Loan Eligibility Calculator
Loan Eligibility Details
Maximum Loan Amount
1,728,462.60Estimated Monthly EMI
15,000.00Total Payable Amount
3,600,000.00Total Interest Payable
1,871,537.40What is a Loan Eligibility Calculator?
This calculator determines the maximum loan amount you can comfortably borrow based on your current income and existing monthly obligations (like other EMIs). It is based on the Fixed Obligation to Income Ratio (FOIR) used by banks.
How to Use This Calculator
- Enter your net monthly income (after tax).
- Enter the total amount of all your existing monthly EMIs.
- Input the interest rate and expected loan tenure.
- Click Calculate Eligibility to see how much the bank is likely to approve.
Frequently Asked Questions
What is a good FOIR ratio?
Most banks prefer your total monthly EMI obligations (including the new loan) to be under 40% to 50% of your net monthly income.