Many banks and financial institutions in India offer personal loan eligibility calculators based on salary. These calculators take into account your monthly income, expenses, and other financial obligations to determine the maximum loan amount you may be eligible for based on your income.
To use a personal loan eligibility calculator based on salary, follow these steps:
- Go to the website of a bank or financial institution that offers a personal loan eligibility calculator based on salary, such as SBI, HDFC, ICICI, or Bajaj Finserv.
- Locate the personal loan eligibility calculator on their website and click on it.
- Enter your monthly income, as well as any other sources of income, such as rental income or investments.
- Enter your monthly expenses, including any EMIs, rent, utilities, groceries, and other regular expenses.
- Choose the loan tenure that you are looking for.
- Enter the interest rate, if provided. If not, you can leave this field blank, as the calculator will automatically use the prevailing interest rate for the bank or financial institution.
- Click on the “Calculate” button to see the loan amount you may be eligible for based on your income.
It’s important to note that the loan amount shown by the eligibility calculator is just an approximate figure and the actual loan amount you may be eligible for could vary based on other factors like your credit score, credit history, employment stability, and other eligibility criteria. It’s recommended that you check with the bank or financial institution to learn more about the specific requirements and eligibility criteria for their personal loan products, and to get a more accurate estimate of the loan amount you may be eligible for.