When you plan to take a personal loan, it is essential to know the interest rate and EMI limit related your loan gross amount. Personal loan EMI calculator is the excellent form to know the EMI you are appropriate with. The calculator aids you to plan your borrowings and premiums according your needs. Loan eligibility calculator helps the aspirant to know possible loan amount on the basis of his earnings.
How a personal loan eligibility calculator works?
Step1 - Enter the personal loan amount you want to borrow using the slider or edit box. According to the experts, the loan amount should not be more than 60% of your income.
Step2 - Now, enter the interest rate you need to pay on the amount you want to take. This rate is included in the monthly EMI.
Step3 - Select the time for which you want to take the loan. When it comes to personal loan, you need to pay within 5 years.
Step4 - Every bank and financial company charges a processing fee at the time of repaying the loan. Enter processing fee.
Once you enter these details, the calculator will calculate every important thing and will show you final EMI that you need to pay.