Personal Loan Eligibility FAQs

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What is a personal loan eligibility calculator?

The personal loan eligibility calculator is an online tool that helps you estimate the maximum loan amount you can receive based on your eligibility parameters.

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How to use a personal loan eligibility calculator?

You can visit Kotak Mahindra Bank’s website and use the personal loan eligibility calculator. Just fill in the details required in the calculator, and you will be able to check your eligibility for the loan amount.

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What are the benefits of using a personal loan eligibility calculator?

Using the personal loan eligibility calculator, you can check the maximum loan amount you can avail. 

You can also find out if you need to improve your eligibility qualifications to receive a higher loan amount. Furthermore, when you check your eligibility and then apply for the loan, you minimize the chances of loan rejection.

 

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What are the factors that affect personal loan eligibility?

Your age, credit score, employment history, monthly income, and existing debts affect your personal loan eligibility.

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How can my current debt status affect my eligibility for a personal loan?

If you have existing debts, a part of your income goes towards their repayment. This factor reduces your net disposable income for paying off the personal loan. As such, if you have existing debts, the amount of loan that you receive reduces.

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How to qualify for a personal loan?

You can qualify for a personal loan if you are aged 21 to 58 years and employed. Moreover, your net monthly income should match the lender’s minimum requirement, and you should have a good credit score.