A personal loan is a good financing option in several situations, including meeting medical expenses, undertaking a home renovation, funding your wedding, and more. It allows easy and quick access to funds that you can use for a wide range of purposes and requires no collateral. The personal loan eligibility criteria, too, are usually basic; however, it's essential to take a few minutes to look into the eligibility criteria and whether you meet them before you click on the personal loan apply button. And you can do this easily using Kotak's personal loan eligibility calculator. 

Importance of using a personal loan eligibility calculator 

Kotak's personal loan eligibility calculator is a helpful tool that takes into consideration all the primary factors that a lender considers when assessing your personal loan eligibility. It is important to understand this because every time you apply for a loan, the lender needs to check your credit score to ensure your creditworthiness. If you apply or make hard inquiries for multiple personal loans during a short period, it can have a negative impact on your credit score. 

Hence, instead of just applying for several personal loans because you are unsure of whether you meet the eligibility requirements, make sure to use Kotak's personal loan eligibility calculator. It is an online tool that is entirely free to use and gives you a better sense of where you stand in terms of personal loan eligibility. Using the calculator, you can either go ahead and confidently apply for the personal loan or take some time to improve your eligibility to improve the chances of approval. 

How to use this calculator to assess your loan eligibility 

You need to enter two essential data points into Kotak's personal loan eligibility calculator – your monthly income and your current financial obligations, including existing loan Equated Monthly Instalments (EMI). 

Once you enter these details, the calculator will, within a few seconds, calculate the personal loan amount that you are eligible to apply. Your income and fixed monthly obligations help determine your repayment capacity. An important thing to understand is that personal loan eligibility does not simply mean whether your loan application will be rejected or approved, but it helps you get an insight into what amount of loan and on what terms you can be approved for. 

For instance, you may want to take a personal loan of Rs 25 lakh to fund your wedding. But after using Kotak's personal loan eligibility calculator, you may realise that depending on your financial situation currently, you may only be approved for Rs 15 lakh. This helps you apply for a personal loan in a way that increases your chances of approval. It also gives you the opportunity to change certain things about your application, such as applying with a co-applicant to increase your eligibility and opting for a higher amount. 

Next steps 

Once you have checked your personal loan eligibility, you can apply for a personal loan with Kotak. The entire loan application and disbursal processes are online and take just a few minutes. The documentation required is minimal – only KYC and income proof documents are needed. Once your application is assessed and approved, the loan amount will be directly credited to your bank account.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.