Credit & Loans
Loan Eligibility Calculator
Find out how much loan amount you are eligible for based on your income and profile.
Formula
Eligible = (Income × 50%) / EMI per lakh
Monthly Income, Rate %, Tenure (months)
Results
Enter values above to see results
Eligible = (Income × 50%) / EMI per lakh
Loan eligibility is determined by your monthly income, existing EMIs, and the applicable interest rate. Banks typically allow EMI up to 40-50% of gross monthly income. The loan amount is calculated based on the EMI-to-income ratio.
Monthly income of ₹1,50,000 applying for home loan at 8.5% for 20 years
Input Values
Calculation
Applying the formula with the input values above:
Results
Eligible Loan Amount
₹28,00,000.00
- 1Enter your gross monthly income (before tax deductions).
- 2Input the applicable interest rate for the loan type you are applying for.
- 3Select your preferred loan tenure (longer tenure = higher eligibility).
- 4Note existing EMIs will reduce your eligibility (40-50% of income towards all EMIs).
- 5Banks also consider other income sources, spouse income, and job stability.
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