The Internet has put our lives on the fast lane. Gone are the days when we had to trudge across several banks and financial institutions and actually write down the information they provided. Today, you can sit at your work station and have all the banking information you need with the click of a button.
This is especially true of the loan process. Before we make the actual application for a loan, we sift through information on whether we are eligible for the loan in the first place. This is determined by such factors as our salary, credit history and employment status.
The best way to find out if you are eligible for a loan is to use an online loan eligibility calculator. This is a fabulous tool that helps the applicant zero in on the ideal loan he or she needs and is eligible to get. The calculator will ask you to enter details such as the kind of loan you require, the loan amount, tenure, and the preferred rate of interest. Further, you will be asked to enter details about your income and whether you are a salaried or business professional.
The loan eligibility calculator will then give you a rough estimate of whether you are eligible for a loan or not, and the amount you will receive at a certain rate of interest. Using the same tool, you can calculate different rates of interest (which will result in a corresponding change in loan tenure) and how much you will pay through fixed interest vis-à-vis floating rate of interest.
Every major bank and financial institution in the UAE has a loan eligibility calculator that you can avail of before you take the next step. There are also such handy tools as EMI calculators, which will put into perspective your monthly outgoing or spends once you take a loan at a certain rate of interest. This calculator comes into play after you have checked your eligibility using the loan eligibility calculator.
However, the figures and combinations thrown up by these online calculation tools are merely indicative in nature, and not to be taken as the final figure. You must note that interest rates are subject to frequent changes, as are bank policies regarding eligibility criteria. Such a calculator, at best, serves as the first step towards making the decision to take a loan in the first place, and what your chances are to get one.