To be loan-ready, you must check your loan eligibility. To check, you can always use a free loan eligibility calculator available on the official website of Clix Capital. A loan eligibility criteria help you to understand whether you are eligible for a personal loan online apply or not. This helps you to be loan-ready and also improves your credit health if you find that you are not eligible. Here is all that you need to know about a personal loan eligibility calculator.
How to use an eligibility calculator?
● Enter the principal loan amount for the personal loan that you want to borrow. It should be the amount that you need.
● After gaining information about the rate of interest offered by various loan providers, you can enter the average rate of interest. Enter the rate of interest.
● Enter the personal loan term that you find suitable
● Choose various EMI options according to the desired loan tenure
● After this, submit all the details. You will find the amount of loan, with the tenure and rate of interest that you will be offered based on your eligibility.
Read more: How to Apply for Personal Loan Using Aadhaar Card?
Benefits of eligibility calculator
● Know your loan amount: When you use an eligibility calculator you will be able to find the loan amount that you are eligible for. Based on your credit eligibility you will be eligible for a particular loan amount. When you input all the details you will find the maximum loan amount that you can borrow. This helps you to arrange the rest of the money to meet your needs.
● Know your rate of interest: When you check your loan eligibility using an eligibility calculator, you will get the rate of interest. You will be able to find the rate of interest that you are eligible to get. Based on all the criteria and requirements, you will get the rate of interest that a specific loan provider can offer you. This will vary from one person to another.
● Know your loan eligibility: The loan eligibility calculator helps you to understand whether you are eligible for a loan or not. If you are not eligible, the response will be 'there are no personal loan offers for you right now, check later'. This means your credit eligibility is low. On the other hand, if you are eligible you will get the loan amount, maximum tenure, and the rate of interest.
Wrapping up
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