Loan Eligibility Calculator
Estimate the largest EMI and loan you could afford from your income, existing EMIs and the share of income allowed.
- Affordable new EMI
- —
- Total EMI budget
- —
An estimate only; lenders apply their own criteria and limits.
What is the Loan Eligibility Calculator?
This loan eligibility calculator estimates the largest loan that fits your income. Enter your monthly income, existing EMIs, the share of income a lender allows for EMIs, the rate and the tenure, and it shows the EMI room left and the loan that room can support.
How it works
The total EMI budget is monthly income x the allowed share in per cent / 100. The new EMI you can afford is that budget minus existing EMIs, never below zero. The maximum loan is that EMI divided by the EMI per rupee of loan, which is r x (1 + r)^n / ((1 + r)^n - 1).
How to use it
- Enter your monthly income and your current EMIs.
- Type the share of income you want to allow for EMIs.
- Enter the yearly rate and the tenure in years.
- Read the affordable EMI and the maximum loan.
Loan Eligibility Calculator — FAQ
Is this what the lender will sanction?
Not necessarily. Lenders consider credit history, employment, age and their own rules. This tool is only arithmetic on the figures you enter.
What share of income should I allow?
Enter a share you are comfortable with. The tool does not set a limit, and each lender has its own policy.
Why does a longer tenure raise the loan?
The same EMI supports a bigger loan when spread over more months, though total interest rises as well.