Loan Calculator and Loan Eligibility Calculator

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

The loan installment 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.

How to reach here:

Dashboard > My Accounts > Loans > Installment Calculator

Dashboard > My Accounts > Loans > Eligibility Calculator

Field Description

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

1. Select the appropriate Tab.

Loan Calculator

The loan installment 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 Loan Can You Get
Amount	The amount that the customer wants to borrow from the bank.
For (Period) Years	Desired tenure of the loan in terms of years.
@ Interest	Interest rate that bank will charge on the applied loan.
Installment Amount	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 Amount field, enter the loan amount.
• In the For Years field, enter the loan tenure in years.
• In the @Interest field, enter the interest rate.
• Click Calculate.
  The system 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 eligibility is calculated on the basis of :

• The customer’s average monthly income
• The customer’s average monthly expenditures
• Tenure for the loan
• Estimated rate of interest

Field Description

Field Name	Description
How Much Loan Can You Get?
Your Average Monthly Income	The customer is required to specify his monthly income.
Your Average Monthly Expenses	The customer is required to specify the amount spent per month towards expenses.
For Years	The customer is required to specify the desired loan tenure.
@ Interest	The customer should specify the desired interest rate of the loan.
You can get a loan of	Based on all the values defined by the customer in the previous fields, the system will calculate the amount of loan that the customer is eligible to borrow.
Average Installment	The system will 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 Year field, enter the desired loan tenure.
• In the @ Interest field, enter the rate of interest.
  The application calculates and displays the eligible loan amount and the installment amount.

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