Applying for a personal loan has never been easier, but how to go about the whole process? Get to know what are the exact details required from your end, so that there will be no hassles during the application process. Even before you start applying there is a thing or two you need to know about personal loans, which should help you.
First of all, personal loans are availed for immediate money requirements which could be
- for an upcoming wedding in the family,
- a much needed vacation, or
- Sometimes to add on to your existing home loan and so on.
Once you have your purpose defined, the next step would be to search for the best personal loan option suited to your income as well as requirement. Now, as we all very well know one search on the internet will lead us to whatever we look for. However, your search for easy personal loans doesn’t end there. In fact, that’s where it all begins. From choosing the right people to help you with the process, till you actually get your loan approved there are a number of things that happen in between.
How do I know if I’m eligible for personal loan?
The first step would be to make use of a interactive personal loan eligibility calculator in order to determine how much (your loan amount) and for how long (the tenure of the loan) you are eligible to borrow. In the eligibility calculator you will need to enter details such as:
- Name of your organization.
- Place of Stay.
- Duration in current residence.
- Duration in current city.
- Current work experience.
- Total Work experience.
- Whether you have held any previous loan or credit card
- Current outstanding on your loan and/or credit card
Entering accurate information in each of the fields is important so that you can get the exact loan amounts you are eligible for across various banks and Financial Institutions. Also, based on various other criteria (such as company category, income) put forth by financial institutions the interest rate will vary.
How much emi will I pay?
Once your eligibility is determined for a particular loan value, then the next step would be to calculate how much you will need to pay as part of your monthly installment. This is where a personal loan emi calculator comes into use. You can find out the emi payable for various combinations of loan amounts, tenures as well as interest rates.
You must know that these figures are subject to change, however the advantage of using the loan calculators is that you will get a fair idea of what to expect from your lending institution and be better prepared to face the application process.