1. What is MCB Personal Loan Eligibility?

The MCB Personal Loan Eligibility calculator helps you determine the maximum loan amount you can afford based on your monthly payment capacity, interest rate, and loan term. This follows the standard loan amortization formula used by Mauritius Commercial Bank (MCB).

2. How Does the Calculator Work?

The calculator uses the loan eligibility formula:

Where:

• \( P \) — Maximum loan amount (MUR)
• \( PMT \) — Affordable monthly payment (MUR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (term in years × 12)

Explanation: The formula calculates the present value of a series of future payments (PMT) discounted at the monthly interest rate (r).

3. Importance of Loan Eligibility Calculation

Details: Knowing your maximum eligible loan amount helps in financial planning and ensures you don't overextend your monthly budget when taking a personal loan.

4. Using the Calculator

Tips: Enter your comfortable monthly payment amount, the annual interest rate offered by MCB, and your preferred loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for MCB personal loans?
A: Interest rates vary but typically range between 8% to 15% per annum depending on your credit profile and loan amount.

Q2: What is the maximum term for MCB personal loans?
A: MCB usually offers personal loans with terms up to 7 years (84 months).

Q3: Does this calculation include processing fees?
A: No, this calculation doesn't account for any processing fees or other charges that may apply to your loan.

Q4: How accurate is this calculator?
A: This provides an estimate based on the standard formula. Actual loan amounts may vary based on MCB's credit assessment.

Q5: Can I use this for other types of loans?
A: While the formula is standard, specific loan products may have different eligibility criteria or additional factors.