style

modal-overlay, dp-none

Personal Loan Eligibility Calculator

Determine the Eligibility on your personal loan using Piramal Finance Personal Loan Eligibility Calculator

style

breadcrumb-handle, home-loan-eligibility-calculator, page-container, mb-70, mob-mb-40

A personal loan is an excellent way to meet an unexpected financial need. Piramal Finance is the place to go if you need a personal loan quickly and conveniently. Before you apply for a loan, you can use our personal loan eligibility calculator. It is a financial tool designed to help you assess your eligibility. Our Personal Loan Eligibility calculator serves as a preliminary step in the loan application process, allowing you to estimate the likelihood of the loan application being approved and reveals how much you will be able to borrow from us.

style

list-content-wrapper, page-container, mb-70,mob-mb-40

/api/apply-form-loan.json

/api/personal-loan-eligibility-calculators.json

style

mb-70, mob-mb-40, home-page-calculator-call-xf

What is a Personal Loan Eligibility Calculator?

Our Personal Loan Eligibility Calculator considers various factors like your monthly income and repayment capacity to reveal how much you can afford to borrow and repay. Your age, existing debt, credit history, and other factors are also important to be eligible for a loan.

The primary benefits of using our loan eligibility calculator for a personal loan are as follows:

No loan application rejections: Our loan eligibility checker will assist you in determining whether you will receive the required amount. If the loan calculator indicates that you are not eligible, you can begin working on factors that will increase your eligibility.
Easy to use: You only need to enter basic details to receive the information you need.
Saves time and energy: In the past, you had to run to your lender's office multiple times to determine whether you were eligible for personal loans. But the online loan eligibility calculator lets you determine how much you can borrow from the comfort of your home. Once you enter the details using the slider, you will be able to receive the results instantly.

style

steps-for-apply-list-text,steps-for-apply-black, steps-for-apply,steps-add-bottom-space,page-container,mb-70,mob-mb-40

How to Use the Piramal Finance Personal Loan Eligibility Calculator?

Our Personal loan eligibility calculator requires you to fill up certain boxes to determine the eligibility.. The information that you need to provide is as follows:

Profession: Only salaried professionals are eligible for Piramal Finance personal loans.
Gross Monthly Income: Specify your gross monthly income using the slider between 10 thousand to 10 lakhs.
Existing EMIs: Mention your existing debts, which can range from 0 to up to 5 lakhs.
Interest rate: You need to pick a rate of interest between 12.99% to 24%.
Loan tenure: The tenure of your loan can range from 3 months to 60 months.

Before you begin filling out the application, you must carefully check the eligibility and personal loan document requirements on our website.

style

steps-for-apply-list-text,steps-for-apply-black, steps-for-apply,steps-add-bottom-space,page-container, mb-72,mb-70,mob-mb-40

Factors Affecting Personal Loan Eligibility

The reputation of the employer

Your personal loan eligibility also depends on the reputation of your employer. Your loan application is more likely to get approved when you work under a reliable and trustworthy employer

Age

Age is a crucial factor during a personal loan eligibility check because it helps lenders determine whether you have enough working years left. At Piramal Finance, only salaried individuals between the ages of 21-58 years are eligible for personal loans.

Income

At Piramal Finance, only individuals with a monthly income of ₹15,000 or more are eligible for personal loan. Try revealing all your income sources to improve your eligibility.

Type of occupation

Your eligibility for a personal loan also depends on your job. At Piramal Finance, individuals working in government institutions, the private sector, the public sector, partnership firms, MNCs, or related companies, and proprietorship concerns are eligible for personal loans. You must have been working in your current organization for at least six months to be eligible for personal loan

Existing debts

By checking your existing debts, we want to make sure whether you will be able to afford to pay your personal loan EMIs. Having too much debt might not be an issue. But if you have been struggling to pay them, it won't reflect well on your credit history

Credit score

Your credit score depends on your credit history, and it proves your creditworthiness. In other words, it shows us whether you have diligently paid your previous debts and credit card bills. The higher your CIBIL score is, the better your chances of getting approved for a personal loan. Your credit score should be 700 and above to match our eligibility criteria.

style

choose-us-2-col, choose-us-css, home-loan-finance--wrapper, page-container,mb-70,mob-mb-40

Frequently asked questions

How to qualify for a personal loan?

Maintaining a good credit score is the first step toward qualifying for a personal loan. Usually, a Credit score of 700 and above is preferable when it comes to qualifying for personal loans at favorable interest rates. You also need to fulfill various other eligibility requirements, like age and monthly income.

What is the minimum income requirement to get a personal loan?

At Piramal Finance, the minimum income requirement to get a personal loan is ₹ 15,000 per month. You must be a salaried individual to get personal loans from us.

How to check if I am eligible for a personal loan or not?

A personal eligibility calculator for loans will come to your rescue to determine whether you can get a personal loan. Enter details like your income and current EMIs to know how much you can borrow.

Will I be eligible for a personal loan even if I have a bad credit score?

A bad credit score can negatively impact your personal loan eligibility. Therefore, always focus on maintaining a good credit score. Pay your loan EMIs and credit card bills on time to improve your credit score. You might be tempted to use all your available credit. But try to use less than 30% to keep your credit score on the high side. Moreover, you should also consider limiting your new credit requests. You can always improve your credit score to become eligible for personal loan.

Are salary slips mandatory for availing a personal loan?

Yes. Salary slips are mandatory when you apply for a personal loan, especially if you are a salaried employee. As an applicant, you can support these documents by submitting copies of your bank account statements or other personal loan documents mentioned above.

Which personal loan documents are used as proof of income?

Listed below are some personal loan documents that can be used as proof of income.

Salary slips
Bank account statements
Income tax return statements
Form 16 (for salaried employees)

style

faq-section--wrapper, faq-accordion-css-with-orange-heading, faq-accordion-orange-link, page-container, mb-70, mob-mb-40

Similar Calculators

secondary

rotate-off

Glider

{ "slidesToShow": 1, "slidesToScroll": 1, "scrollLock": true, "draggable": true, "responsive": [ { "breakpoint": 767, "settings": { "slidesToShow": 2, "slidesToScroll": 1 } }, { "breakpoint": 1025, "settings": { "slidesToShow": 2.83, "slidesToScroll": 1, "scrollLock": true, "draggable": true } }, { "breakpoint": 1300, "settings": { "slidesToShow": 3.5, "slidesToScroll": 1, "scrollLock": true, "draggable": true } } ] }