Personal loans are easy loan options in times of financial distress. This loan is easy to avail because it is unsecured, and does not require one to keep anything as collateral or as a security. Further, the personal loan provides the facility of end-use of loan products, which means that it can be used for any purpose like marriage, wedding, education or travel that need not be disclosed to the lender. The personal loan can be availed for a maximum tenure of five years, for a loan up to Rs 75 lakhs. However, to avail a personal loan, one needs to fulfil specific parameters which are listed as follows:

personal loan eligibility calculator

Cibil score: A cibil score is an essential parameter for a personal loan as it ensures one repayment ability. A cibil score is a three-digit number that ranges between 300 to 900. A score near to 300 indicates a lower credit score, while that near to 90 indicates a higher credit score. To avail a personal loan, a credit score of 700 and above is required. A good credit score ensures the lender that the borrower will repay the loan EMI on time as per the loan tenure. People can also check and make use of a personal loan eligibility calculator and make the further changes.

A cibil score is an important parameter for a personal loan because it assigns over the borrower the responsibility to pay off the loan due to the fact that failure to repay the loan will hamper his or her credit score to the worst and thus will hamper his or her further loan borrowing ability. To keep a check on one’s cibil score, one can keep an eye on it, by checking them through various cibil score calculators available online.

Apart from ensuring a good credit score, one must also keep in check various other personal loan eligibility calculators. These can be done using the personal loan eligibility calculator tools. The tool is available online on the portal of various personal loan lenders and on various online marketplaces. The tool can access easily by entering details like name, date of birth, employment details, mobile number, the income of the applicant, and the residence city. As soon as the detail is entered, the eligibility calculator shows the eligibility status and one’s eligibility for a loan amount and the eligible interest rate. A personal loan eligibility calculator makes it easy for one to calculate their personal loan EMIs, which helps them to plan their personal loans.

The personal loan eligibility calculator calculates the personal loan eligibility based on factors like profession, eligible age, income requirements, work experience of the applicant, work experience in the current company, and the cibil score of the applicant. A personal loan eligibility calculator can give one a clear picture for their personal loan borrowing even when they plan to borrow it in future. In case one is not sure about their eligibility, or if one lacks somewhere in meeting the eligibility, then he or she can work upon it. The best part about this eligibility calculator is that it is free of cost and can be accessed anywhere by anyone.

Read more: Best Ways To Pre close Your Personal Loan

Thus, on a concluding note, it must be stated that with the help of a personal loan eligibility calculator, one can easily manage their personal loan with ease and can be ensured about the timely payment of a personal loan EMI. his eligibility calculator is thus a blessing for potential personal loan borrowers if used efficiently and wisely.