The Eligibility of a Personal Loan is calculated in two ways:
FOIR (Fixed Obligation Income Ratio).
Under Multiplier Method the Banks provide a simple multiplier on the Monthly Net Take Home Salary to calculate the Loan Amount Eligibility of a customer. This multiplier varies from 9 to 18 depending upon your profile (Company's Name, NTH, etc.). Under the FOIR Method, the maximum EMI that most of the Banks/NBFCs offer to a customer varies from 50-75% of their NTH salary. The banks can also consider existing obligations & credit card outstanding to calculate the Final Loan Eligibility. You can calculate your Eligibility by filling up your details in below form.
How to increase Eligibility for Personal Loan?
The chances to increase eligibility to avail a personal loan is very low. The best possible option is to transfer your existing personal loan amount to a lower rate of interest loan. This will help you in reducing the amount of your existing EMI and also help you in getting a higher fresh loan. Secondly, you can also pre-pay your loan amount if fewer EMIs are left, in case balance transfer option is not feasible for you. The impact on your Loan Eligibility will be in proportion to EMI that can be reduced at your end.
What are the ways which improves Eligibility for Personal loan?
Timely and prompt repayment of your previous Personal Loan can help you in freezing a higher loan amount to borrow from the bank. The other deciding factors could be individual's income, family's annual income, previous loan repayment history, credit card repayment details, etc. can play major role in getting a personal loan without any hassle.
Required Parameters for getting Higher eligibility for personal loan from these Top Banks in India
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