How is Personal Loan eligibility calculated

In the current covid-19 scenario where monetary crunch is a major concern Personal credit is perhaps the quickest and mainstream mode for borrowing funds for various purposes. With the advanced Internet technology, numerous financial institutions and NBFCs have developed personal loan apps and official gateways online for a quick and easy loan application process. 
 
But before you plan and apply for a personal loan, get your eligibility calculated on the personal loan eligibility calculator. This calculator is an analytical tool designed to calculate your loan eligibility criteria and simultaneously enables you to compare and check the best personal loan available online and permits you to pick the best loan amount as per your requirement and eligibility. For example, if you are looking for a personal loan on 22k salary, the calculator helps assess whether your income meets the lender’s criteria. When you meet the eligibility parameters set by the lender, the most beneficial factor is quick approval and sanction of the loan amount within 24 hours or less.
 

Eligibility for a Pre-Approved Loan for Salaried Individuals 

1. Open the personal loan eligibility calculator
2. Enter the required loan amount 
3. Enter your city, date of birth, monthly income & expenses 
4. You are eligible if you are between 21-58 years of age
5. A minimum net income earning should be Rs. 15,000 monthly
6. Stability in the job is mandatory on the personal loan eligibility calculator for attaining the required loan amount
7. Details of financial transaction or six months salary slip for a salaried individual is essential

Eligibility Criteria for Self-Employed Individuals

Loan eligibility for the self-employed is calculated based on the below-mentioned factors such as when applying for a personal loan for self employed individuals.

1. The age limit should be between 21-58 years 
2. Borrowers must file income tax returns for a minimum of 2-3 years
3. Should have stability in business and years of professional experience 
4. Gross annual revenue should be approximately a minimum of 2 lakhs or more
5. The credit score is an important eligibility criterion derived through PAN card details entered.

 
Once you have entered the mandatory details, the personal loan calculator will analyse the information and immediately provide personal loan eligibility results within minutes for the desired loan amount.
 
To avoid rejection, delays, or cancelled approval status, it’s important to follow key tips for getting a self employed personal loan and first check your eligibility. Loan rejection can impact your credit history, so don’t let your application bounce for any reason. Using the loan eligibility calculator helps you understand your chances and secure faster loan approvals.

Required Documents for Personal Loan Eligibility 

Unlike the traditional way, the documents required for an instant personal loan are accepted in a paperless format. Enter the KYC details inclusive of Aadhar card and PAN card unique numbers. Other professional details include company name, employer’s name and work experience.
 
So, with such basic formalities, one can easily be eligible and avail of a personal loan online. Paperless documentation reduces the loan processing time and approves in less than 24hours.
 
HeroFinCorp an online instant personal loan app launched by Hero FinCorp, provides personal loan instantly with a simple calculation. If you are wondering where self employed get best instant loan app, HeroFinCorp is a reliable choice. Download the loan app from Google Play Store and use the loan eligibility calculator to get clarity on the chances of your personal loan approval.