A Personal Loan Eligibility Calculator helps you assess your loan eligibility based on your income, EMI obligations, and loan tenure. Plan your finances in seconds with Hero FinCorp, an RBI-licensed NBFC.
Personal Loan EMI Calculator
Personal loans are no less than saviours in times of financial distress. Simple personal loan eligibility criteria, easy application process and instant disbursement of funds make it one of the most convenient loan options. At Hero FinCorp, we ensure that you face no hurdles at any step. We have kept our eligibility requirements minimal so you can easily avail of a personal loan just when you need it the most.
| Eligibility Criteria | Details |
|---|---|
| Age | You must be between 21 to 58 years of age. |
| Citizenship | You must be an Indian citizen to apply for a Rs 5 Lakh Personal Loan at Hero FinCorp. |
| Work Experience | Salaried applicants need 6+ months of experience; self-employed businesses must be operational for 2+ years. |
| Monthly Income | You must earn a minimum of Rs 15,000 per month to qualify for a Personal Loan. |
| Maximum Loan Amount | You can apply for the maximum loan amount of Rs 5 lakh. |
| Maximum Loan Tenure | Flexible repayment tenure up to 36 months. |
Before applying, it’s important to review the loan eligibility criteria to see if you qualify. These usually include factors like age, income, employment type, work experience, and credit history. Once you’ve checked the basics, use Hero FinCorp’s online calculator to quickly check loan eligibility and find out the exact amount you are eligible for.
Here is a stepwise process to check your eligibility for a personal loan:
1. Go to the Loan Eligibility Calculator on our website.
2. Enter the current EMI obligations, monthly income, and loan tenure in the online tool to check personal loan eligibility.
3. Once entered, you'll see your eligible loan amount, EMI, and maximum repayment tenure options.
4. Apply for the Personal Loan right away.
When you apply for personal loans, banks and credit bureaus check your personal loan eligibility based on several factors. These include your age, income, credit score, housing situation, financial obligations, and existing debts. Meeting the loan eligibility criteria before applying is important, as it improves your chances of getting the loan amount you are eligible for. Banks usually calculate the loan amount based on two methods:
Multiplier Method
In this method, we calculate your Personal Loan salary amount based on a predetermined multiple of your net monthly income.
FOIR (Fixed Obligations to Income Ratio)
We assess your repayment capacity using this method to check your Personal Loan eligibility. We consider your fixed expenses, including your existing EMIs, and subtract them from your monthly income. The formula is:
FOIR = (Sum of Current Obligations/Net Monthly Salary) x 100
Your debt-to-income ratio should be at most 40% to obtain a loan with favourable terms and rates.
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.
Age reflects your earning potential, making it an important factor influencing your personal loan. Young individuals have a higher earning capacity than retirees or elderly people. However, at Hero FinCorp, anyone within the age of 21 years and 58 years can apply for this loan.
Although you need a monthly income of Rs 15,000 only to qualify for a personal loan, if you have a high income but are lacking in one or two areas, your application may still be approved. This is because high income makes your profile less risky.
When we check personal loan eligibility, your credit report is the first thing we assess thoroughly. It helps us in understanding your previous loan history and your repayment pattern. If we find that you have defaulted on your previous loans and have poor EMI payment history, we may not accept your loan application.
When evaluating personal loan eligibility for salaried employees, we check the soundness of your employer. Working for a reputable company or government organization ensures timely salary credit and employment security, making your profile less risky and boosting your personal loan amount eligibility.
Whether you are salaried or self-employed, your occupation stability plays an important role in your personal loan eligibility. Individuals who frequently change jobs or businesses have a slim chance of loan approval compared to individuals with stable employment.
Another important factor that influences whether or not you are eligible for a personal loan is your current debt. Regardless of how high your income is if the major part of your income is used for debt repayment your prospects of getting a personal loan are minimal. In general, a debt-to-income ratio of less than 50% is considered good.
Checking your personal loan eligibility only to find out that you don’t qualify, or that the loan amount you are eligible for is too small, can be disappointing. The good news is that there are ways to increase your eligibility and improve your chances of approval when you apply for a loan.
Choosing longer loan repayments reduces your monthly loan EMI. This makes it easier to manage payments and helps you avail of a personal loan with higher eligibility.
If you earn from rent, investments, or any side income, share it while using our personal loan application process. This increases your eligibility based on income and may help you obtain a personal loan on better terms.
Don’t rush to apply for personal loans with different banks at the same time. Multiple applications lower your credit score and reduce your chances of getting approved. Instead, use an eligibility calculator online tool that helps you check loan eligibility before applying.
Your credit score plays a big role in the personal loan eligibility checker. Clear existing debts and pay EMIs on time. Improving your credit score not only helps you get personal loans, but also improves your eligibility for other types of personal loan.
If your income is on the lower side, adding a co-applicant with a stable income improves the loan application process. This way, the bank provides personal loans with better terms, and the amount of loan you qualify for may also increase.
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Before you proceed with your personal loan eligibility check, consider the following factors:
*Approval & Agreement: Loan approval is at Hero FinCorp's discretion. By applying, you agree to our Terms & Conditions, Privacy Policy, and Loan Agreement.
*Data Use: You consent to electronic processes and data use for loan assessment, as per our Privacy Policy.
*Security: Keep your account and device secure. Report our customer care for unauthorized activity immediately.
*Grievances: For concerns, refer to our Grievance Redressal Policy.
*EMI Payment: Refer to our T&Cs here*
*RBI Mandate: RBI requires transparent disclosures. Learn more from RBI.