Personal loan eligibility calculator – how to check and documents required

A personal loan eligibility calculator lets you know whether you are eligible for a personal loan or not. You will find this indicative tool on the official website of the banks or lenders. Or else, you can choose to check the eligibility via a third party financial services website. The following steps provide an insight on how to verify eligibility –

How to check the eligibility online?

1. Visit your bank’s website or any third-party financial service website.
2. Click on the ‘personal loan’ option.
3. This will redirect you to a page where you need to enter “your city” where you reside.
4. Next, select your residence type – whether you are living in a flat or apartment or own home.
5. Upon entering the type of residence, enter your age and date of birth.
6. At the bottom of the page, you will see a “continue’ button. Click on it.
7. The next page will come where you have to enter or select the ‘type of employment.’
8. With the type of employment, enter the company details for which you are working. If you own a business, click on “own a business’.
9. Click “Continue”.
10. On the redirected page, you will have to enter the details of the year and month when you joined the workplace and how many years of experience you have.
11. The next page will be to enter your monthly salary, after which you will have to provide your salary account bank details.
12. On the following page, enter the no; of EMIs you currently pay, if not paying any EMIs, then skip this page.
13. Lastly, enter your name, mobile number, and email-id.
14. On the redirected page, you will get the eligibility result.

How to check it offline?

Though most people try the online method, as it is a simple and timesaving, offline method to check the personal loan eligibility is available. You can visit the bank, fill the application form, and submit along with the required documents. Generally, it takes up to 30 days to process and verify your loan. Once approved or rejected, the bank will inform you.

Documents required for a personal loan

• An application form signed in by the applicant.
• Two passport size recent photographs.
• A cheque for processing fee
• Proof of either voter’s id/ driving license, passport copy, pan card for identity
• Evidence of either passport copy/ utility bill/ rental agreement, ration card for address
• Proof of income that includes salary slips of the last three months or passbook with three to six months transactions.
• Latest Form 16/ Income Tax Return
• KYC documents – identity, address, and date of birth proof.

Though both online and offline method for checking the eligibility for personal loan is available, the factors determining the eligibility is what matters. Always make sure you apply for a loan by fulfilling the criteria required by the bank.

Every bank has a requirement strategy. In general, it’s the income, repayment capacity, and employment history that will be concerned for personal loan eligibility.