Loan Calculator and Loan Eligibility Calculator

The application provides customers with two types of loan calculators – Loan EMI Calculator and Loan Eligibility Calculator.

The loan EMI calculator enables customers to identity the installment amount payable on a loan of a certain amount for a specific duration. This calculator is beneficial to customers as it gives the customer an opportunity to identity whether applying for a loan for a specific amount and duration is preferable or not.

The loan eligibility calculator enables customers to compute the amount of loan that they are eligible for based on their monthly income and expenses and also the desired loan tenure and estimated interest rate.

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Dashboard > Loans and Finances > My Loans page > Overview > Loan Calculator Card

Field Description

Field Name	Description
Tab	The options are: Loan Calculator Eligibility Calculator

Select the appropriate Tab.

Loan Calculator

The loan EMI calculator is a simple calculator which identifies the monthly installment amount payable on a loan based on the loan amount, tenure in years and interest percentage.

Field Description

Field Name	Description
How Much Do You Need
Your required amount	The amount that the customer wants to borrow from the bank.
For (Period)	Desired tenure of the loan in terms of years.
@ Interest	Interest rate that bank will charge on the applied loan.
You can get loan per month	The monthly installment payable on the loan calculated on the basis of the loan amount, tenure and interest rate specified by the customer.

In the Your required amount field, enter the loan amount.
In the For yrs field, enter the loan tenure in years.
In the Interest field, enter the interest rate.
Calculates and displays the monthly installment for the loan required.

Eligibility Calculator

Loan eligibility calculator plays an important role in helping a customer understand their current position with respect to their borrowing capacity. The loan eligibility calculator enables customers to gain an understanding of 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 eligibility is calculated by the application and is displayed to the customer.

The eligibility is calculated on the basis of :

The customer’s average monthly income
The customer’s average Monthly Expenditures
Tenure for the loan being inquired applied
Estimated rate of interest

Field Description

Field Name	Description
How Much Loan Can You Get?
Your Average Monthly Income	Monthly income of the user.
Your Average Monthly Expenses	Monthly expenditure of the user.
For yrs	Tenure of loan in terms of years.
@ Interest	Interest rate of the loan.
You can get a loan of	The amount of loan that the customer is eligible to borrow.
Average installment per month	Display the estimated monthly installment amount.

In the Your Average Monthly Income field, enter your monthly income.
In the Your Average Monthly Expenses field, enter your monthly expenses.
In the For (period) (in Years) field, enter the loan tenure of loan.
In the Interest field, enter the rate of interest.
The application calculates and displays the eligible loan amount and the EMI amount.

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