Can i get a Personal Loan

The Personal Loan is an unsecured loan that requires no collateral / security for disbursement. We are usually paid in a couple of hours to a few days with little or no paperwork. The versatile use of personal loans is a key feature of personal loans. This unsecured loan can therefore be used to meet a range of needs, from emergency medical expenses to planned costs such as home renovation, wedding, etc.

How to qualify for an individual loan?

Several steps are required to apply for a personal loan. The first step is to ensure it is correct for you. For instance, if you want to borrow money to restructure your house or purchase a car, a home equity loan or car loan will have a lower cost. In contrast to unsecured personal credit, these credits are secured through your home or the car you want to buy.

Although the payment of a family holiday or repayment of the debt suits the category of personal loans, you might still want to check in on a 0 percent Revolving credit card. But, if you follow this path, be sure to pay the balance before the 0 percent rate expires.

Eligibility for personal loans can be measured in two ways

  • Multiplier Method
  • FOIR (fixed income obligation ratio)


This approach helps banks to use a multiplier to determine the value of your loan. The multiplier applied depends on your pay and company profile in your home. Increasing the income and prestige of the organization is the trigger and the loan eligibility. Banks usually apply a multiplier of 9 to 30 and are specified by the bank for different salary rates and for different internal company categorization. The greater the category to which a company belongs, the higher the eligibility of the loan amount and the lower the interest rate on personal loans.


This formula measures your eligibility for a loan on the basis of the maximum EMI or monthly payments which you can pay on net income after accounting for other fixed expenses such as the mortgage and EMI. As a general rule, banks and NBFCs consider 50–75% of your net profits as EMI, existing fixed bonds and outstanding credit card. Unless the bonds are beyond Bank requirements, the bank will either the the amount of your loan or extend the duration of your loan.
The bank measures your liability so that fixed bonds (including EMI) will not surpass 50% of your profits. This can vary from borrower to borrower. This can go up to 65 percent for high-income lenders.

For the following you can use a personal loan

Home furnishing

Repair, renovation and personal loan to your dream house. It is built specifically to meet the demands of homeowners who want to repair, construct interior work, renovate and improve their house. Taking a personal loan and take care to repay the lender, purchase products or even hire an interior designer.


Wedding in this country is a wonderful affair and entails high costs. Between the booking of a location to the purchasing of gems to the payment for all services, a marriage has many costs. A personal loan takes a lot of your pocket expenses to enjoy the wedding.


We know the education of your child is important to you. Sometimes it can be costly to pay college fees, particularly if your child is studying abroad. Our personal loan program helps you fund the education or even your own education of your kids.


If you plan your dream holiday and are short of money, we suggest you try our personal loan. Take a personal loan to your dream destination without thinking about airline fares, live and shopping and any other expenses.


Would you need to deal with a medical requirement? Use our personal loan plan with fast payment options and simple repayment options. At this hour of need, take care of your kin. Leave us the worry about funds.

Which is the Eligibility Number for Personal Loans?

The calculator is a free easy-to-use device that clarifies the amount of loan you qualify for at different interest rates and the period that is best suitable for you. It is difficult to provide a personal loan, particularly if you are unsure about your eligibility. If you want a large amount but do not have a good credit history, then it will be difficult to get the desired amount. It is where a calculator of personal eligibility for loans is used. The eligibility for personal benefits is determined on the basis of your monthly salary, existing EMIs and the type of company for which you actually work and the years of service you have. Both of these are significant considerations in deciding your eligibility for the loan you want. The maximum amount of loan you are eligible for is determined based on the average EMI you can afford.
All the above-mentioned considerations are carefully analyzed to assess the best deals or loan agreements for you. You can use a personal credit eligibility calculator to get a good picture of possible loan deals, and the best thing about that is that the loan application isn’t counted.

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