Loan Calculator

Using this option, you can view an indicative estimate by specifying the total loan amount, interest rate and frequency of loan. You can also compute the total amount that you are eligible for a loan.

It requires a lot of market research before taking a decision to apply for a loan. Loan eligibility calculator plays an important role to help customer understand their current position with respect to their financial position. Loan eligibility calculator enables customer to understand their loan eligibility, considering interest rate and tenure of the loan.

Loan calculation is done by application and displayed to the customer.

Below two types of calculators are available to the user:

• Loan Installment Calculator
• Loan Eligibility Calculator

How to reach here:

Dashboard > Accounts > Loans > Overview > Loan Installment Calculator

Loan Installment Calculator

Loan installment calculator is a simple calculator which calculates the installment value of the loan for specific tenure and rate of interest. It helps customers determine the loan borrowing based on the repayment capacity of the loan. This calculator does not define the eligibility of the customer for borrowing the loan. It only provides the repayment value of a loan for specific tenure.

Using this option, you can view an indicative estimate of the monthly installment for the loan required.

Field Description

Field Name	Description
Amount	Loan amount that you want to apply from the bank.
Frequency	Frequency of the loan installment.
Interest	Interest rate that bank will charge on the applied loan.
Installment Amount	Calculated monthly installment for the loan required against the Loan amount, Interest rate, and the loan tenure.

• In the Amount field, enter the loan amount.
• In the Frequency field, enter the appropriate frequency value.
• In the Interest field, enter the interest rate.
  Calculates and displays the monthly installment for the loan required.

Loan Eligibility Calculator

It requires a lot of market research before taking a decision to apply for a loan. Loan eligibility calculator plays an important role to help customer understand their current position with respect to their financial position. Loan eligibility calculator enables customer to understand their loan eligibility, considering their average monthly income and expenditure. It computes the loan amount and repayment amount based on income, expense, interest rate and tenure of the loan.

Loan calculation is done by application and displayed to the customer.

The eligibility is calculated on the basis of :

• Average Monthly Income
• Tenure for the loan being inquired
• Average Monthly Expenses
• Estimated rate of interest

Field Description

Field Name	Description
Average Monthly Income	Monthly income of the user.
Average Monthly Expenses	Monthly expenses of the user.
Duration	Tenure of loan in terms of years.
Interest	Interest rate for which the eligibility is to be calculated.
Eligible Amount	Eligible loan amount.
Average Installment	Displays the estimated monthly installment amount.

• In the Average Monthly Income field, enter your monthly income.
• In the Average Monthly Expenses field, enter your monthly expenses.
• In the Duration (in Years) field, enter the loan tenure of loan.
• In the Interest field, enter the rate of interest.
  Calculates and displays the eligible loan amount and the EMI amount.

FAQs

Can I apply for a loan jointly?

Yes, you can jointly apply for a loan with spouse or other associate.

How can I enhance my loan eligibility?

You can enhance your loan eligibility by combining the income of spouse.

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