, you can make the repayments on time and appear less credit-hungry to a lender.
Pay attention to your credit score
Your credit score reflects your credit history, and it is the first thing lenders check to determine your creditworthiness before approving a loan. Since a higher credit score usually signals greater credit worthiness, loan application approvals are much quicker
If you want to build a healthy credit score, start by paying off your debts on time. Plan your credit usage and repayments. This way, you can maintain a clear credit history and a high credit score.
Then, actively build your credit by applying for credit products. For instance, applying for a credit card and making the bill payments on time is a great way to build your credit history and boost your credit score.
Get a joint loan
If you have a lower credit score and want to boost your personal loan eligibility quickly, get a co-signer like a spouse or a parent for your personal loan. If they have a stable income and a better credit score, it will boost your overall loan repayment ability. This will make you eligible for higher loan amounts at an affordable interest rate.
Do not apply for multiple loans at the same time
When you apply for any credit, the credit bureau marks a hard enquiry in your credit report. Too many hard enquiries over a short period signal credit hungriness to your lenders and lower your credit score. So, avoid applying for too many credit products at the same time.
Qualifying for a personal loan is easy with Tata Capital's easy-to-meet eligibility criteria.
Eligibility:
You must be between the age of 22 to 58 years
You must have a minimum monthly income of Rs. 15,000
You must have at least one year of work experience
Identity proof
Proof of residence
Income documents (bank statements, salary slips)
Employment certificate (for salaried individuals)
Documentation:
Once you fulfil the eligibility criteria and submit the necessary paperwork, you can get your loan approved in no time!
Want to boost your chances of qualifying for a personal loan? Here are a few last-minute tips to help you out.
Use an online eligibility calculator to calculate your loan eligibility
If you want to qualify for a loan amount of your choice, meeting the basic eligibility requirements isn’t enough. You need a good credit score, spotless credit history and the appropriate income too. So, do a loan eligibility check online with an online loan eligibility calculator.
Most personal loan eligibility checkers will ask you to enter your employer details, age, average monthly income and expenditure to calculate the loan amount you are eligible for.
Want to calculate the eligibility requirements for a higher loan amount? Alter the income and expenses details until you reach your desired loan amount.
Submit a duly filled application form
Most lenders reject improper personal loan applications. So, you must submit a duly filled loan application in the first place. Once you fill out the personal loan application form, check if you have entered details in the correct fields. Also, check if you have entered the right information.
If you are filling out an offline personal loan, you need to be more careful about application form errors. This is because online application forms typically highlight wrongly filled fields and prompt you to make corrections before submission.
Keep your documents ready before filling out your loan application
Your loan application will get rejected if you furnish wrong or outdated documents with the loan application form. So make sure you prepare all the required documents before filling out the application form.
Submit a recently updated ID proof, ensure that the addresses on your ID proof and your address proof match, get the latest bank statements and salary slips and don’t forget to ask your employer for an employment certificate.
Remember to scan your documents in advance if you are filling out an online loan application. This way, you do not waste time when submitting the application form.
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