Applying Personal Loan for the First Time – Know How to Use Personal Loan Eligibility Calculator

The ongoing uncertainty owing to the Covid-19 pandemic crisis has seen an increasing need for funds to meet various emergencies like medical expenses, hospitalization, urgent travel, and so on. Also, the fast-paced lifestyle has led to increasing demand for having short-term funds, be it for personal or professional purposes, always at our disposal. This has encouraged the use of instant personal loans, which are collateral-free and easily available on the fulfilment of the basic eligibility criteria. 
 
Now, different lenders offer personal loans which can be availed conveniently through loan apps. First-time borrowers or mature ones can make use of the personal loan eligibility calculator available within the app. When you are not sure about the eligibility of a particular loan, better use the loan eligibility calculator to confirm the status and proceed accordingly.
 

What is a personal loan eligibility calculator?

 
A personal loan eligibility calculator is an in-built analytical tool offered by the loan apps aiding a borrower to calculate their loan eligibility, compare various personal loans available online and derive a monthly EMI.
 
A personal loan eligibility calculator thus helps a potential borrower in sound financial planning and assessing their personal loan repayment capability. The personal loan eligibility calculator thus calculates your eligible loan amount in a matter of seconds, eliminating the need for manual personal loan calculations. 

Key Benefits of Personal Loan Eligibility Calculator

Time Efficient

 A personal loan eligibility calculator helps a borrower to customize their personal loan requirements. It calculates their personal loan eligibility within a matter of seconds, in real-time without any time lag. This helps the borrower decide their EMI details immediately.
 

Accurate Results

Personal loan eligibility calculator being an in-built mechanism provides accurate results within seconds, eliminating the chances of human errors. This aids the potential borrower in making sound personal loan decisions.
 

Comparing Various Loans

A personal loan eligibility calculator helps to compare various personal loan options and simplifies decision making to go ahead with a particular loan type.
 

Customized Personal Loan

A personal loan eligibility calculator helps a borrower to customize their personal loan based on the loan amount and tenure of the loan. This helps the borrower to plan their EMI repayments promptly on time. 
 

Know how to use a Personal Loan Eligibility Calculator?

• Type in the desired personal loan amount 
• Key in the interest rate charged by the lender on the principal amount of loan
• Key in financial obligations, if any
• Key in the tenure of the loan 
• The longer the tenure, the lower will be the EMI and vice versa
• Compare various loans
• Choose the one most suited to meet your financial needs

 
HeroFinCorp, is one such innovative and user-friendly 100% easy personal loan app, which provides instant personal loans at an affordable rate of interest. The HeroFinCorp personal loan eligibility calculator will help a borrower to get the personal loan of their choice up to Rs.1,50,000. The loan gets disbursed in a single working day, directly into your bank account, making the whole personal loan approval process a seamless enriching experience.