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If you are reading this, you probably know what a personal loan is. Personal loans are one of the easiest means to get instant funds when you do not want to exhaust your savings. You need not furnish any collateral to get the loan and can use it for any purpose you wish. Moreover, you can repay it in a flexible repayment schedule, where you can choose the EMI value as per your financial comfort. However, as it is an unsecured loan and lenders require no security, you need to meet the eligibility criteria. Before you apply, you must check the personal loan eligibility and ensure to meet them.
You can also find your eligible loan amount from a personal loan eligibility calculator.
In this blog, you will know about important personal loan eligibility criteria and the role of an eligibility calculator.
What Are Personal Loan Eligibility Criteria?
Applicants who want to take a personal loan should fulfill the following eligibility criteria.
Credit score
Though credit score is not mentioned in the eligibility criteria, it is a crucial determinant for personal loan approval. You must have a credit score of 700 and above to get a personal loan. As it is unsecured, lenders closely scrutinize your credit score to ascertain your repayment capacity and creditworthiness. If you have a low credit score, the lender can reject your application. If they approve, there are more chances of you getting a lower loan amount or higher interest rate.
Additional Read: Low credit score? Increase your personal loan eligibility through these 5 measures
What Is a Personal Loan Eligibility Calculator?
A personal loan eligibility calculator is an online computation tool that you find at the lender's and aggregator’s websites. With this calculator, you can determine the amount of loan you are eligible for, with the current financial status and location. To use this calculator, you need to input your financial details and existing liabilities. You can use the eligibility calculator by the following steps:
Features and Benefits of Eligibility Calculator
A personal loan eligibility calculator can help determine your eligible loan amount and thus make informed decisions. However, you must remember that the lenders can change the values after they process your application. Apply for personal loan today.
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