Age
You should be 21 to 58 years of age to qualify for a Personal Loan at Hero FinCorp
What is Personal Loan Eligibility Calculator?
In the hi-tech era, where most of the world is online, why spend sleepless nights thinking about loan approvals! Loan eligibility calculator gives better statistics considering your personal and professional details. The smart loan apps and credit websites let applicants check their loan eligibility without any cost. Once the eligibility is confirmed, go ahead and use the loan EMI Calculator. Enter the maximum loan amount, tenure and interest rate to derive an EMI that suits your budget.
Loan eligibility calculator stands appropriate for various loans including home loan, commercial loan or personal loan. So, the next time you approach a financial company for a loan, apply as per your eligibility.
Personal Loan Eligibility Criteria
At Hero FinCorp, we have the most straightforward eligibility criteria you can fulfil without much ado. Our eligibility conditions simply include your income, age, work experience, credit history, DTI ratio, etc. You can use our PL Eligibility calculator to determine how much you can borrow and plan your application accordingly.
Citizenship
At Hero FinCorp, we give Personal Loans to Indian citizens only.
Work Experience
Salaried: You must be employed for at least six months. Self-employed: You must have at least two years of experience in your current business.
Monthly Salary
You should earn a minimum salary of Rs 15,000 to apply for a Personal Loan at Hero FinCorp.
How is Personal Loan Eligibility Calculated?
A personal loan eligibility calculator is an analytical tool designed to calculate personal loan eligibility criteria. It helps in comparison to pick the best personal loans available online and plan your finances accordingly.
For instance, an individual who has a work experience of 2years, between the age group of 21-58 years, with a stable income and good credit score will be more eligible than a person with a low credit score and less work experience. He/she will be offered a low-interest rate observing the regularity of paying debts and maintaining a credit score.
Benefits of Using A Personal Loan Eligibility Calculator
Accurate eligibility assessment
A personal loan eligibility calculator provides a precise evaluation of your eligibility for a loan. By entering relevant financial details, such as income, credit score, and existing obligations, the calculator generates accurate results, giving you a clear understanding of your borrowing capacity.
User-friendly interface
Personal loan eligibility calculators are designed to be intuitive and user-friendly. They require minimal information and guide you through the process step by step, ensuring a hassle-free experience.
Instant results
By using a personal loan eligibility calculator, you receive instant results without the need for manual calculations or lengthy paperwork. This saves valuable time and enables you to make quick decisions based on accurate information.
Online availability
Personal loan eligibility calculators are readily available online, allowing you to access them at any time from the comfort of your home or office. You can conveniently assess your eligibility and explore different loan options without the need for physical visits to multiple lenders.
Reliability
Personal loan eligibility calculators use advanced algorithms to generate accurate results. By considering various factors such as income, credit score, and existing debts, these calculators provide reliable insights into your loan eligibility, giving you confidence in your financial decisions.
Comparison of Multiple Loan Options
Many personal loan eligibility calculators not only assess your eligibility but also provide information on various loan offers. You can compare different loan options, including interest rates, loan amounts, and repayment terms, all in one place.
How to Use the Personal Loan Eligibility Calculator?
Personal loan eligibility calculator does not cost anything. It is an in-built tool in a loan app/website to calculate your personal loan eligibility. Enter the required details retaining the authenticity. Information not found to be true will lead to cancellation.
Here are a few simple steps to follow while calculating personal loan eligibility
- Open the online loan eligibility calculator to enter the following parameters:
- The age should be between 21-58 years old.
- Net monthly income- minimum net monthly earning should be Rs.15000
- Job/Profession information
- A few locations or the cities are also restricted for loans.
- Information about financial transactions
2. Once you have submitted the mandatory details, the calculator will analyse the loan amount you are eligible for.
3. As a result, the eligible loan amount can be accepted or rejected. On acceptance, fill in the loan application form to initiate the loan processing of the approved amount.
Features of Personal Loan Eligibility Calculator
A Personal Loan Eligibility calculator is a free-to-use online portal that allows you to calculate Personal Loan eligibility to plan your loan application in advance. Eventually, it avoids financial troubles in the future due to over or under-borrowing. Here are a few features of the PL Eligibility calculator at Hero FinCorp:
- Available for use absolutely free of cost.
- You can use it any number of times.
- Gives data-based results within seconds.
- Has a user-friendly interface that requires entering only a few variables like your income and financial obligations.
- Calculating eligibility using a Personal Loan Limit calculator does not affect your credit score.
Tips for Salaried Person to Check Eligibility
The loan eligibility calculator analyses the loan amount based on salaried person’s current income, city, residence, date of birth, interest rate, and tenure.
