Loan Calculator and Loan Eligibility Calculator

Using this option, you can view an indicative estimate by specifying the total loan amount, interest rate and period of loan. You can also compute the total amount that you are eligible for a loan.

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Loan Dashboard > Loan Calculator Card

Field Description

Field Name	Description
Tab	The options are: Loan Calculator Eligibility Calculator

Select the appropriate Tab.

Loan Calculator

Loan repayment calculator is a simple calculator which calculates the repayment 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 following :

Interest payable
Total amount paid
Monthly installment for the loan required

Field Description

Field Name	Description
How Much Do You Need
Your required amount	Loan amount that you want to apply from the bank.
For (period)	Tenure of loan in terms of years.
Interest	Interest rate that bank will charge on the applied loan.
You can get the loan at	Calculated monthly installment for the loan required against the Loan amount, Interest rate, and the loan tenure.

In the Your required amount field, enter the loan amount.
In the For (period) field, enter the loan tenure in years.
In the Interest field, enter the interest rate.
Calculates and displays the monthly installment for the loan required.

Eligibility Calculator

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 :

Average Monthly Income
Tenure for the loan being inquired
Average Monthly Expenses
Estimated rate of interest

Field Description

Field Name	Description
How Much Loan Can You Get?
Your Average Monthly Income	Monthly income of the user.
Your Average Monthly Expenses	Monthly expenses of the user.
For (period)	Tenure of loan in terms of years.
Interest	Interest rate for which the eligibility is to be calculated.
You can get a loan of	Eligible loan amount.
Average installment per month	Display the estimated monthly installment amount.

In the Your Average Monthly Income field, enter your monthly income.
In the Your Average Monthly Expenses field, enter your monthly expenses.
In the For (period) (in Years) field, enter the loan tenure of loan.
In the Interest field, enter the rate of interest.
Calculates and displays the eligible loan amount and the EMI amount.

FAQs

Can I apply for a loan jointly?

How can I enhance my loan eligibility?

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