Installment Calculator And Eligibility Calculator
The application provides users with two types of loan calculators – Installment Calculator and Eligibility Calculator.
The installment calculator enables users to identity the installment amount payable on a loan of a certain amount for a specific duration. This calculator is beneficial to users as it gives the user an opportunity to identity whether applying for a loan for a specific amount and duration is preferable or not.
The loan eligibility calculator enables users 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 widget > Loans and Finances > Installment Calculator
Dashboard > My Accounts widget > Loans and Finances > Eligibility Calculator
Field Description
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Field Name |
Description |
|---|---|
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Tab |
The options are:
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- Select the appropriate Tab.
Installment 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
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Field Name |
Description |
|---|---|
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Amount |
The user is required to specify the amount that he/she wants to borrow from the bank. |
|
For (Period) Years |
The user should specify the desired tenure of the loan in terms of years |
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@ Interest |
The user must specify the desired interest rate that is to be charged on the loan. |
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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 .
The system calculates and displays the monthly installment for the loan required.
Eligibility Calculator
The loan eligibility calculator plays an important role in helping a users understand their current position with respect to their borrowing capacity.
The eligibility is calculated on the basis of :
- The user’s average monthly income
- The user’s average monthly expenditures
- Tenure of the loan
- Estimated rate of interest
Field Description
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Field Name |
Description |
|---|---|
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How Much Loan Can You Get? |
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Your Average Monthly Income |
The user is required to specify his monthly income. |
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Your Average Monthly Expenses |
The user is required to specify the amount spent per month towards expenses. |
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For Years |
The user is required to specify the desired loan tenure. |
|
@ Interest |
The user should specify the desired interest rate of the loan. |
|
You can get a loan of |
Based on all the values defined by the user in the previous fields, the system will calculate the amount of loan that the user 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.