Loan eligibility calculator
With Rs 80,000 monthly income, no other EMIs and a 50% FOIR, you could support an EMI of Rs 40,000, or a 5 year loan of about Rs 18,39,721 at 11%.
Results update as you type. Nothing you enter is stored.
| FOIR | Max EMI | Loan |
|---|---|---|
| 40% | Rs 32,000 | Rs 14,71,777 |
| 45% | Rs 36,000 | Rs 16,55,749 |
| 50% | Rs 40,000 | Rs 18,39,721 |
| 55% | Rs 44,000 | Rs 20,23,693 |
| 60% | Rs 48,000 | Rs 22,07,666 |
FOIR (fixed obligations to income ratio) is set by each lender; these are examples, not any lender's policy.
How it works
Lenders cap the share of your income that can go to all EMIs together, called FOIR (fixed obligations to income ratio). The calculator takes your income times that share, subtracts existing EMIs, and works out the loan that EMI can repay at your rate and tenure. Each lender sets its own FOIR and also looks at credit score and employer.
Formula
Max EMI = income x FOIR - existing EMIs; loan = EMI x ((1 + r)^n - 1) / (r (1 + r)^n)
Frequently asked questions
What is FOIR?
Fixed obligations to income ratio: the share of monthly income a lender allows for all EMIs together.
How can I increase my loan eligibility?
A longer tenure, a co-applicant's income or closing existing loans raises the EMI you can support.
Is this the amount a bank will approve?
No. It is arithmetic on your inputs; the lender's policy decides.
Related
This tool is for information only and is not investment, tax or legal advice. Results depend on the inputs and assumptions you enter; check important figures with the official source or a qualified professional.