As the instant loan apps populated online, different loan calculators such as
Online EMI calculator for personal loan, loan comparison calculator, interest calculator, etc. were created to derive accurate results in no time. A
personal loan eligibility calculator is also one of the loan calculators online that gives a clear idea of the loan amount that you can borrow based on your monthly income. The loan eligibility calculator is a no-cost tool freely available online to check the loan eligibility.
The basic factors considered for a
personal loan eligibility check include the borrower’s age, monthly income, loan tenure, interest rate, and ongoing personal loans if any. With these details entered in the eligibility calculator
, you can know the maximum limit for availing of a personal loan instantly. Different lenders follow different eligibility criteria.
Holding a good CIBIL score is also one of the factors to increase the chances of loan eligibility. A high credit score states that the borrower’s financial behaviour is stable and EMI payments were made timely.
How to Use a Personal Loan Eligibility Calculator?
Download the instant loan app or visit the lender’s website to locate the eligibility calculator. Enter the required details in the calculator such as profession, monthly income, loan tenure, and current EMI obligations, if any. You will get an instant result with accurate figures – Eligible Amount, Loan EMI, and Maximum Tenure. Accordingly, you can choose to proceed or not to proceed with the personal loan application.
Hero FinCorp instant personal loan app online has an in-built loan eligibility calculator. Both salaried and self-employed individuals can check their loan eligibility in seconds. On verification of the loan eligibility, it is easy to get personal loans with paperless documentation. Once the required documents are approved, the loan is disbursed instantly into your registered bank account.
Hero FinCorp Personal Loan Eligibility Criteria
Use the loan eligibility calculator on Hero FinCorp and proceed with the personal loan application with the below documents:
- KYC documents, inclusive of Aadhaar Card, Mobile Number Linked to Aadhar, PAN Card, and Bank Account details.
- Last six months bank statement as income proof. Income proof is mandatory to verify the credit score that gives information about a person’s capability to repay the loan regularly in EMIs.
While submitting these documents, ensure your age eligibility should be between 21 - 58 years for both salaried and self-employed individuals, with a minimum monthly salary of Rs.15,000.
So, if you have any second thoughts about applying for a personal loan, use the loan eligibility calculator for clarity and simplify your decision of proceeding with an instant personal loan online.
