Loan Eligibility Calculator

Your maximum affordable EMI stays the same regardless of loan type, since it is based purely on your income and FOIR limit. What changes is the tenure and interest rate each loan type typically allows. A home loan stretches the same EMI over 20 years at a lower rate, so it supports a much larger loan amount. A personal loan is usually capped at 5 years at a higher rate, so the same EMI capacity supports a much smaller loan. This is why personal loan eligibility often looks disappointing compared to home loan eligibility, even though your income has not changed.

Lenders generally apply a more conservative FOIR to self-employed applicants because business income is considered less predictable than a fixed salary, and can fluctuate year to year based on business performance. This calculator reduces the FOIR by 10 percentage points for self-employed applicants as a general approximation. Actual lender policy varies, and some lenders average your last 2-3 years of ITR income rather than using the most recent year alone.

Most Indian lenders use a FOIR between 40% and 60%, with the exact figure depending on your income level, credit score, and the lender's internal risk policy. Higher-income applicants sometimes get a higher FOIR allowance since a larger absolute buffer remains after obligations. This calculator defaults to 50% as a reasonable middle estimate, but you should adjust the slider if you know your specific lender uses a different figure.

A strong credit score, typically 750 or above, does not usually change the loan amount formula itself, but it significantly improves the interest rate you are offered. A lower interest rate means the same EMI capacity stretches further, which practically does raise your eligible loan amount even though the underlying FOIR calculation stays the same. A poor credit score can also cause a lender to apply a more conservative FOIR or reject the application outright, regardless of income.

Yes, applying jointly with a co-applicant, typically a spouse or parent with a stable income, combines both incomes for eligibility purposes across all three loan types shown here. This is one of the most effective ways to increase eligibility without changing anything else about your financial profile, and is particularly common for home loans given the larger amounts typically involved.

Personal loans are unsecured, meaning the lender has no collateral to recover if you default, unlike a home loan (secured by the property) or car loan (secured by the vehicle). To compensate for this higher risk, personal loans carry a shorter maximum tenure and a higher interest rate. Both factors reduce how much loan the same monthly EMI capacity can support, which is why personal loan eligibility typically comes out lowest among the three, even for the same income and FOIR.

Lenders typically do count your credit card minimum due, or sometimes a notional percentage of your outstanding balance, as part of your existing monthly obligations when calculating FOIR. If you are carrying a large revolving credit card balance, include a reasonable monthly obligation estimate in the 'Existing Monthly EMIs' field here, even if you are only paying the minimum due, since lenders generally do not ignore it.

Car loan tenure is usually capped around 7 years by most Indian lenders, shorter than a home loan's 20-30 year range, since cars depreciate faster than property and lenders want the loan repaid well before the vehicle's resale value drops too far. A shorter maximum tenure directly limits how much loan the same EMI capacity supports compared to a home loan, which is one reason car loan eligibility sits between personal loan and home loan eligibility in most cases.

This calculator gives a reasonable estimate using standard FOIR logic and illustrative rate/tenure assumptions for each loan type, but actual bank approval also factors in your credit score, employment stability, existing relationship with the lender, property or vehicle valuation for secured loans, and the lender's specific internal policy, which can vary meaningfully from one bank to another. Treat this as a planning estimate before you approach a lender, not a guaranteed approval amount.

Eligibility is a ceiling set by the lender's risk policy, not a recommendation for how much you should actually borrow. Taking the maximum eligible amount often leaves little room in your monthly budget for savings, emergencies, or other financial goals. A more conservative approach — borrowing meaningfully below your maximum eligibility — gives you breathing room and reduces financial stress if your income changes or an unexpected expense arises.

Existing EMIs are subtracted from your total FOIR-based obligation capacity before the remaining capacity is split across the three loan type calculations, so an increase in existing EMI reduces your maximum affordable EMI first, and that reduction then flows through proportionally into all three loan amounts shown. This reflects how lenders actually assess it: your existing obligations are deducted once from your overall capacity, not separately for each loan type you might apply for.