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What are the benefits of the Personal Loan Eligibility Calculator?
Posted on Monday, October 17th, 2022 | By IndusInd Bank
A personal loan is a collateral-free unsecured loan that you can avail yourself of for any purpose. You can use it to fund a wedding expense, pay for hefty medical insurance, pay a sibling’s tuition fee, and even use it for your home renovation, or consolidate high-interest debts. Although it is easy to apply for a personal loan nowadays, you need to factor in various concerns, such as the length of the tenure, interest rate, your monthly income, repayment capacity, and the impact it will have on your financial lifestyle. Often, manual calculations are time and labor, intensive and pose risks in miscalculations. With a personal loan EMI calculator, you can get details on the set EMI you will need to pay regularly at a set interest rate over a period.
Check Eligibility First
It makes sense to check your eligibility before taking out a personal loan or using a calculator. There are various personal loan eligibility criteria that you need to check before you apply for one. For instance, if you are a salaried individual, the minimum age to apply for a PL is 21 years, and for self-employed individuals, it is 25 years. Also, for salaried people, their monthly income should be at least INR 25,000, and for self-employed individuals, it should be INR 40,000 (after tax). Furthermore, a salaried person should have worked at least two years with at least a year with the current employer, while for a self-employed individual, it is 4 years of post-qualification experience. You can check the detailed eligibility criteria here. So, as per your current employment, age, and income situation, you need to use the personal loan calculator online after assessing your eligibility.
Benefits of Using a PL Eligibility Calculator
Conveniently fit in the EMI: When you calculate the personal loan EMI, always choose the tenure which lets you repay the loan amount comfortably. You don’t want to avail the loan now and worry about monthly payments later. It’s an added stress that no one needs.
Saves Time:
Instead of doing manual calculations, you can use the EMI calculator with ease as it will save you a lot of time. When you are doing calculations, there are chances you can make an error, and even the slightest error can throw off your budgeted EMI by hundreds!
Plan Your Loan:
When you do a personal loan eligibility check online, you already have an idea about the approximate monthly amount that you can use to repay the loan without breaking the bank. An EMI calculator not only saves you time in providing different EMI options as per your tenure requirements, but it also gives you an entire table of payment schedules up to maturity, so you will know the accurate amount that you will need to pay till when. It, therefore, helps you in managing your money as well.
Ease of Use:
An EMI calculator is very easy to use and is available online. All you need is to enter the principal amount of the loan, the interest rate, and the tenure of payment and it will give you a monthly amount.
There are many benefits of using an EMI calculator online while checking your personal eligibility as well. If you want to apply for a personal loan, make sure you check your eligibility criteria and assess the monthly payments you need to pay before taking any financial decision.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
