What Is the Maximum Amount Possible For A Personal Loan?
Planning to apply for a personal loan? Check your personal loan eligibility & the process before applying for a loan to avoid any hassle. Read more here!
In the modern world, if you don't have a surplus amount to perceive your dreams, you can obtain a personal loan, today which is easy and offers several benefits. Whether it's a wedding, your dream vacation, or an emergency medical expense, you can get money quickly and without any hassle. However, the approved loan amount depends on various factors. You can calculate the personal loan amount you’re eligible for, using our maximum personal loan eligibility calculator.
What Is A Maximum Personal Loan Eligibility Calculator?
Maximum personal loan eligibility calculators are designed to help you calculate your loan amount accurately, based on your income and repayment capability. Several factors, such as your age, income, credit history, employment, and financial liabilities, are considered when calculating a personal loan.
What Are the Personal Loan Eligibility Criteria?
To qualify for a personal loan, you must meet the eligibility criteria. Depending on the lender, these criteria may differ. In general, the following limits apply:
Age:You must be between the ages of 21 and 60 to apply for a Personal Loan. Interest rates are usually higher for borrowers close to retirement age.
Income:A self-employed person should have two years of experience in business, whereas a salaried person needs one year of experience with their current employer. Ideally, the minimum salary per month should be Rs.15000 or more.
Credit Score:Banks and NBFCs will offer the best interest rates if you have a CIBIL score higher than 750. There are, however, several lenders who are willing to accommodate customers with 650 or above credit scores as well. But, they may offer higher interest rates.
Documentation:To apply for a personal loan, you must provide photo identification, proof of address, and proof of income. Aadhaar and PAN cards are often sufficient to verify all these details for an online personal loan.
What Are The Benefits Of A Maximum Personal Loan Eligibility Calculator?
• Prevent Loan Rejection
If the loan eligibility calculator indicates that you are not eligible for a certain amount of loan, you can work on ways to improve your financial stature to become eligible. In this way, you can reduce the chances of your loan application being rejected.
• Saves Time And Energy
It takes less than a minute to find out if you're eligible for a personal loan from one lender or multiple lenders using the eligibility calculator. It saves you from the hassle and time of applying for a personal loan.
• Quick And Accurate Results
Calculating your personal loan eligibility using a calculator is as simple as a few clicks. It automates and performs the calculation in minutes while also providing a precise assessment of your loan amount.
• Usability And Accessibility
You can even use the eligibility calculator if you don't have much financial background. They are available online and can be accessed easily.
How Can You Increase Your Eligibility For A Personal Loan?
1. Maintain A Positive Repayment History
To qualify for the best loan terms, you must have a credit score of 750 or higher. You can successfully establish a positive repayment history by making timely EMI payments. If you miss a single EMI payment, it would reflect negatively on your credit report, lowering your credit score.
2. Choose A Longer Tenure
With longer tenure loans, borrowers can repay them over a more extended period. As a result, the loan will likely be repaid timely, and maintain a good credit score.
3. Identify Your Debt-To-Income Ratio
Divide your monthly debt by your monthly income to find your debt-to-income ratio. You shouldn't spend more than 40% of your income on EMI payments. If the lender does not see you as capable of repaying the loan, they will not approve your personal loan.
4. Pay Off All Existing Loans
Make sure that you do not have any outstanding loan repayments before applying for a personal loan. A lender may consider you a risky borrower if you already have existing loans. This can reduce your chances of getting approved for a loan.
Apply For A Personal Loan With IIFL Finance
Get your personal loan of up to 5 lakh disbursed in your account in just a few minutes with IIFL Finance. Enjoy your next vacation, renovate your home, or purchase that new vehicle that’s been on your bucket list for weeks!
You will know how much loan you are eligible for within 5 minutes with our advanced loan eligibility calculator. Additionally, you can use IIFL EMI calculator for personal loans to estimate the amount you can borrow given your monthly income and expenses. With IIFL Finance, you can meet all your personal loan needs in minutes.
Frequently Asked Questions
Q1. How can you check your personal loan eligibility?
Ans. You can use our free maximum personal loan eligibility calculator to check your eligibility. To determine your eligibility for a personal loan, the calculator considers your existing EMIs, income, age, interest rate, and tenure.
Q2. How much personal loan can you get based on your salary?
Ans. The maximum amount of a personal loan is usually Rs. 25 Lakhs or 30 times the individual's monthly income. In addition, lenders keep the loan EMIs at about 40-60% of your monthly income to minimize the risk of default.