How Personal Loan Calculator Can Help you to Choose the Right Loan Amount
Considering a personal loan to access fast funds? Be better informed and prepared by using the eligibility calculator and the EMI calculator.
Information is key to taking every wise decision, and when it comes to planning and managing finances, information becomes even more crucial. The problem most of us face is that in finance, most of the information is either economic jargon that is hard to understand or equally difficult numbers! If you’re not a finance guru or mathematically inclined, don’t worry personal loan calculators like the eligibility calculator and the EMI calculator are tools meant to make things easier for you.
A Personal Loan Eligibility Calculator helps you to understand how easy it will be for you to get your personal loan sanctioned while an EMI calculator will help you choose the right loan amount by showcasing your monthly EMI. Together, these two calculators will help you make a wiser financial decision and save you effort, time and money.
Take Nikita for example. A marketing manager at an MNC, Nikita lived in Mumbai and found herself in need of a personal loan to fund her younger sister’s wedding. As personal loans are unsecured loans that are sanctioned without the need of any collateral, Nikita considered this perfect for her situation. With no restrictions on how she could use the money and easy online application with a quick disbursal, Nikita was sure that a personal loan would satisfy her financial needs in every way.
However, Nikita first wanted to check her personal loan eligibility. She wanted to make sure she was eligible for a personal loan in order to increase her chances of getting the loan and save on time as she needed funds quickly and didn’t want to waste her efforts in case she was not eligible. She also didn’t want to impact her credit score adversely by applying for a personal loan and getting rejected.
Nikita used the eligibility calculator to know her personal loan eligibility by filling up the following basic details:
- Date of birth
- City of residence
- Employer’s name or the name of her company
- Net monthly salary
- Amount of on-going loan
- Outstanding amount on credit cards
- Whether she had taken a home loan
With this information, the eligibility calculator gave Nikita an idea of the total amount she was eligible to borrow and the indicative interest rate she would need to pay. While the eligibility calculator would only offer indicative figures, they were very helpful to Nikita for the following reasons:
- The indicative loan amount gave her an idea of whether a personal loan would be a sufficient source of financing for her needs
It helped her understand if she needed to plan alternate sources of finances before the application process, which saved her time
These are the details that she entered to know her EMIs:
- Loan amount.
- Preferred tenor (amount of time needed to repay the personal loan).
- Rate of interest
In just 3 steps, Nikita knew how much she had to pay in terms of EMI. By using the EMI calculator, Nikita benefitted in the following ways:
- She could plan her finances better by seeing if the EMI amount she would need to pay every month was something she could afford based on her monthly income
- She could adjust the loan amount and the tenor to see the EMI change instantly and decide which option would be most prudent for her
- She could decide if a personal loan at this point in her career and life was the right answer for her in terms of affordability and cost
Thus, using the EMI calculator and the eligibility calculator, Nikita was able to make a well-informed and wise decision regarding a personal loan. Like her, you too can use these personal loan calculators to increase your awareness and get a fair idea of the financial consequences of getting a loan. It is important that in your search for fast funds, you do not jeopardize your financial well-being, and that’s where these calculators come to your aid.
If you’re looking for a fast personal loan with an easy online application and online tools for calculating eligibility and EMIs, Bajaj Finserv is the preferred destination of many who seek instant funds. With instant approval and loans up to Rs.25 lakh, these personal loans may be the answer to all your financial needs.
Where can I get a $10,000 loan? Personal lenders’ loan limits
If you need a $2,000 personal loan, a $4,000 loan, where can you go? If you’re wondering how to get a $10,000 loan, you’ve come to the right place.
Many of us have taken advantage of a personal loan, either for emergency expenses, a big event or through our student loans. Personal loans are typically unsecured and non-revolving.
When deciding on the best personal loan for your situation, many factors come into play. For example, how much are you hoping to finance? Additionally, how large a payment can you reasonably afford within your budget? The length of prepayment can also vary, depending on the lending institution.
Compare personal loan offers from multiple, vetted lenders on Credible.
How much you can borrow, and the interest rates you will pay, will depend on your credit score. For those rebuilding their credit, the interest rates will be higher and the loan amounts might also be smaller initially. There are also institutions who will report your on-time payments, which helps you rebuild your credit.
Here are some lending institutions and the limits on what they will lend.
