Eligible Person to Getting Personal Loan by Using EMI Calculator
Always the personal loans are very quick, transparent and also more competitive. One can able to easily get the personal loan from the bank if they are having original proofs and also they must satisfy the eligibility criteria. You can able to get satisfied by the personal loans by facing all your financial problems effectively and you can able to fulfill the needs personally. The personal loan can be issued to every individual by submitting only simple documents and also best-recovering approvals.
Features of personal loan:
- The interest rates are very much less, and it is highly competitive when compared to other loans.
- You can also get special offers from the bank.
- You can know your eligibility criteria within 1 minute through online and it is available on all branches of the bank that you have applied.
- Separate personal loan for women is also there.
- The benefits are providing simple proofs.
- The pricing is competitive.
- It is more transparency.
- The personal loans also provided for all the true reasons.
Eligibility criteria for salaried employee:
- The age must be between 23 to 58 years.
- Income of the individual must be minimum Rs.17, 500
- 2 years experience in the job is the must.
- You must stay in a current home from minimum 1 year.
Eligibility criteria for self-employed employee:
- The age must be between 23 to 65 years.
- The minimum turnover for the self-employed employee must be Rs.15 Lac to 40 Lac which is fixed financially.
- After the tax, the minimum profit must be between Rs.2 Lac to 1 Lac.
- Experience in current business is from 3 to 5 years.
personal loan Calculation part in excel for EMI:
The basic mathematical formula for the purpose of calculating EMI is EMI = [P x R x (1+R) ^N]/ [(1+R) ^N-1].
- P – Principal or loan amount.
- R – Rate of interest per month (if the rate of interest for one year is 21% means then the interest rate is in the form of 21/ (12*100).
- N – Monthly instalments based number.
If you use this formula in excel means you will get the same result as the spreadsheet calculation part does. The formula used to calculate EMI in excel is PMT (rate, nper, PV). Here you have to multiply the rate of interest with a number of periods and the present value of the loan to get the result.