Loan Eligibility Calculator – Check Your Loan Eligibility Instantly with CalculateYou.com

Getting a loan is a crucial financial decision, whether for buying a home, car, or funding a business. But how much loan can you actually qualify for? The Loan Eligibility Calculator on CalculateYou.com helps you determine your borrowing capacity based on your income, expenses, and financial commitments.

What is a Loan Eligibility Calculator?

A Loan Eligibility Calculator estimates the maximum loan amount you can qualify for by considering your monthly income, existing EMIs, and debt-to-income ratio. It helps you make an informed decision before applying for a loan.

Why Use a Loan Eligibility Calculator?

✅ Get an accurate loan estimate based on income ✅ Compare different loan options before applying ✅ Improve approval chances by understanding loan eligibility ✅ Plan your repayment capacity effectively

How to Calculate Loan Eligibility Step by Step

Follow these simple steps to calculate your loan eligibility using CalculateYou.com.

Step 1: Visit CalculateYou.com

Go to CalculateYou.com and open the Loan Eligibility Calculator tool.

Step 2: Enter the Required Details

Provide the following inputs:

• Monthly Income (₹) – Your total income before deductions.

• Existing EMIs (₹) – Any ongoing loan payments.

• Loan Tenure (Years) – The repayment period for the loan.

• Interest Rate (%) – Expected annual interest rate.

Step 3: Click Calculate

Press the Calculate button to get:

• Maximum Loan Amount You Qualify For

• EMI You Can Afford

• Total Loan Repayment Amount

Loan Eligibility Calculation Formula

The formula used to determine loan eligibility follows the Fixed Obligation to Income Ratio (FOIR) method, commonly used by banks.

Formula:

LoanEligibility=(Income−ExistingEMIs)×FOIREMIperLakhLoan Eligibility = \frac{(Income – Existing EMIs) \times FOIR}{EMI per Lakh} Where:

• FOIR = Generally 40-50% of your income (varies by lender)

• EMI per Lakh = EMI for ₹1,00,000 loan at given tenure & interest rate

Example Calculation

Assume:

• Monthly Income = ₹75,000

• Existing EMIs = ₹10,000

• FOIR = 50%

• EMI per Lakh (for 8% interest, 20 years tenure) = ₹836

LoanEligibility=(75,000−10,000)×50%836Loan Eligibility = \frac{(75,000 – 10,000) \times 50\%}{836} LoanEligibility=32,500836Loan Eligibility = \frac{32,500}{836} LoanEligibility≈₹38.9LakhsLoan Eligibility ≈ ₹38.9 Lakhs

This means, based on an income of ₹75,000 with existing EMIs of ₹10,000, you may qualify for a loan of approximately ₹38.9 Lakhs.

Additional Features of CalculateYou.com

Apart from the Loan Eligibility Calculator, CalculateYou.com also provides:

• EMI & Interest Rate Calculator

• Home & Car Loan Affordability Tools

• Investment & FD/RD Calculator

• Tax & GST Calculators

Conclusion

Knowing your loan eligibility in advance can improve your chances of approval and help you plan your finances better. Use the Loan Eligibility Calculator on CalculateYou.com to check how much you can borrow instantly.

Plan smarter, borrow wisely with CalculateYou.com today! 💰🏡🚗