Banks and credit unions. These institutions offer personal loans, along with checking, savings and other secured and unsecured loans. A personal loan may also be available through a line of credit, which can be revolving. The limits vary from institution to institution, but whether you are looking for a $2,000 personal loan, a $4,000 loan, or a $10,000 loan, banks and credit unions are often willing to accommodate you.
Wells Fargo, for example, says it will lend from $1,000 to $100,000. Most banks do not include a prepayment penalty, although there may be an origination fee. The interest rates are usually fixed and are often some of the lowest available, with a specific payment over the life of the loan. Another plus is that your personal bank may offer discounts based on your current relationship.
Payday loans. These loans are directly tied to your income. Thus, the loan amount could be higher based on your take home income every month. If you are looking for a $10,000 loan, you probably won’t have any luck with a payday lender. Generally, payday loans are capped at $1,000, but limits vary from state to state.
Interest rates on payday loans are significantly higher than other personal loans — it can work out to 400 percent annual interest. There are no interest reductions for early prepayment. The lending period is limited to the next payday, or no more than 30 days, but typically averages two weeks. These types of loans are usually considered an emergency option, but not a cheap way to reduce other debt.
Online loans. You can shop the websites of online lenders or brokers 24 hours a day, seven days a week. Brokers may have a group of lenders or investors who provide the funds. Whether you’re looking for a $2,000 loan or a $10,000 loan, you may be able to find it online.
An example is Prosper, which offers marketplace or peer-to-peer lending. According to the company’s website, Prosper offers fixed-rate, fully amortizing personal loans from $2,000 to $35,000, with terms of 3 or 5 years, depending on Prosper’s rating Loan terms of 3 and 5 years are available, depending on the loan amount and your “Prosper Rating” — an evaluation of how likely you are to repay the loan.
As would be expected, interest rates for borrowers with better credit can be significantly lower than those with poor credit. But borrowers who have been turned down by traditional lending institutions may have more luck getting approved by online lenders, who sometimes use alternative methods of evaluating borrower risk. While some will turn down those with bad credit scores, others are more open to lending to “risky” borrowers — for a price.
Online lenders will want to see proof of income, and perhaps length of employment. The APR can be high on smaller loans, but may be discounted for larger loans. The loan term is dependent upon the lender. There may also be prepayment penalties for early payoff of the loan.
With all of these loan options, the money is usually available to the borrower within 24 hours or less, by means of cash or direct deposit. It’s important to do your research to find the best interest rate and terms available based on your credit score and other factors as defined by the lender. For those rebuilding credit, try to find a personal loan that will report your timely payments and thus giving your score a boost.
Credible is a marketplace where lenders including Avant, LendingClub, PAVE, Prosper and Upstart compete for your business. You can compare personalized offers from multiple lenders on Credible.com without sharing your personal information with lenders or affecting your credit score. Tracy Sherwood-Knepple is a business and finance writer. She holds a degree in mass communications from Indiana University.
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Get the Best Personal Loan Rates in the Philippines
A personal loan, more commonly known as salary loan, is a type of loan from banks that do not require any form of payment security. Personal loan lenders do not demand any form of collateral to apply for a personal loan from potential borrowers.
There are plenty of reasons to apply for a low interest personal loan. It comes in handy in countless situations. For starters, personal loans can be used to fulfill your immediate needs, such as a new computer or smartphone. Individuals can also use personal loans for other purposes such as credit card debt consolidation, tuition fee payment, building a good credit score, and other financial needs.
There are a lot of personal loan providers in the Philippines and it's importanant to know which banks or lending institutions offer the lowest interest rates and best payment options. Here are the lists of loan products in the country:
Personal loan in the Philippines have 2 major types:
- Secured Personal Loan is a type of cash loan that requires borrower to have some sort of collateral as payment security for loan lenders. In case the borrower can no longer fulfill its obligation to pay the loan amount, lenders will take the asset and use it to pay for loaned money.
- Unsecured Loan is a type of salary loan that do not require borrowers to have any collateral. This is the reason why unsecured personal loans have higher interest rates compared to secured loans that needs collateral due to a high risk involved in lending without any form of security.
For full information about types of personal loan, check out here.
