Loan Eligibility Calculator
Check how much loan you can get based on your income. Free loan eligibility calculator with EMI affordability analysis.
How to Use
Enter income â Set expenses â Enter rate/tenure â View max loan
FAQ
What is loan eligibility?
Loan eligibility refers to the maximum amount of money a bank or financial institution is willing to lend you. It is determined by assessing your repayment capacity based on your income, expenses, and credit history.
What factors affect loan eligibility?
Key factors include your net monthly income, age, credit score (CIBIL), existing EMIs, nature of employment, employer category, and the tenure of the loan requested.
How can I improve my loan eligibility?
You can improve your eligibility by increasing your loan tenure, adding an earning co-applicant, pre-paying or closing existing loans, declaring additional sources of income, and improving your credit score.
What is FOIR in loan eligibility?
FOIR stands for Fixed Obligation to Income Ratio. It is a metric used by banks to understand what percentage of your income is going towards paying fixed obligations like EMIs. A lower FOIR (usually below 50%) increases your loan eligibility.
How does credit score impact my loan amount?
Your credit score acts as a measure of your creditworthiness. A higher score (750+) not only increases the chances of loan approval and gets you higher loan amounts, but it can also fetch you lower interest rates.
What are the benefits of adding a co-applicant?
Adding a co-applicant (like a spouse or parent) allows their income to be clubbed with yours, significantly increasing your overall loan eligibility. It also helps share the repayment burden and offers joint tax benefits in the case of home loans.
What is the maximum loan tenure I can get?
The maximum tenure depends on the type of loan and your current age. Home loans can go up to 30 years, while personal loans usually max out at 5 years. Banks generally want the loan to be fully repaid before your retirement age (usually 60 years).
What types of income are considered for loan eligibility?
Banks primarily consider your regular net salary or business income. However, they may also consider rental income, interest from FDs, or part-time income if you have consistent proof (like tax returns or bank statements) for a sustained period.