Personal Loan Eligibility Calculator.
A Personal Loan Eligibility Calculator helps you assess your loan eligibility based on your income, EMI obligations, and loan tenure. Plan your finances in seconds with Hero FinCorp, an RBI-licensed NBFC.
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Estimate your monthly outflow and adjust your tenure with ease using our EMI Calculator. Plan confidently and borrow smartly.
Personal Loan Eligibility.
Personal loans are no less than saviours in times of financial distress. Simple personal loan eligibility criteria, easy application process and instant disbursement of funds make it one of the most convenient loan options. We ensure that you face no hurdles at any step. We have kept our eligibility requirements minimal so you can easily avail of a personal loan just when you need it the most.
Are You Eligible?
Let's Find Out.
Before applying, it’s important to review the loan eligibility criteria to see if you qualify. These usually include factors like age, income, employment type, work experience, and credit history. Once you’ve checked the basics, use Hero FinCorp’s online calculator to quickly check loan eligibility and find out the exact amount you are eligible for.
Here is a stepwise process to check your eligibility for a personal loan:
- Go to the Loan Eligibility Calculator on our website.
- Enter the current EMI obligations, monthly income, and loan tenure in the online tool to check personal loan eligibility.
- Once entered, you'll see your eligible loan amount, EMI, and maximum repayment tenure options.
- Apply for the Personal Loan right away.
How Is Personal Loan Eligibility Calculated?
Credit bureaus and lending institutions calculate your eligibility for a Personal Loan based on several factors, including age, credit history, income, financial obligations, geographical location, housing situation, etc. If you fulfil our Personal Loan eligibility criteria, we may calculate your Personal Loan amount eligibility using any of these two methods:
Multiplier Method.
In this method, we calculate your Personal Loan salary amount based on a predetermined multiple of your net monthly income.
FOIR (Fixed Obligations to Income Ratio).
We assess your repayment capacity using this method to check your Personal Loan eligibility. We consider your fixed expenses, including your existing EMIs, and subtract them from your monthly income. The formula is:
FOIR = (Sum of Current Obligations/Net Monthly Salary) x 100
Your debt-to-income ratio should be at most 40% to obtain a loan with favourable terms and rates.
Factors Affecting Personal Loan Eligibility Criteria.
Several factors determine your Personal Loan eligibility and EMI. Understanding them can help you plan better and manage repayments smoothly.
- Age: Your age reflects earning potential and repayment ability. Hero FinCorp accepts applicants between 21 and 58 years.
- Income: Higher income improves approval chances and reduces lending risk. A minimum monthly income of Rs 15,000 is required for a Personal Loan.
- Credit Report: Your credit report reveals repayment habits and past defaults. A credit score of 700 or more improves your loan approval chances.
- Employer Status: Working for a reputed company or government organisation ensures job stability, timely income, and a stronger loan eligibility profile.
- Employment Stability: Frequent job or business changes affect eligibility. Stable employment increases approval chances for both salaried and self-employed applicants.
- Debt-to-Income Ratio: A debt-to-income ratio below 50% is ideal. Excessive existing debts reduce approval chances, regardless of high income.
How to Improve Your Eligibility for Personal Loan?
If your personal loan eligibility is low, don’t worry. You can take simple steps to improve it and increase your approval chances.
- Opt for Longer Repayment Tenure: Choosing a longer repayment tenure reduces monthly EMIs, making payments manageable and improving your loan eligibility significantly.
- Show Alternative Income Sources: Disclose additional income from rent, investments, or part-time work. Additional income strengthens your profile and improves loan eligibility.
- Avoid Multiple Loans: Avoid applying for loans with several lenders. Multiple applications hurt your credit score and reduce loan approval chances.
- Improve Your Credit Report: Pay EMIs and clear outstanding debts on time. A good credit score boosts eligibility and supports future loan approvals.
- Add a Co-applicant: Including a co-applicant with stable income enhances eligibility, increases approved loan amount, and helps secure favourable loan terms.
What do people think about Hero FinCorp.
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FAQs.
To check your maximum personal loan eligibility, you can either visit our nearest branch or can check personal loan eligibility online on our website.
Personal loans in India are available to both salaried and self-employed individuals.
No. At Hero FinCorp, you must have at least a minimum monthly income of Rs 15,000 to be eligible to apply for a personal loan.
Your credit report not only reflects your borrowing history but also helps lenders in determining the level of risk associated with your profile. If you have a history of default loans, it will show up on your credit report, lowering your chances of getting a personal loan.
Before you proceed with your personal loan eligibility check, consider the following factors to see if the lender will take your profile into account or not. Your age and income Your credit report Existing debts Your employment stability
When you add a co-applicant, the lender will evaluate the individual income of both applicants. As a result, if your income is insufficient, then the co-applicant’s income fills the gap. Adding a co-applicant or co-borrower to your application reduces the risk of lending associated with your profile.
At Hero FinCorp, we offer flexible repayment terms starting at about 6 months and extending up to 3 years. You can use a Personal Loan EMI calculator to opt for tenure with budget-friendly EMIs. Remember, a shorter tenure increases the EMI amount, while a longer-term reduces it. So make your decision wisely.
If you are looking for an online Personal Loan at Hero FinCorp, you can evaluate your expenses and apply for a loan of up to Rs 3 lakh. Check your Personal Loan eligibility online using our loan eligibility calculator and know the maximum and minimum Personal Loan amount you are eligible to borrow.
If you earn at least Rs 15,000 per month, you are eligible for a Personal Loan at Hero FinCorp. However, there are several other factors based on which we determine your eligibility for a Personal Loan, including your credit history, current financial obligations, nature and length of employment, age, etc.
