📖 Official User Guide
Loan Eligibility Calculator — Find Out Exactly How Much Loan You Can Get — Step-by-Step Guide
Find out how much you can borrow for your dream home or car by understanding bank eligibility criteria.
How Banks Calculate Your Eligibility
Banks use various factors to determine if you can afford a loan. The most critical one is your FOIR (Fixed Obligation to Income Ratio) . Most banks require that your total EMIs (including the new one) should not exceed 40–50% of your net monthly income.
Key Factors
- Monthly Income: Higher income usually means higher eligibility.
- Existing Liabilities: Other active loans reduce your borrowing power.
- Age: Younger applicants get longer tenures, increasing eligibility.
- Employment Type: Salaried employees often get slightly better terms than self-employed.
How to Use the Calculator
- Select Loan Type: Choose between Home, Personal, or Car Loan.
- Enter Monthly Income: Use your net (in-hand) salary after taxes.
- Add Existing EMIs: Include any current credit card, car, or personal loan payments.
- Set Interest Rate: Use the current market rate (e.g., 8.5% for Home Loans).
- Review Bank-Wise Comparison: See approximate eligibility across major Indian banks.
Frequently Asked Questions
How much home loan can I get on ₹50,000 salary?
On a ₹50,000 monthly salary with no existing EMIs, you can typically get a home loan of ₹35–40 lakhs for a 20-year tenure at 8.5% interest.
Does my credit score matter?
Yes! A high credit score (750+) can help you get a higher loan amount and potentially lower interest rates. This calculator assumes a standard profile.