🏦 Advanced Loan Eligibility Calculator: Check Your Borrowing Capacity
Calculate your loan eligibility across multiple loan types with advanced features: EMI affordability analysis, debt-to-income ratio, credit score impact, and detailed qualification criteria.
Financial Details
Eligibility Results
High Eligibility Probability
Your financial profile indicates a strong chance of loan approval with favorable terms.
Understanding Your Loan Eligibility and Borrowing Power
Before applying for a loan, it is crucial to understand how much loan you can get based on your salary and financial health. Our Advanced Loan Eligibility Calculator uses industry-standard formulas to estimate your borrowing capacity for Home Loans, Car Loans, and Personal Loans in India.
🏠 Home Loan Eligibility
Banks typically fund up to 60 times your monthly net income. Factors like property location, LTV (Loan to Value) ratio, and a credit score of 750+ play a vital role in securing lower interest rates.
🚗 Car Loan Qualification
For auto loans, lenders usually cap the loan amount at 10 to 12 times your annual income. The maximum tenure is generally 7 years, impacting your monthly EMI burden.
👤 Personal Loan Criteria
As an unsecured loan, eligibility depends heavily on your CIBIL score and employment stability. The multiplier is usually 10-18 times your monthly salary.
Key Factors Affecting Loan Approval
Lenders use specific metrics to calculate your loan repayment capacity. Understanding these can help you maximize your eligible amount.
1. Fixed Obligation to Income Ratio (FOIR)
This is the most critical metric. It represents the portion of your income currently used for EMIs. Banks prefer a FOIR of 40-50%. If you are already paying high EMIs, your new loan eligibility will decrease.
2. Credit Score (CIBIL)
A score above 750 indicates high creditworthiness. A high score not only improves approval chances but gives you the power to negotiate lower interest rates.
3. Age and Tenure
Younger applicants can opt for longer tenures (up to 30 years for home loans), which reduces the EMI and increases the total loan eligibility amount.
How to Increase Your Loan Eligibility?
If your calculated amount is lower than your requirement, consider these strategic moves to boost your borrowing power:
- Clear Existing Debts: Close small short-term loans or credit card dues to lower your FOIR.
- Add a Co-applicant: Combine income with a working spouse or parent to drastically increase eligibility.
- Opt for Longer Tenure: Stretching the loan period reduces the monthly EMI, allowing you to borrow more.
- Declare Additional Income: Include rental income, bonuses, or variable pay in your calculation.
Frequently Asked Questions (FAQ)
What is the minimum salary required for a personal loan?
Most major Indian banks require a minimum net monthly income of ₹15,000 to ₹25,000 depending on your city tier (Metro vs. Non-metro).
Does switching jobs affect loan eligibility?
Yes. Frequent job changes usually indicate instability. Banks prefer applicants with at least 2 years of work experience and 6 months in the current organization.
What is the EMI/NMI Ratio?
This is the ratio of your proposed EMI to your Net Monthly Income (NMI). Lenders ensure this ratio stays within safe limits (usually under 50%) to avoid default risks.
How accurate is this loan eligibility calculator?
This tool provides an estimate based on standard banking formulas. Final approval is subject to document verification and specific bank policies.