What is personal loan?
Personal loan means you will get fund from any bank or NBFC for their personal work as wedding, travel, home renovation, children’s higher education, and medical emergencies. A personal loan is unsecured loan means no collateral and helps you meet your current financial needs. It is Unsecured Term Loan for Short Term to Individual purpose…
———->>Let’s we have to know about personal loan and personal interest rate before apply for loans online and personal loan apply.
What should be Minimum Educational Qualification for Personal loan?
What should be Age Norms for Personal loan?
What should be Employment Norms?
KYC ( Know your customer )
How Can We Calculate loan Eligibility ?
It’s totally depend on your in hand salary and obligation(your running EMI and other liability such as credit card obligation )
We calculate all this by FOIR system ( Fixed obligation and income ratio)
Take FOIR 60% means your 60% salary is eligible for LOAN EMI and 40% salary will use for your personal monthly expenses like monthly expense of family and child education and others.if you have taken another loan already than that loan EMI will be deducted form your eligible EMI
If your salary is Rs 60,000/-
Than Eligible EMI is FOIR60% of Rs 60000= Rs 36000/-
And suppose that your tow loan running EMI is Rs 2000/- and Rs 4000/- is total Running loan EMI will be Rs 6000/-
Than your New Eligible EMI will be = FOIR60%(salary)- Running EMI
It means now you can pay a fresh EMI of Rs 30,000/-
Than we will calculate loan amount on this Fresh eligible EMI , Below is loan amount calculator :-
——->> Before how to apply loans we have to know about loans and eligibility calculation, Personal loan rate of interest and tenure, than know how to apply for Personal loan.
What will be Tenure and Rate of interest?
Personal Loan Rate of interest is depends on company category in which employee is working. It starts from 10.50% to 22%. Tenure will be from 12 months to 60 months.
What is financial obligation meaning in Personal Loan?
Any type of debt , liability taken form bank or any other sources is called financial obligation such as any type of loan , OD account, credit card etc. It’s represent any type of outstanding debt.
During Loan application process, bank count monthly obligation which customer repay each month to bank. Bank also count 5% of total outstanding of credit card limit.
Monthly obligation= Total current running loan EMI+ OD interest per month average+ 5% of total outstanding of credit card limit.