18.2 Loan Eligibility Calculator

This topic provides the systematic instructions for user to determine their loan eligibility.

Loan eligibility calculator plays an important role in helping a customer understand their current position with respect to their borrowing capacity.

The 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 of the loan being inquired applied
• Estimated rate of interest

1. Perform anyone of the following navigation to access the Loan Eligibility Calculator screen.
   • From the Dashboard, click Toggle menu, click Menu, click Accounts, then click Loans & Finances tab, and then click More Actions, and click Loan Calculators.

     Under Loan Calculators, click Eligibility Calculator.

   • From the Dashboard - Overview widget, click Loans & Finances card, then click Accounts, and then click More Actions, and click Loan Calculators, click Eligibility Calculator.
   • From the Dashboard, click Toggle menu, click Menu, click Financial Management , click Personal Finance Management , and then click Loan Calculators.

     Under Loan Calculators, click Eligibility Calculator.

   • OBDX portal landing page, click Customer Services , click Calculators, then click Loan Calculator, click Eligibility Calculator.

   The Loan Eligibility Calculator screen appears.

   Figure 18-2 Loan Eligibility Calculator

   
   

   
   Description of "Figure 18-2 Loan Eligibility Calculator"

   
   

   Note:

   The fields which are marked as Required are mandatory.

   For more information on fields, refer to the field description table.

   Table 18-2 Loan Eligibility Calculator - Field Description

   Field Name	Description
   Gross Income (Monthly)	The user is required to specify his gross monthly income.
   Total Expenses (Monthly)	The user is required to specify the total amount spent per month towards expenses.
   Loan Tenure (In Years)	The user is required to specify the desired loan tenure in years.
   Interest Rate (In %)	The user should specify the desired interest rate of the loan.
   Eligible Amount	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.

2. In the Gross Income (Monthly) field, enter your monthly income.
3. In the Total Expenses (Monthly) field, enter your monthly expenses.
4. In the Loan Tenure (In Years) field, enter the desired loan tenure.
5. In the Interest Rate (In %) field, enter the rate of interest.
6. The application (In %) calculates and displays the eligible loan amount and the average installment amount.