Life is full of surprises, and sometimes you might find yourself in need of immediate cash for emergencies or planned expenses. This is where personal loans come into play. Personal loans are a financial product offered by various banks and non-banking financial companies (NBFCs) to Indian citizens with a regular source of income. The best part about personal loans is that they come with no strings attached, allowing you to use the loan amount for any purpose, whether it's home renovations, down payments, a vacation, children's education, medical emergencies, or purchasing equipment for your home or office.

However, don't let these numbers fool you. Your eligibility for a personal loan depends on various factors, such as your current income, expenses, debt-to-income ratio, age, place of work, and credit score. This is where a personal loan eligibility calculator comes in handy. Using this calculator, you can get a reasonably accurate estimate of the personal loan amount you can avail, preventing the hassle of applying for a loan that's far beyond your eligibility, which could lead to a rejection and negatively impact your credit score.

You can easily find personal loan eligibility calculators online. They have a user-friendly interface, and you can follow these simple steps:

1. Enter your monthly income.

2. Input your monthly expenses, including any existing EMIs on other loans.

3. Some calculators may ask for the loan tenure. Experiment with different tenures to understand how it affects your loan eligibility.

4. If required, enter your employer's name. If your employer isn't listed, or if you're self-employed, choose the "Other" option.

5. Fill in your date of birth and location.