🏦 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.
How to Use the Loan Eligibility Calculator
Our comprehensive Loan Eligibility Calculator helps you understand your borrowing capacity across different loan types. Whether you're planning for a home loan, car loan, or personal loan, this tool provides detailed insights into your eligibility based on multiple financial parameters.
- Select Loan Type: Choose from Home Loan, Car Loan, Personal Loan, or Business Loan. Each loan type has different eligibility criteria and calculation methods.
- Enter Financial Details: Provide your monthly income, existing EMIs, and other financial obligations. Be accurate for the most realistic results.
- Set Loan Preferences: Choose your preferred loan tenure and expected interest rate. Longer tenures reduce EMI but increase total interest.
- Explore Advanced Factors: Click "Advanced Eligibility Factors" to include credit score, employment type, work experience, and other parameters that affect loan approval.
- Check Eligibility: Click "Check Eligibility" to see your maximum loan amount, affordable EMI, debt-to-income ratio, and overall eligibility score.
- View Detailed Analysis: Click "View Detailed Analysis" for a comprehensive breakdown of how each factor affects your eligibility.
- Compare & Improve: Use "Compare Loan Types" to see your eligibility across different loans and "Improve Eligibility" for personalized tips.
Frequently Asked Questions About Loan Eligibility
FOIR (Fixed Obligation to Income Ratio) is a key parameter used by lenders to assess your loan repayment capacity. It represents the percentage of your monthly income that goes towards fixed obligations like existing EMIs, rent, insurance premiums, etc. Most lenders prefer FOIR to be below 50-60% for salaried individuals and 40-50% for self-employed applicants. A lower FOIR indicates better repayment capacity and higher loan eligibility.
Credit score is a critical factor in loan eligibility assessment. It ranges from 300-900, with scores above 750 considered excellent. Higher credit scores can:
- Increase your eligible loan amount by 10-20%
- Help you get lower interest rates
- Speed up the approval process
- Provide access to better loan terms and offers
While our calculator provides a accurate estimate of your loan eligibility based on standard parameters, the actual loan sanction may vary due to:
- Lender-specific policies and risk assessment
- Document verification and income validation
- Property valuation (for home loans)
- Current market conditions and RBI guidelines
- Your relationship with the lending institution
You can improve your loan eligibility through several methods:
- Increase Income: Higher income directly increases borrowing capacity
- Reduce Existing Debt: Pay off credit cards and existing loans
- Improve Credit Score: Pay bills on time, maintain credit utilization below 30%
- Add Co-applicant: Include a earning family member to combine income
- Choose Longer Tenure: Reduces EMI burden, increases eligibility
- Provide Collateral: Secured loans often have higher eligibility limits