The eligibility for a personal loan for an applicant depends on their monthly income. At the time of loan amount calculation, the applicant’s monthly income and expenses are considered, along with their CIBIL score and other similar metrics. It is advisable to get in touch with a representative from Muthoot Finance for further clarity on the subject.
The amount gained through a personal loan is applicable according to the monthly salary of the applicant. The expenses made every month by the applicant are also a deciding factor to get a personal loan. Muthoot Finance provides personal loans that begin at around 50,000 and can differ for different individuals. You can also calculate the amount of personal loan you can get with the help of the personal loan eligibility calculator on the website.
The eligibility for a personal loan may vary with different applications but the general personal loan eligibility criteria for an unsecured loan include:
The applicant should have the ability to provide 100% collateral security and fulfil the demands put forward by Muthoot Finance for their risk profile.
There are multiple ways for you to pay your personal loan EMI. Here is a list of options for personal loan payment:
The Amortization Schedule shows the complete payment cycle for the loan amount. It includes the principal and the interest of the loan amount as well.
You can change your personal loan EMI date by requesting the same with your lender.
Yes, you can certainly make an early payment for your EMI loan. You can check the feasibility and the options available for the same with your lender. You can use the personal loan EMI calculator India to find out your monthly EMIs.
The formula used to calculate your monthly EMI is [P x R x (1+R)^N]/[(1+R)^N-1]. Muthoot Finance EMI calculator can also be used to calculate your personal loan EMI.
You can simply use the Personal Loan EMI Calculator by Muthoot Finance to find out your monthly EMIs. The formula used to calculate your monthly EMI is [P x R x (1+R)^N]/[(1+R)^N-1].
If you partially prepay the loan amount, then it will significantly reduce the interest and make it easier to pay off the remainder of your loan amount. It is recommended that you partially prepay the personal loan amount at the beginning of your loan period.
