“Congratulations! You are pre-approved for our personal loan up to Rs. 3 lacs at reduced interest rates.”
Wait before you jump up with joy and get going with the documentation process as soon as you get a message like this. Are you sure you are opting for the right amount and tenure? Estimating your home improvement loan with the lender’s online EMI calculator is one way to make sure that you get the loan at a competitive rate. If you don’t choose well, it could affect your financial health badly. Hence prior to signing the papers, make sure that the EMI could be easily manageable without upsetting your day to day life in the following months. With the installation of intelligible loan calculators, people can find out if they are eligible along with the tentative EMIs in seconds.
|Loan Amount (In Rupees)||Processing Charges||Interest Rate|
|For home improvement loans up to Rs. 7.5 lacs||1 to 2 percent plus taxes||Starting from 11.99 percent|
Benefits of Home Improvement Loan EMI Calculator:
- The data available after entering the required information in the calculator is graphical as well as easy-on-eye.
- Even though, online EMI calculators are designed to give you a rough figure, it has often given fairly accurate results extremely helpful for customers.
- The free eligibility and EMI calculator is a helpful tool in knowing the outcome of loan application instantly without putting your CIBIL score in risk.
- It gives you an easy way to compare your APR and principal-interest ratio in the monthly EMI, which can help you decide if this lender and their loan is suitable for you.
Factors affecting EMI:
- Age – 23 and above ad not older than 65
- Income bracket – Salaried people with take home salary of at least Rs. 20,000 per month.
- CIBIL Score – The credit score cut followed by lenders vary and is at their discretion.
- Repayment capacity: This is mostly assessed by checking your credit score and debt-to-income ratio, which should be less than 40 percent ideally.