Using this option, you can view an indicative estimate by specifying the total loan amount, interest rate and frequency of loan. You can also compute the total amount that you are eligible for a loan.
It requires a lot of market research before taking a decision to apply for a loan. Loan eligibility calculator plays an important role to help customer understand their current position with respect to their financial position. Loan eligibility calculator enables customer to understand their loan eligibility, considering interest rate and tenure of the loan.
Loan calculation is done by application and displayed to the customer.
Below two types of calculators are available to the user:
How to reach here:
Dashboard > Accounts > Loans > Overview > Loan Installment Calculator
Loan installment calculator is a simple calculator which calculates the installment value of the loan for specific tenure and rate of interest. It helps customers determine the loan borrowing based on the repayment capacity of the loan. This calculator does not define the eligibility of the customer for borrowing the loan. It only provides the repayment value of a loan for specific tenure.
Using this option, you can view an indicative estimate of the monthly installment for the loan required.
Field Name |
Description |
---|---|
Amount |
Loan amount that you want to apply from the bank. |
Frequency |
Frequency of the loan installment. |
Interest |
Interest rate that bank will charge on the applied loan. |
Installment Amount |
Calculated monthly installment for the loan required against the Loan amount, Interest rate, and the loan tenure. |
It requires a lot of market research before taking a decision to apply for a loan. Loan eligibility calculator plays an important role to help customer understand their current position with respect to their financial position. Loan eligibility calculator enables customer to understand their loan eligibility, considering their average monthly income and expenditure. It computes the loan amount and repayment amount based on income, expense, interest rate and tenure of the loan.
Loan calculation is done by application and displayed to the customer.
The eligibility is calculated on the basis of :
Field Name |
Description |
---|---|
Average Monthly Income |
Monthly income of the user. |
Average Monthly Expenses |
Monthly expenses of the user. |
Duration |
Tenure of loan in terms of years. |
Interest |
Interest rate for which the eligibility is to be calculated. |
Eligible Amount |
Eligible loan amount. |
Average Installment |
Displays the estimated monthly installment amount. |
FAQs
Can I apply for a loan jointly?