Loan Eligibility Calculator
Find out how much loan you can qualify for.
finance
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Ready when you are
Adjust the inputs on the left to see your eligible loan amount.
Introduction to the Loan Eligibility Calculator
The Loan Eligibility Calculator is a free online tool that finds the maximum loan you can get from Indian banks based on your salary and EMI affordability. The core rule is FOIR limit, where Fixed Obligation to Income Ratio = (Existing EMIs + New EMI) / Net Monthly Income must stay below 40-50 percent.
Indian salaried employees, self-employed professionals and business owners use this loan eligibility tool before applying to SBI, HDFC, ICICI, Axis or Bajaj Finserv. Whether you plan a Rs 50 lakh home loan in Mumbai, a Rs 5 lakh personal loan in Delhi or a Rs 10 lakh car loan in Bengaluru, banks check the same FOIR and credit score basics. Related concepts like CIBIL score, NMI, LTV ratio and tenure all sit alongside this eligibility number.
Inputs are net monthly income, existing EMIs, loan type, interest rate and tenure. Outputs are maximum loan amount, recommended EMI and the buffer before FOIR breaches.
Who Should Use This Loan Eligibility Calculator
- First time home buyers in Mumbai checking eligibility before booking a Rs 1.2 crore flat in Thane.
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- Working professionals in Bengaluru planning Rs 8-12 lakh personal loans for higher education abroad.
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- Self employed Pune shop owners exploring MSME loans against business turnover under PMMY.
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- Salaried Delhi parents buying a second car worth Rs 15 lakh on EMI through dealer finance.
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- Newly married couples in Chennai consolidating credit card debt of Rs 3-5 lakh into a single loan.
Tips for Higher Loan Eligibility
Smart Loan Eligibility Tips
- Keep total existing EMIs under 30 percent of NMI before applying, since banks reject most loans crossing 50 percent FOIR.
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- CIBIL score above 750 unlocks the best interest rates; check your score free monthly on official CIBIL or Paisabazaar.
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- Add a co-applicant with regular salary; banks club both incomes and your eligibility often rises by 50-70 percent.
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- Pay off small credit card dues and personal loans worth Rs 50,000-1,00,000 before applying for a bigger home loan.
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- Choose a 25-30 year home loan tenure to maximise eligibility, even if you plan to prepay in 12-15 years using bonuses.
Formula Explanation
Core Loan Eligibility Formula
Max EMI = (Net Monthly Income x FOIR Percent) - Existing EMIs Max Loan = Max EMI x [(1 + r)^n - 1] / [r x (1 + r)^n] Where r = monthly interest rate (annual / 12), n = total months
FOIR varies by bank: 40 percent typical, 50 percent for high earners, 55 percent for super prime.
Where:
- NMI = take-home salary after tax and PF
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- FOIR = Fixed Obligation to Income Ratio cap set by lender
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- Existing EMIs = car, personal, education or credit card minimums
Example: NMI Rs 1,00,000, FOIR 45 percent, existing EMI Rs 10,000. Max new EMI = Rs 35,000. At 8.5 percent for 240 months, max home loan = Rs 40.4 lakh.
Loan Eligibility Quick Reference Table
| Net Monthly Salary (Rs) | Max EMI 45 FOIR (Rs) | Home Loan @ 8.5% 25 yr (Rs) | Personal Loan @ 11% 5 yr (Rs) |
|---|---|---|---|
| 50,000 | 22,500 | 27.8 lakh | 10.4 lakh |
| 75,000 | 33,750 | 41.7 lakh | 15.6 lakh |
| 1,00,000 | 45,000 | 55.6 lakh | 20.8 lakh |
| 1,50,000 | 67,500 | 83.4 lakh | 31.2 lakh |
| 2,00,000 | 90,000 | 1.11 crore | 41.6 lakh |
Real-World Example
Example: Karan's Home Loan Plan
Meet Karan, a 31 year old chartered accountant from Bengaluru earning a take-home of Rs 1,40,000 per month. He pays Rs 12,000 EMI on his existing car loan and wants to buy a Rs 80 lakh flat in Whitefield.
Step 1: Karan's bank FOIR cap is 50 percent. Max total EMI = Rs 70,000. Step 2: After car EMI Rs 12,000, max new home loan EMI = Rs 58,000. Step 3: At 8.4 percent for 25 years, this EMI supports a home loan of Rs 72 lakh.
Result: Karan needs Rs 8 lakh down payment plus Rs 4-5 lakh for stamp duty and registration. He gets pre-approval, makes an offer of Rs 78 lakh, and saves Rs 2 lakh on the negotiated price.
Frequently Asked Questions About Loan Eligibility
Indian borrowers often ask how banks like SBI, HDFC and ICICI compute eligibility, what CIBIL score is needed and how co-applicants affect the loan amount. The answers below cover FOIR, LTV ratio, salaried vs self-employed rules and practical tips for boosting your loan approval chances.
Frequently asked questions
How does the Loan Eligibility Calculator work?
The Loan Eligibility Calculator estimates the maximum loan you can get based on your income, existing EMIs, age, and the bank's FOIR limit (Fixed Obligations to Income Ratio, usually 40-50%). The formula is Eligible EMI = (Income x FOIR) - Existing EMIs, then back-solving for the principal at the bank's rate and tenure.
Is the eligibility figure accurate for Indian banks?
The estimate is close to what SBI, HDFC, ICICI, Axis, and Bajaj Finserv would offer for a salaried applicant with a CIBIL score above 750. Banks may flex the FOIR up to 60% for high-income borrowers or cut it for self-employed applicants. The final sanctioned amount also depends on the property's market value for home loans and your job stability.
What inputs does the calculator need?
Enter your monthly net salary in Rs, total existing EMIs (car loan, personal loan, credit card minimums), your age, and the loan type (home, car, personal, education). Optional fields include co-applicant income and the bank's interest rate. The calculator returns the maximum eligible loan amount and the expected EMI on that amount.
How can I increase my loan eligibility?
Three reliable ways exist: add a co-applicant (spouse or parent with stable income) which can double your eligibility, clear existing personal-loan or credit-card EMIs which reduces fixed obligations, and improve your CIBIL score above 750 which qualifies you for lower interest rates and higher FOIR limits. Longer tenure also raises eligibility by reducing the EMI per Rs lakh.
Is the Loan Eligibility Calculator free to use?
Yes, the Loan Eligibility Calculator is free on AllSmartCalculators with no signup, ads inside the form, or login. It works on any device with a browser. Bookmark it before applying for any major loan, especially before pre-approval shopping with multiple banks where every hard credit pull can drop your CIBIL by 5-10 points.
What other calculators help before applying for a loan?
Pair the Loan Eligibility Calculator with the EMI Calculator (to size the EMI on the eligible amount), the CIBIL Score Estimator (to predict the interest rate), and the Net Worth Calculator (to assess overall financial readiness). The Income Tax Calculator helps factor in loan-related tax deductions under Section 80C, 80E, and 24(b).
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Results from this calculator are estimates for informational use only — not financial, medical, or professional advice. Read our full disclaimer before acting on any number you see here.