About the AI Loan Recommender Engine
What is the AI Loan Recommender Engine?
The cheapest loan is often not the obvious one. This loan recommender compares every loan type that fits your purpose and picks the lowest-rate option you qualify for.
It checks affordability against the 50% FOIR limit most lenders use.
How to use the AI Loan Recommender Engine
- What Is the Loan For? (sample: Personal needs, wedding, travel)
- Amount Needed (₹) (sample: 5,00,000)
- Preferred Tenure (years) (sample: 3)
- Monthly Take-home Income (₹) (sample: 80,000)
- Existing EMIs (₹ a month) (sample: 10,000)
- Credit Score (CIBIL) (sample: 760)
- Gold You Could Pledge (₹ value) (sample: 0)
- FDs You Could Pledge (₹) (sample: 0)
- Own a Property to Mortgage? (sample: No)
- Press Recommend a Loan (results also refresh as you type). The result card shows the Recommended Loan, along with Indicative rate, Estimated EMI, Tenure and Maximum loan you can afford (FOIR 50%).
Formula used
EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]; Max EMI = 50% of income − existing EMIs
- Rate = placed within the indicative range according to your credit score
Worked example
These are the sample values already filled in the calculator above, and the result it returns for them:
| Input | Sample value |
|---|---|
| What Is the Loan For? | Personal needs, wedding, travel |
| Amount Needed (₹) | 5,00,000 |
| Preferred Tenure (years) | 3 |
| Monthly Take-home Income (₹) | 80,000 |
| Existing EMIs (₹ a month) | 10,000 |
| Credit Score (CIBIL) | 760 |
| Gold You Could Pledge (₹ value) | 0 |
| FDs You Could Pledge (₹) | 0 |
| Result | Value |
|---|---|
| Recommended Loan | Personal loan |
| Indicative rate | 12.4% |
| Estimated EMI | ₹16,703 |
| Tenure | 3 years |
| Maximum loan you can afford (FOIR 50%) | ₹8,98,051 |
| Approval outlook | Good |
| Note | Rates are indicative for 2026 and vary by lender; compare offers and check processing fees |
Tips for using the AI Loan Recommender Engine
- Loans against FDs or gold are usually much cheaper than personal loans.
- Check your CIBIL report free once a year and fix errors before applying.