Contents
Taking a Personal Loan can be a huge step towards improving your standards of living.
In order to be able to successfully apply for a loan and get your application approved, you must be well organised and you should know everything there is to know about bank policies on Personal Loans.
Many banks and NBFC’s have strict policies which often interfere with the approval of your application for a Personal Loan. They need to make sure that you are a responsible debtor who will successfully manage to clear your debts on and preferably before time.
Fluctuating Interest Rates
The interest rates on loans are ever fluctuating, and it is difficult to determine the rate of interest that your bank will charge you on the loan you take. In order to know what rate of interest will be charged to you, you must first be aware of the eligibility criteria that loan seekers are scrutinised under.
The eligibility criteria include details about your credit history. Always remember to keep yourself updated about the transactions you make with your credit card. A bad credit history will mean high-interest rates or the rejection of your loan application. Always make sure your previous debts have been accounted for before you apply for a new loan.
Calculated Budgeting is Important
Careful and calculated budgeting is a must before you apply for any kind of a loan. You need to go through your credit history and other documentation thoroughly to check if everything is in order. It is a wise idea to try and improve your credit history by paying off your older credit card debts. This will give you a better scope at being approved for a loan.
The online personal loan interest calculator will help you to calculate your monthly installmen, so that the tedious task of going through your credit history is made obsolete.
Personal Loan Eligibility Calculator
This website integrated calculator will take into consideration all your personal details like your name, address, credit history etc and it will give you an approximate amount of interest that will be charged on the value of the loan you choose to take.
You can only take a Personal Loan if you are earning above the minimum salary requirement, which is varied for different cities. Also, you need to be an Indian citizen with a salaried, work experience of more than 3 years.
Easy to use EMI Calculator
Personal Loan calculator, the EMI calculator also helps you determine the approximate rate of interest you’d pay on a loan. But since, the EMI is a monthly payment, this calculator calculates the rates of interest on a monthly basis.
This calculator is incredibly easy to use and it features a convenient method of using sliders to set the required variables. These variables are
- Loan amount
- Tenure duration
- Rate of interest
Once you input your variables, the calculator will instantly let you know about your eligibility to apply for a personal loan.
Planning your Investment
Planning your investment after your loan is approved is as important as planning for your loan’s approval. EMI down payments are known to be easier to pay as they are a smaller value.
This interest calculator will not only help you determine what rate of interest is charged on your EMI, but also help you plan and budget in order to prepare yourself for the investment you are planning to make with the loan money.
Once you have planned and organized your resources, applying for a loan should be no difficult task. These online calculators will help you understand and interpret the consequences and results of your monetary behaviour much better.