Personal Loan EMI Calculator: Determining Factors in Loan Applications
A survey conducted in March 2011 by Moneysupermarket.com, a leading financial portal, showed that of all the loan applications filed in the UK last year, over 25 percent were rejected due to the lack ...
Personal Loan EMI Calculator: Determinants of a Loan
Following are some areas that an applicant should check in order to get his personal loan approved:
Poor Credit Score - In most countries, a credit rating agency maintains a database of the credit history of applicants. This history is later incorporated in a credit score, which in turn is considered while assessing whether an applicant will be granted a loan.
Lack of Repayment Capacity - Before using a Personal Loan EMI Calculator, one should ensure his repayment capacities. Generally, a loan more than three times the earning capacity is not passed. By punching the required set of data in the loan calculator, one can easily determine the loan amount on the basis of EMI he can pay.
Defaulting Guarantor - By their very nature, personal loans are unsecured and they require a guarantor to back them. If the application includes the name of a guarantor who has earlier made a default on his payment, the Personal Loan EMI Calculator will not give a clean chit to the applicant.
Title of the Collateral Security - In case of a considerable loan amount, an applicant also needs to provide a collateral security equal to the value of the loan amount. Before filling in a request, ensure that the holder of the collateral has clear and undisputed title on the asset.
Address Marked in Default Database - Lastly, one should check if his residential address is marked as an existing defaulterís address in the database maintained by a credit rating agency. In this case, an applicant will not get a loan despite the loan calculator presenting an impressive set of figures.
Directly or indirectly, the Personal Loan EMI Calculator can be used to assess an application and know whether he will get a personal loan or not. This tool helps in saving time, energy and money, both for the financer as well as an applicant.
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Use Citibankís Personal Loan EMI Calculator to know the EMI as well as tenure of your loan. Visit hyperlinkomatic.net for a loan of up to Rs1.5 million in just 48 hours.