How to Check your Personal Loan Eligibility Online with Fullerton App?

Fullerton India offers one of the best instant loan apps in India. Fullerton India Instaloan App provides you with the option of applying and availing a personal loan in a few taps. Whether it is the middle of the night or a busy workday, getting a personal loan requires little effort. Some of the features of the Instaloan app are:

1.  Instant personal loan amount to INR 25 lakhs without pledging any collateral
2. You can apply for a personal loan at any time, anywhere around the globe through your smartphone
3. Hassle-free documentation process where you can upload your necessary information and documents easily
4. The complete digital process with dynamic status tracking.
5. Quick disbursal of the personal loan amount to your bank account within 30 minutes of approval. So, how do you proceed to apply for a loan on Fullerton India’s Instaloan App? The first step is to download the app and check your eligibility.

How to Check Your Eligibility on the instant loan app?

You can use the built-in personal loan eligibility calculator to get you an instant estimate of the personal loan eligibility. Here are the steps to check your eligibility for a personal loan:

Step 1: Select your location

Step 2: Enter your age. Fullerton India requires you to be between 21-65 years of age when you apply for the loan. You shouldn’t exceed 65 years of age at the time of maturity of the loan.

Step 3: Select your income. The income you mention should be a net amount after tax deductions.

Step 4: Select the amount you pay as EMIs on your previous loans. This amount should be a sum of all the EMIs you pay currently including your credit card dues.

Filling in all the required details will show you an amount you are eligible for a personal loan. You can change the interest rate and term according to your convenience.

Please note that the personal loan eligibility calculator will only give you an indicative figure of your eligibility. The actual personal loan eligibility will depend on several other factors such as employment details, credit score, etc. The actual amount will be decided by the lender and intimated to you when you upload the necessary documents on the loan app during application.

How is Personal Loan Eligibility Calculated?

Fullerton India’s personal loan eligibility calculator is advanced to give you near-accurate amounts in seconds. The calculator deduces the loan amount as per your repayment capacity. It calculates the loan amount by assessing your net income, interest rate, birth date, residence city, and tenure. But lenders look at some other factors when deciding your eligibility. They are:

• Your Income: Rs. 25,000/ month, if residing in Mumbai or Delhi, Rs. 20,000/ month, if residing in the rest of India.
• Your Credit Score
• Your Employment History
• Your Repayment Capacity

To know the exact amount, you need to submit an online application on the loan app along with relevant documents. The lender will make an offer to you based on your eligibility and verification.

How to Improve Your Personal Loan Eligibility?

Calculating your eligibility through a personal loan eligibility calculator helps you to plan your finances better. If the calculator on the loan app shows an amount lower than your requirement, you can take the following steps to increase your eligibility:

1. Improve Your Credit Score: Your credit score not only decides your personal loan eligibility but also affects your interest rate and the loan amount. A high credit score can allow you a larger amount as a loan as well as lower your interest rate. You can improve your credit score by making timely payments on your existing loans as well as your credit card bills. Defaulting on any credit payments can lead to your credit score plummeting. 
2. Consolidate Your Debts: If you have multiple active debts, your creditworthiness can be is under suspicion. The liability of the lender increases since you present a speculated cash-crisis with an additional EMI. Consolidating your loan not only increases your chances of getting a personal loan approval but also saves you interest.

Use the eligibility calculator on the Fullerton India InstaLoan app to find out your credit standing.