The moment you decide to avail a personal loan, what should be next on your list of priority? Well, it is nothing but finding the best lender, right? And, why not, after all, availing a loan from an ideal lender is really important. Yes, it can make you enjoy a hassle-free journey.
This is the reason why most of the borrowers lookout for an ideal lender. And, when it comes to the best lender, no one is better than SBI. State Bank of India, being country’s largest lender is no doubt makes an ideal choice as far as availing a personal loan online is concerned.
However, one thing that needs to be mentioned here is the fact that while going for a loan, it’s the eligibility on which most of the people do not pay much attention. Yes, when people want to avail SBI personal loan, most of them are always curious to know how much loan amount they can actually avail. Let’s just know more about the same in the article below:
Knowing All About Eligibility
When it comes to the personal loan eligibility, it is nothing but related to the repayment capacity of an individual. Before offering you the loan, lenders do check the credibility of an applicant. Moreover, it is something which has a direct connection with the income of an applicant. The more you earn, the easier it is for you to repay the higher loan amount, which obviously appeals to most of the lenders.
However, one thing that needs to be mentioned here is the fact that before offering you any sort of loan, lenders do calculate your eligibility and one of the best ways that they do is using a magical online tool. Yes, you must be surprised to know that but it’s actually true. Wanna know more about the same? Just read the article below.
Personal Loan Eligibility Calculator
Those who are not aware of this device, would be glad to know that it actually allows you to know the exact loan amount that you can get from a lender after taking into account many factors. Yes, the device after taking into account-Income, Savings and Monthly Expenses/Expenditure fetches the results for you in just a few seconds. It gives you fast and accurate results and lets you know how much loan amount you are actually eligible to avail from a lender.
Take a Look at an Example Below for a Better Understanding
Akash Verma, a 28-year-old, PHP Developer by profession earns a monthly income of Rs.60,000. After meeting all his financial liabilities, he can save around 40%-50%, i.e. Rs.24,000-Rs.30,000 of his monthly salary. Before applying for a loan, he is curious to know how much loan amount he can avail based on his eligibility.
Thus, the bank assumes he can save up to Rs.30,000 from his monthly income and that can further be helpful in paying the EMI. So, his loan amount calculations by using SBI personal loan eligibility calculator are as follow:
Required Loan Amount: Rs. 1 Lakh
Loan Tenure: 5 Years
Personal Loan Interest Rates: 10.75%
Monthly EMI: Rs.2,162
Now the actual calculation for Akash will be: Rs.1,00,000×30,000/2162=13.87 Lakh approx.
Well, it was easy for Akash to know his loan amount eligibility after using this smart device.