Applying for a personal loan is tedious these days. Being the most unsecured loan, both banking and non-banking financing institutions check for your loan eligibility. For those who are applying for the first time, it is not easier to understand the personal loan applicant eligibility criteria.

In case you apply without proper homework, you are likely to face rejections. Having knowledge about your creditworthiness is essential. It assists you to know the best possible and affordable loan options. If you face constant inquiries and denials, it impacts your credit score. This, in turn, might further lower all your chances of applying for a loan in the future.

How does a personal loan eligibility calculator help you?

If you know how to use a personal loan eligibility calculator, half of the work is simplified.

Several factors govern your eligibility to apply for a personal loan. To list a few are – credit score, the current status of income, continuity of income, outstanding loans, and so on. Out of all, repayment capacities are the most influential factors. Repayment capacity check is a process wherein your bank will check your credibility for repaying the sum that you borrowed.

Other factors which affect your personal loan eligibility are:

Geographic location: Your residential area impacts in determining your personal loan eligibility. Residents of metropolitan cities have an upper edge over people from rural areas.

Income: Your income status is the next thing to influence your loan application process. Higher is your income, the more large amount you are eligible to borrow from the bank. This is so as your bank is assured about your potential to repay the borrowed sum.

Existing credit: Your credit will be lowered for a new loan if you have outstanding loans on you.

Credit history: Personal loan eligibility is affected both by credit score and credit history. Both of them determine your creditworthiness, which impacts your personal loan eligibility. Your rate of interest, loan tenure, and amount are all co-dependent on these two factors. It is best if you maintain a credit score of 750.

All banking and non-banking institutions have their personalized calculators to facilitate you with the check of your eligibility for the loan application process.

Ways to calculate your personal loan eligibility:

There are two ways to calculate your personal loan eligibility – Multiplier Method and FOIR method.

Multiplier method:

Under this method, your financing institution will apply a multiplier to your entire take home salary. This multiplier functions as a representative of both your take-home salary and company’s profile. The higher is your take-home salary, and the more your company holds a market reputation, the higher will your multiplier turn out to be. This increases your loan eligibility.

FOIR Method:

Under FOIR or Fixed Obligation Income Ratio method, your banking institutions ask you to pay 50 to 75 percent of your net income as your loan EMI. This is calculated after you are done with your other fixed expenses. In situations where your obligations are …

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Credit cards have turned out to be a certain way of life for most people. A lot of businesses no longer just accepts checks, and some also do not even recognize the cash anymore. The cards have also caused a lot of financial troubles for people who do not handle them properly. Keeping a card along with you enhances the credit score of a person. It also offers enhanced protection versus cash should there be a problem along with the goods or services that have been bought.

At the same time, though, cards can cause issues for some consumers. Interest charges can be a little high, while fees can also add up. Also, this might be a daunting task to identify which card is most appropriate for an individual’s personal circumstances.

1. The full payment

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2. Maintain the organized credit life

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3. Find the most appropriate card

In recent times, once you search for the credit cards, you will get multiple options in this so choosing the right one is very important. These cards fall into the number of categories like balance transfers, rewards, and others. All cards have the disadvantages and advantages that can make …

Buying gold is quite easier than you may think but you will have to do your homework first. Gold coins have gone up an excellent deal in value in the last couple of years and since they are now so luxurious, there are a few things that you need to watch for when making your purchases. Along with the advent of the internet, you are not limited to the local coin dealer anymore.

This can offer you the chance to get better prices on many coins, but also might introduce a few more things for you to think about when buying your gold coins. Whenever you are going to buy the gold coins online, you will have to consider few tips.

1. Shop Around for a Good Price

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2. Check Their Policies

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This would be easier to consider the site properly whenever you are going to buy the gold online. Always make sure that you research about the site properly. Once you will read the reviews, you will get to know about the authenticity and reliability for a fact. You will also need to check the seller’s feedback rating as well.

4. Warning Signs

Places to keep away from purchasing the gold include pawn shops, online dealers touting enormous discounts, television hucksters who promise the “lowest prices,” and any of the dealers that charge a cost for storing your gold. This is even better to store your gold yourself, either in a home safe or in a bank deposit box.

5. Return policy

You will have to ensure a fact that the seller has the proper return policy, which will simply permit you the refund if you are not even satisfied along with buying gold coins online. It also must apply to the both on-line and off-line dealers. This is particularly significant if you are purchasing the non-certified coin. You want to have the choice to return this if your grading service returns the lower grade than you bought it at.

6. Budget…