Loan Eligibility Calculator - Free Online Tool | NexUtils
Maximum Loan Eligibility
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Estimated based on 50% FOIR
Max Affordable EMI
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Note
This calculation assumes that banks allow up to 50% of your net monthly income to be used for EMI payments. Actual eligibility may vary based on credit score and bank policies.
How to Check Your Loan Eligibility
Loan Eligibility Calculator
The Loan Eligibility Calculator helps you estimate the maximum loan amount you can borrow based on your current income and existing financial obligations. Lenders use a metric called FOIR (Fixed Obligation to Income Ratio) to determine this.
Key Inputs Required:
- Net Monthly Income: Your take-home salary after all deductions.
- Existing EMIs: The total amount you currently pay towards other loans every month.
- Interest Rate & Tenure: The expected rate of interest and duration for the new loan.
Tips to Improve Loan Eligibility
- Clear Existing Debts: Paying off smaller loans can free up your monthly income, increasing your eligibility.
- Increase Tenure: Opting for a longer repayment period reduces the monthly EMI, potentially allowing for a higher loan amount.
- Add a Co-applicant: Including a working spouse or family member as a co-applicant can combine incomes and boost eligibility significantly.
- Maintain a Good Credit Score: A high credit score (750+) indicates creditworthiness and can help you negotiate better interest rates.