How to Calculate Your Personal Loan Eligibility?

The Personal loan scheme offered in the Indian market is one of the most conducive schemes among all others, especially due to the end-usage flexibility that comes with it. The feature allows people to use the said scheme as a multipurpose loan, a loan that can be used to manage any type of expense. This is probably the reason personal loan happens to one of the most popular credit schemes in the India market, especially in urban areas.  

In addition, personal loans are easily accessible, the documentation process is quick, the borrowing limit is quite high, and even the repayment tenor is wide. In short, the credit facility is really easy to avail if you have got the required creditworthiness. Having said that, if you ever plan to apply for personal loan, you must not take the things so lightly. Even if your CIBIL score is a good shape and your repayment history is as good as it can be, apply only after checking your borrowing eligibility i.e. how much can your borrow by applying for a personal loan.  

How can you check your personal loan eligibility?

  1. Firstly, you must check the eligibility criterions mentioned by the lender and assess your loan eligibility.
  2. Secondly, you can use the personal loan eligibility calculator and find out the exact amount you can avail. The eligibility calculator is very easy to use and would take only a few minutes.

On a concluding note, you must always use the personal loan eligibility calculator available on the website of the lender you’re going to go with for your loan.     

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Calculating your Home Loan EMI Using an EMI Calculator

EMI or equated monthly installment is the payment which a borrower has to make per month for repayment of the loan. The installment constitutes both the principal amount and the interest accrued. There is a particular date of each month when the installment gets deducted from the bank. If your bank does not have the sufficient funds, then the payment does not get through and you incur a heavy fine.

Also, failure to pay the installments repeatedly lead to a drastic effect on your CIBIL score as well. A low CIBIL score affects your ability to apply for loans of any kind in the future.

The amount of an installment that needs to be paid is based on the tenor chosen by the borrower and the type of interest opted for. The longer the tenor, the lesser will be the rate of interest. On the other hand, the interest rate also plays a part. If the rate of interest is fixed, then the interest which is paid will be the same. However, if the interest is floating, then the interest component will vary based on the rate of interest that is set by the lender.

In such a case an EMI calculator can be of immense help. It is provided with by most lenders these days and all you need to do is visit the website of your lender and key in the required details such as the amount of loan, the rate of interest and they type, and the tenor and the calculator will automatically show the monthly installment. If you want to change any of the figures, you can also do that, and the calculator will then show the updated figure.

Thus, you can now check the monthly installment before opting for a loan so that you can plan your finances accordingly.

Also, you know about How to Use a Business Loan EMI Calculator

4 Common Mistakes to Avoid When Applying for a Doctor Loan

Nobody likes getting rejected for a loan application, especially if it is their first time. However, the lender can’t be stopped from rejecting the loan application just like that, the only way is by making sure the application is perfect in all aspect. On that note, if you are applying for a doctor loan and don’t want to get rejected, below are some common mistakes you must avoid while applying.  

1- Not checking the eligibility criteria of the loan

The first prerequisite for people applying for a loan is to check the eligibility criteria. The eligibility criteria are the terms which are meant to be fulfilled by all applicants alike to be eligible for the loan. Hence, go through the eligibility conditions and ensure your eligibility for the loan.

 

2- Submitting incomplete or incorrect documents

Not sharing all the documents or sharing the wrong documents to mislead the lender is a cardinal mistake. It not only impacts your credibility, but you might also end up being rejected for the loan.

3- Applying with a low credit score

A good CIBIL score is critical for faster loan approval and to be entitled to the best interest-rate schemes, especially when the applied loan is unsecured in nature.

4- Applying for multiple loans at the same time

Last but not least, applying for a loan at multiple places can negatively impact your credit score. The action convinces the lender of your credit hunger behaviour and might get you blacklisted. Hence, avoid doing something like that to avoid unlikely circumstances.

 

 

Benefits Of Personal Loan From Bajaj Finserv

Personal loan is an unsecured financing option which can be taken without pledging any collateral/ security/ guarantor for it. Today, leading NBFCs such as Bajaj Finserv offer lucrative personal loan offers for individuals of every walk of life.

As a loan seeker here are some of the benefits of personal loan you must know –

Bajaj personal loan is considered India’s fastest loan with instant online approval and quick disbursement for eligible applicants. It offers a high value loan amount of up to Rs. 25 lakhs with flexible repayment tenure of 12 to 60 months at affordable rate of interest.

The loan can be taken by applicants who do not have any fixed asset such as a property to secure the loan. It is available on a simple-to-meet eligibility criteria which states that –

  • The applicant must be between 23 to 58 years of age.
  • They must have a stable source of income with an MNC, private or public sector.
  • Having a good credit score of 750+ or more is important too as this being an unsecured loan lenders need surety that the borrower has reliable past payment history.

