Personal Loan Eligibility Calculator

An instant personal loan is a hassle-free financial instrument to help you when you are short of money. Before you apply for a personal loan, you should use a personal eligibility calculator to check the amount you could get as a loan. The personal loan eligibility criteria consider factors like your income, loan duration, existing EMIs, etc. When you enter these details in the personal loan eligibility calculator, you can estimate the loan amount you could be eligible for.

You should use a pl eligibility calculator before applying for a loan to get more clarity about the loan amount you could avail from different lenders. This can help you plan your finances better. This will also ensure that your loan application does not get rejected and saves your credit score from declining.

In short, using an eligibility loan checker helps you to make an informed decision when taking a loan and increases your financial awareness.

Personal Loan Eligibility Criteria Check

Nature of Employment Salaried
Age
18 years or above
Nationality
Indian citizen
Minimum monthly salary
₹15,000
Mandatory documents
Valid PAN & Aadhaar card

How to Use Zype’s Personal Loan Eligibility Calculator

1. Enter the city where you live.

2. Select your date of birth. You need to be a minimum of 18 years old to be eligible to apply for a loan from Zype.

3. Enter your net monthly income in the personal loan eligibility calculator if you are salaried. If you are self-employed, then enter yearly profit.

4. Enter your monthly EMI amount in the eligibility loan checker. This amount should be the sum total of all your ongoing EMIs. This should also include the EMI amount of your credit card.

Once you have entered this information, you will be able to see the estimated personal loan amount you are eligible for. You can try out different values in the “personal loan interest rate” and “loan tenure” section to check your eligibility.

Benefits of Loan Eligibility Calculator for Personal Loan

Better Financial Planning

A personal loan eligibility check gives you more clarity about the maximum loan amount that you can avail. This can help you decide the EMI amount and repayment tenure so you can plan your monthly budget.

You can also use a loan eligibility calculator for personal loan to see how taking a loan can affect your financial goals and to do long-term financial planning.

Instant Approval

Prevents Loan Rejection

Finding out the right loan amount you are eligible for can save you from applying for a loan amount that is more likely to get rejected. It also helps you maintain a healthy credit profile since multiple loan application rejections can bring down your credit score.

Flexible repayment options

Helps to Compare Different Loan Offers

When you use a loan eligibility calculator for personal loan of different lenders, it can help you check the loan amount you are eligible for. This will give you information about the loan amount you can take, available repayment tenures, interest charges, etc. You can then choose the offer that works best for you.

Competitive interest rate

Factors That Affect Personal Loan Eligibility

Mandatory documents
Age

Age is an important factor because it influences a borrower’s credit history. Users who show long years of healthy credit behavior get the best deals from lenders.

You are eligible to take a loan from Zype if you are 18 years of age or above.

Proof of photo identity
Monthly Income

Your monthly income is one of the most important factors to affect your loan eligibility. Lenders have a minimum monthly requirement for borrowers to qualify for a loan. Also, your income is used to calculate DTI or debt-to-income ratio – a ratio comparing your debts to your earnings. A lower DTI would help you in getting a higher amount of loan and vice-versa. Your income is also used by lenders to determine the maximum loan amount that they can offer you.

Proof of Income
Employment Type

Lenders usually prefer to give loans to those who have a stable and regular source of income. Different lenders have different policies about the nature of employment. For example – Zype gives loans to salaried individuals.

Proof of Income

Credit Profile

Your credit profile shows how responsible you are as a borrower. If you have made all your past repayments on time, lenders would be willing to give you a higher limit. Whereas irresponsible repayment behavior would negatively impact your eligibility amount.

How to Apply for Personal Loan

After using the loan eligibility calculator for personal loan, complete the following steps to apply for a personal loan

1) Download the Zype app and create your account by entering your name, phone number, PAN & employment details.

2) Your credit limit offer will be generated in less than 60 seconds.

3) Now finish the KYC process by completing OTP on Aadhaar linked mobile number & selfie-based verification.

4) Now you can select the loan amount and repayment tenure and transfer money to your account.

Frequently Asked Questions

How much time will it take to get a loan to be approved for Personal Loan after the application process?

On Zype, your credit limit is generated in less than 60 seconds once you complete the application process.

What is the personal loan eligibility for salaried employees?

Salaried employees are eligible for getting Zype loans if they have a minimum monthly salary of ₹15,000, PAN and Aadhaar card. You can do an online personal loan eligibility check by using Zype’s personal loan amount eligibility calculator.

How to calculate personal loan eligibility?

To do a personal loan eligibility check, enter your city, date of birth, income and sum of existing EMIs. You will get the personal loan amount you are eligible for.

What is the eligible salary for a personal loan?

The minimum monthly salary required to get a personal loan from Zype is ₹15,000.