About the Loan eligibility calculator
Lenders limit how much of your income can go to EMIs, a ratio often called FOIR (fixed obligations to income ratio). The loan eligibility calculator turns the EMI that fits under that limit into a loan amount.
How the Loan eligibility calculator works
Loan = EMI × [1 − (1 + i)^(−n)] ÷ i
- EMI
- Income × share for EMIs − existing EMIs
- i
- Annual rate ÷ 12 ÷ 100
- n
- Months
The affordable EMI is the share of net monthly income you allow for all EMIs, less the EMIs you already pay. The loan is the amount that EMI would repay over the term at the rate you enter.
Worked example
- Monthly net income
- ₹1,00,000
- Existing monthly EMIs
- ₹10,000
- Share of income for all EMIs
- 50%
- Annual interest rate
- 9%
- Time period
- 20 years
Example inputs
- Illustrative loan amount
- ₹44,45,798.16
- Affordable monthly EMI
- ₹40,000
- Total interest over the term
- ₹51,54,201.84
Calculated result
Why use a Loan eligibility calculator?
- Get a rough idea of the loan you might qualify for.
- See how clearing an existing loan raises eligibility.
- Check whether a longer term changes what you can borrow.
Loan eligibility calculator FAQs
What share of income do lenders allow for EMIs?
It varies by lender, income level and loan type. The calculator uses the share you enter.
Is this the amount a bank will lend me?
No. Lenders also look at credit score, age, job stability and the property’s value, and they may cap the loan at a share of that value.
How can I improve eligibility?
By repaying existing loans, adding a co-applicant’s income, choosing a longer term or improving your credit record.
Should I borrow the full eligible amount?
Eligibility is a ceiling, not a recommendation. Check the EMI against your own budget and emergencies.