Application Process and Requirements for Personal Loan Philippines
To apply for a cash loan in the Philippines, you must be:
- A resident of the Philippines with a valid Philippine billing address
- At least 21 years of age or older
- An annual income that meets the requirements of a personal loan application
- A postpaid landline or a postpaid mobile phone under your account
- A Tax Identification Number (TIN) and SSS/GSIS No.
eCompareMo makes your online salary loan application easier, whether you are employed or self-employed. We can assist you in finding the best possible personal loan with low interest rates with just a few taps or clicks away.
Check out our complete list of personal loan offers.
Depending on the bank or financial institution you apply with, interest rates for salary loans range from 1% to 3%. Some banks also charge an additional fee for the processing of your personal loan application.
Personal loan terms may vary among banks and your capacity to pay. It can be 3 months, 6 months, 18 months, 24 months, up to 60 months.
In the event the borrower fails to settle the monthly repayment on the due date, they will be charged a late payment fee. Banks usually charge around 3% to 4% per month.
Below is a sample computation for a loan with a principal amount of PHP20,000:
At eCompareMo, our goal is to help you get your life back in order—fast. We have partnered with the country’s leading banks and loan lenders to help you fill your immediate need for money. We provide Filipinos with neutral and transparent side-by-side comparison of financial products in the country. With our advanced personal loan calculator, we make the entire process of finding the most competitive salary loan rates in the country, as simple and convenient as a few taps and clicks. Just type in the loan amount and tenure to our online calculator and you can get results instantly.
We can be reached 24/7—simply use our Live Chat function to schedule a phone call with one of our representatives and we’ll get back to you promptly.
We take it up a notch by handling the application of personal loan for you, helping you save even more time, effort, and money. Our in-house banking experts are here to provide tips on how to make the entire process run smoother. With eCompareMo, you can be sure you’ll make informed financial decisions.
We are ready to answer all queries on personal loans and other financial products and services. We can be reached 24/7—simply use our Live Chat function to schedule a phone call with one of our representatives and we’ll get back to you promptly.
eCompareMo helps Filipinos achieve financial freedom through financial products and services. Aside from financial comparison services, we also provide insightful, informative, and inspirational articles as well as social media campaigns that aim to reach out to people looking for financial freedom in their lives.
eCompareMo brings you closer to your dreams by helping you find the best personal loan rates online.
Can I get a personal loan without collateral?
Yes. This type of personal loan is called unsecured loan whereas the lender won’t require any collateral from the borrower, however, with this type of cash loan expect that it comes with a higher interest rate.
How to get personal loan without credit card?
Even you don’t have any credit card, you can still apply for a personal loan. However, if a credit cardholder apply for a loan, they have a higher chances of getting approved.
Can I pre-terminate a cash loan?
Yes, but in the condition that you need to pay the loan amount in full along with the interest rate
How to Increase my Chance for a personal loan approval?
You need to check first if you qualify for a personal loan before you apply. Also, check your credit history, if you have existing debt or loan from other banks, this might have a big impact to your application that can lead to rejection. Make sure that you submit all the necessary documents that the bank required and answer all the questions with honesty when a bank representative call you for a background check.
Note:There is a higher chance of loan approval for those individual with existing credit card.
When is the best time to apply for a personal loan?
A personal loan is the best option only if can result in overall savings or helps you with your finances (pay off debt, tuition fee or buying a house). Opt for a personal loan application in case of an emergency. But, make sure that you will be able to repay the loan amount on time.
How much can I borrow and over what period of time?
You may get as much as 4x of your gross monthly income, with a minimum amount of P20,000 to P2,000,000 maximum, subject for approval. The period of time for the loan payment will depend on your chosen amount and payment term. But, keep in mind that the longer payment term means higher interest rate.
How quickly can I get the loan amount?
That depends on how fast you submit all the necessary requirements for your loan application. Once all the required documents have been submitted, the loan process usually takes 5-7 banking days. Upon approval, crediting of loan proceeds usually takes 1-3 working days from signing of the loan documents.
What happen if I fail to pay the monthly repayment?
In case you failed to pay your monthly installment on time, your unpaid amount will be charged a late payment penalty fee ranging from 3%-10%, depending on the banks.
If I’m working abroad, can I apply for a personal loan?
In order to process your loan application, you should be physically present in the Philippines because you need to sign loan documents if approved.
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