Here are some common tips to derive loan eligibility for salaried individuals:
01 A senior-level salaried person working in a public, private or MNC level company will obviously have a high monthly income and be eligible for a higher loan based on results of loan eligibility calculator.
02 A salaried individual with a strong credit history is eligible for a higher loan amount, whereas borrowers with a low credit score may be not eligible for the required loan amount or may be charged a higher interest rate.
03 Duly paid debts or credit card EMIs, will not only improve your credit history but also increase loan
eligibility.
04 Transfer your existing loans to a lower interest rate and repay existing EMIs on time, to make yourself eligible for a new loan amount of a higher
value.
05 Junior-level employees with a fixed monthly salary of Rs.15000 at least is eligible for a personal loan on the loan
eligibility checker.
Factors That Affect a Personal Loan Emi Amount
When considering a personal loan, it's crucial to understand the factors that affect your Equated Monthly Installment (EMI) amount. Various elements come into play, shaping the final EMI calculation. Explores the key factors that influence your personal loan EMI and their impact on your repayment obligations.
Debt-to-income ratio
This ratio measures your monthly debt obligations relative to your income. A lower ratio indicates a healthier financial profile, making you a more attractive borrower. Lenders consider this ratio to assess your ability to manage additional debt, which can impact your EMI amount.
Loan tenure
The duration of the loan affects the EMI amount. Opting for a shorter tenure reduces the interest paid over time, resulting in higher EMIs. Conversely, longer tenures spread the repayment over a more extended period, lowering the EMI but increasing the overall interest paid.
Interest Rate
The interest rate significantly influences the personal loan EMI. Lower interest rates result in more affordable EMIs, while higher rates lead to increased monthly payments. Comparing interest rates is crucial for managing EMI expenses effectively.
Loan amount
The principal amount borrowed greatly impacts the EMI amount. Higher loan amounts lead to larger EMIs, while smaller loans result in more manageable monthly payments.
Monthly Income
Your income plays a significant role in determining your personal loan EMI. Higher monthly income allows for larger EMI payments, making it easier to repay the loan promptly.
Creditworthiness
Lenders assess your credit score to evaluate your creditworthiness. A higher credit score reflects a good repayment history, reducing the risk for the lender. With a good credit score, you may qualify for a lower interest rate,
resulting in a more favorable EMI.
How to Improve Personal Loan Eligibility?
A Personal Loan Eligibility calculator available at Hero FinCorp makes it easy to calculate Personal Loan eligibility amount. It calculates your Personal Loan eligibility based on your income and current financial obligations. However, if the calculator shows a lower eligibility amount than you desire, here are a few tips to improve your eligibility and get approval for a higher loan amount:
- Mention all your income sources in the loan application to prove a higher repayment capacity.
- Clear all your outstanding loan EMIs and credit card bills to reduce your DTI ratio.
- Check your credit report, identify any errors, and get them corrected to increase your credit score and improve eligibility.
- Request an increase in your credit limit to reduce your credit utilisation rate and get approval for a bigger loan amount.
- Build job stability by working in the same company for a long time.
- Avoid applying for multiple loans simultaneously.
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Frequently Asked Questions (FAQs)
Although the CIBIL score is a crucial parameter to calculate Personal Loan eligibility, there are ways you can borrow a Hero FinCorp Personal Loan with a low or minimum CIBIL score as well. Most importantly, you must show a stable job and regular income to qualify for a Personal Loan. If that does not work, consider applying with a co-applicant or getting a guarantor to improve your eligibility.
Every borrower’s eligibility is checked before applying for a loan. A loan eligibility calculator confirms whether a person is eligible for a personal loan or not.
The factors mandatory for calculating loan eligibility are age, citizenship, location, business/work details and income.
No, it is not mandatory. However, it is advisable to use the loan eligibility calculator before applying for a loan to confirm the chances of loan approval.
Your income is crucial to calculate Personal Loan eligibility. The higher your monthly income, the more conveniently you can handle the loan EMIs and the bigger the loan sanction you can get. For a Personal Loan application, we require a minimum income of at least Rs 15,000 per month.
To qualify for a Personal Loan, meet the eligibility requirements including age, income, work experience, credit score, DTI ratio, etc. You must check and fulfil these conditions before applying for a Personal Loan from Hero FinCorp. You can use our Personal Loan Eligibility calculator to see how much amount you can borrow.
No. Our Personal Loan Eligibility calculator is an absolutely free online tool available for use. You don't need to pay any fee to calculate the Personal Loan eligibility amount. Checking your loan eligibility also does not impact your credit score.