About the Loan Eligibility Calculator
What is the Loan Eligibility Calculator?
Lenders decide how much you can borrow mainly from your repayment capacity: all your EMIs, including the new one, must stay within a fixed share of your income called the FOIR (fixed obligations to income ratio), usually 40–60%.
Enter your net monthly income, existing EMIs, the expected rate, tenure and FOIR. This loan eligibility calculator works out the EMI you can afford and converts it into the maximum loan amount, and shows how eligibility changes with tenure.
How to use the Loan Eligibility Calculator
- Monthly Income (₹) (sample: 1,20,000)
- Existing Monthly EMIs (₹) (sample: 15,000)
- Expected Loan Rate (% per year) (sample: 8.5)
- Loan Tenure (Years) (sample: 20)
- FOIR Limit (%) (sample: 50)
- Press Check Eligibility (results also refresh as you type). The result card shows the Eligible Loan Amount, along with Affordable EMI, Maximum EMI Allowed (FOIR) and Existing EMIs.
Formula used
Eligible loan = Affordable EMI × ((1 + r)ⁿ − 1) ÷ (r × (1 + r)ⁿ)
- Affordable EMI = monthly income × FOIR − existing EMIs
- r, n = monthly rate and number of months
Lenders also consider your credit score, age, job stability and, for secured loans, the property value (LTV).
Worked example
These are the sample values already filled in the calculator above, and the result it returns for them:
| Input | Sample value |
|---|---|
| Monthly Income (₹) | 1,20,000 |
| Existing Monthly EMIs (₹) | 15,000 |
| Expected Loan Rate (% per year) | 8.5 |
| Loan Tenure (Years) | 20 |
| FOIR Limit (%) | 50 |
| Result | Value |
|---|---|
| Eligible Loan Amount | ₹51,85,388 |
| Affordable EMI | ₹45,000 |
| Maximum EMI Allowed (FOIR) | ₹60,000 |
| Existing EMIs | ₹15,000 |
Tips for using the Loan Eligibility Calculator
- Closing a small loan before applying frees up FOIR and raises eligibility.
- Adding an earning co-applicant can increase eligibility substantially.
- A longer tenure increases eligibility but also total interest.