Applicants can directly apply for the loan by filling up an e-form available at the lender’s official website. This is a simple, fast and self-dependent process and can be completed with minimum paperwork.

While, applying for the loan applicants can check pre-approved offers designed as per their individual profile after submitting their documents.

In addition, loan seekers can opt for Flexi Loan facility. It is a unique feature which lets you withdraw as per your needs from the personal loan bajaj finserv sanctioned on a daily basis. Interest is charged on these daily withdrawals only which helps to lower the EMIs by upto 45% and easily manage the expenses.

 

Know the Features And Benefits of Bajaj Finanace Personal Loan

Personal loan Bajaj Finserv is an unsecured financing option which can be obtained without having to pledge any collateral/ security/ guarantor. It can be used to cater to a host of financial obligations as lenders do not scrutinize the usage of the loan.

But before you apply for Bajaj Finance Personal loan it is advised to research the various lenders in the market today and then pick the offer which matches your interest. It also must be noted that leading NBFCs high-value loan up to Rs. 25 lakhs, on flexible tenure of 12-60 months on affordable rate of interest. You can easily apply for the loan online by filling out an application form on the lender’s official website. Upon verification, you can enjoy instant approval and quick disbursement.

  • Minimum documentation required at the time of applying for Bajaj personal loan.
  • Instant approval upon verification of basic documents.
  • Quick loan disbursal with money in bank in just 24 hours upon approval.
  • Flexible repayment tenure – from 12 months to 5 years so you can easily pay off the personal loan Bajaj.
  • Exclusive pre-approved offers available to new borrowers as well. To know more about them talk to your Relationship Manager.
  • Line of credit facility – pay up to 45% lower EMIs and it lets you borrow as per your requirement from the loan amount sanctioned. Interest is charged on these daily withdrawals which helps to lower EMIs and better manage your finances.
  • No collateral needed as it is an unsecured loan.
  • Easily apply online by filling up an online application form.

3 Key Factors Affecting Your Home Loan Eligibility

Planning to apply for a home loan? Know your eligibility for the home loan in advance. Knowing your exact eligibility for a particular home loan can help you in more ways than you can imagine! The first and the foremost benefit is, the awareness helps you plan your application accordingly and maximize the chances of approval.

Moving on, there are multiple factors that affect your home loan eligibility, yet we are naming only the primary ones. Check them below;

  1. CIBIL Score: A lot of people argue that home loan being a secured type of loan has nothing to do with the person’s CIBIL score. Well, that’s not true! Not completely. CIBIL score doesn’t get involved directly, yet plays a very crucial role in approval for a home loan. The lender uses it to gauge the financial management skill of the applicant to determine the associated risk.
  2. Debt-to-income ratio: Debt-to-income plays a significant role in approval for any credit tool: secured loan, unsecured loans and plastic money. It is the ratio of your income to your financial liabilities (excluding your personal and household monthly expenses). For faster approval, the score needs to be less than 43%. If it’s not like that, chances of approval are very low.
  3. Your income and employment stability: Last but the foremost factor is stability in terms of income and employment. Your resume must show a stable period of employment with around one year spent at the present organization. And, you must have a stable monthly income.   

You can use the home loan eligibility calculator to calculate your eligibility for a home loan.

Benefits Of Collateral Free Business Loan

Collateral free business loan is simply a loan for which you do not have to pledge any fixed asset as security/ guarantor/ collateral. It is an instant loan as it saves you from elaborate paperwork and from asset evaluation.

Bajaj Finserv business loan is one such example which lets you fund your business needs from business expansion, payroll, hiring new staff to purchase of new machinery, undertaking bigger projects and even to consolidate debt.

Let’s delve into other benefits of collateral free business loan.

#1- Simply no collaterals

This means you can secure a business loan without having to pledge your fixed asset as collateral.

#2- Minimal documentation

Being an unsecured loan, you can easily apply for it online with minimum paperwork. Being collateral free too it saves your time in arranging for additional paperwork. Basic paperwork needed are business proof and your KYC documents.

#3- Lesser processing time

These are hassle-free loans with instant approval in 24 hours. You can apply online easily. Its has an easy eligibility criterion too. Therefore, upon meeting the eligibility criteria and on clearing verification of documents loan is disbursed in short duration to help you attend to your company’s financial needs.

#4- Multi-purpose loans

You can avail high value loan of up to Rs. 30 lakhs. It can be used to cater to a variety of business needs such as increase working capital, lease bigger office space, stock up inventory, hire new employees, business expansion to another city, scale up operations, undertake bigger projects, consolidate debts, purchase raw material for bulk orders and much more.

Also you can check: What are the Basic Criteria for Business Loan Application Approval?