Personal loans are emerging as one of the most beneficial ways of arranging funds for a variety of individual needs. These needs could range from generating funds for an international trip or to purchase something.
With the help of a personal loan eligibility calculator, you can determine whether it will be beneficial to avail a personal loan or not.
Low-interest rates and the ability to create emergency funds are the two major advantages of personal loans. Based on your credit history, the personal loan eligibility calculator by upwards can present your personal credit report. With the help of this report, you can establish a positive relationship with the creditor. Such a scenario will be highly beneficial in attaining personal loans.
What are the personal loan eligibility calculators and why are they necessary for you?
As the name suggests the calculator will take the important factors from your credit history. The collected data will be then used to determine the amount of loan that you will be able to borrow. Logically, it is important to be aware of one’s personal loan eligibility at all times so that one can plan the future systematically.
Following factors are utilized by personal loan eligibility calculator while determining your credit report:
1. Your personal details like name, email ID, phone number, city, etc
2. Your salary and employer
3. Your CIBIL Score
If an individual wish to avail the benefits of personal loan he or she must pass the following eligibility criteria:
1. The person must be a salaried worker. The salary must be at least Rs.15, 000
2. The person must be employed in Government Company, private company or MNC; or self-employed like Doctors, CS or CA, etc
3. The age must be between 21 and 60 years old
4. The minimum work experience required is three years in the field and 1 month to 1 year in the present workplace
5. The minimum CIBIL Score must be 650
It can be noted from the aforementioned facts that CIBIL Score that is one of the major deciding factors utilized by personal loan eligibility calculator. Keep the following points in mind with respect to increasing and maintaining your CIBIL Score:
1. Make sure to repay your loans in a timely fashion
2. Resort to late payment only if the dire situation is irreversible
3. Make sure to contact the personnel keeping CIBIL Score and sort out any mishaps or misunderstandings if the score decreases
These factors can help you keep an honest and appropriate CIBIL Score. The Credit Report that will be thence produced and presented to your creditor will be much more attractive. For a creditor, a CIBIL Score between 650-700 is average, 700-750 is good and 700-900 is better. With the help of the Credit Score, the creditor will be able to determine the benefits he or she will receive by awarding you the loan.
If planned judiciously, the repayment of personal loans will not become a hassle. A person may not have enough funds for all kinds of situations which may arise. Personal loans can be very effective in such situations. However, one must remember to be responsible after the loan has been issued. Only a good credit report will allow the creditor to trust you and offer more personal loans in the future.