When it comes to buying a home, funding your child’s education, or managing your emergency, taking a loan is a big decision. However , before taking a loan it is important to check your loan eligibility. If you know your eligibility, it will help you understand how much loan amount you can get, what your chances are of approval, and you can also compare lenders that suit your needs and profile best.
Gone are the days of visiting banks or waiting in long queues. Now, with just a few clicks, you can know your eligibility sitting at home. Thanks to platforms like BigMudra, the process is quick, easy, and 100% online.
In this blog, we will guide you on how to use the online loan eligibility tool on BigMudra and check your eligibility in just 2 minutes.
What Is Loan Eligibility?
Loan eligibility is the set of criteria that lenders use to decide whether you’re qualified to borrow money. These criteria usually depend on:
- Your monthly income
- Credit score (CIBIL score)
- Employment status
- Existing EMIs or financial obligations
- Age and location
- Type of loan you want (personal, home, car, etc.)
Each bank or financial institution has its own rules. That’s why it’s important to use a reliable loan eligibility checker before applying. It helps you avoid rejections and protects your credit score.
Why Should You Check Loan Eligibility Before Applying?
Here are a few strong reasons why checking your eligibility is a smart move:
- Avoid Rejection: Every rejected loan application can hurt your credit score. When you check loan eligibility in advance, you reduce the chances of applying for a loan you won’t get.
- Know Your Options: Different lenders offer different interest rates, amounts, and tenures. An online loan eligibility tool shows you which banks or NBFCs are more likely to approve your loan.
- Save Time and Energy: No need to submit documents to multiple lenders. One quick check tells you where you stand.
- Better Financial Planning: Knowing how much you can borrow helps you plan better for home purchases, education, travel, or emergency needs.
Why Use BigMudra’s Online Loan Eligibility Tool?
BigMudra has simplified the loan checking process for everyone. Whether you’re a salaried employee, a freelancer, or a small business owner, the BigMudra eligibility tool gives you instant results with zero complications.
Here’s why it stands out:
- Fast and Easy: The entire process takes less than 2 minutes. You just need to fill in a few details like your income, location, and loan type.
- No Paperwork: You don’t need to upload any documents to check your eligibility. It’s completely paperless and secure.
- Smart Matching: BigMudra doesn’t just show one lender. It compares multiple offers from trusted banks and NBFCs to give you the best match based on your profile.
- Safe and Confidential: Your information stays safe. BigMudra doesn’t share your data with anyone without your permission.
- Free to Use: There’s no cost to use the BigMudra eligibility checker. You can use it as many times as you like.
Read More: How to Use Loan Calculators to Make Informed Decisions
How to Check Your Loan Eligibility with BigMudra – Step-by-Step
Checking your eligibility with BigMudra is very simple. Just follow these steps:
Step 1: Visit BigMudra’s Website
Go to www.bigmudra.com from your phone or computer.
Step 2: Open the Eligibility Checker Tool
Look for the online loan eligibility tool on the homepage or under the “Loans” section.
Step 3: Enter Basic Details
You’ll be asked to enter:
- Type of loan you want (Personal Loan, Business Loan, etc.)
- Monthly income
- Employment type (Salaried or Self-Employed)
- City
- Date of birth
Step 4: Click on “Check Eligibility”
Once you submit the details, the tool will instantly show you:
- Whether you are eligible
- How much loan amount you can get
- Recommended lenders and offers
Step 5: Choose a Lender and Proceed
If you find a suitable offer, you can apply directly through BigMudra. The platform will guide you through the next steps like document submission, verification, and approval
What Affects Your Loan Eligibility?
While using the BigMudra eligibility checker is simple, it helps to know the factors that impact the result:
- Credit Score: A score of 750 or above is considered good. A higher score usually means better chances and lower interest rates.
- Income Level: Lenders check whether you have enough income to repay the loan. Usually, your EMI should not exceed 40–50% of your monthly income.
- Employment Type: Salaried individuals with stable jobs often have better chances than freelancers or self-employed applicants. But don’t worry, BigMudra considers all types of income.
- Existing Loans or EMIs: If you already have loans running, it may reduce your eligibility.
- Loan Tenure and Amount: The more you want to borrow or the shorter the tenure, the higher your EMI will be. This affects eligibility too.
A Quick Example
Let’s say Rahul is a 30-year-old salaried employee in Bangalore earning ₹45,000/month. He wants to check if he’s eligible for a personal loan of ₹2 lakhs.
He goes to BigMudra and uses their online loan eligibility tool. Within 2 minutes, he finds that he is eligible for a ₹2.5 lakh loan at 11.5% interest from a leading NBFC with a 3-year tenure. He can now apply with confidence and avoid unnecessary rejections.
Some Interesting Facts and Stats
- According to RBI data, digital lending in India has grown over 12 times in the last 5 years. More people now prefer checking eligibility online before applying.
- Over 70% of loan rejections happen because applicants don’t meet the basic eligibility criteria.
- A survey by TransUnion CIBIL found that 1 in 3 borrowers didn’t know their credit score when applying for a loan.
Using tools like BigMudra not only makes the process simple but also educates users about their credit profile.
Final Thoughts
In today’s fast-moving world, nobody wants to waste time running to banks or filling out long forms. If you want a quick, safe, and accurate way to check loan eligibility, BigMudra is the perfect platform for you.
Its online loan eligibility tool gives you instant insights so you can apply smartly, save time, and make confident financial decisions.
Whether you’re looking for a personal loan, business loan, or home loan, check your BigMudra eligibility today and take the first step toward securing the funds you need.
