Loan Eligibility Calculator – Check Your Loan Eligibility Instantly
Loan Eligibility Calculator, Loan Calculator Interface, Check Loan Eligibility, Personal Loan Calculator, Home Loan Calculator, Car Loan Calculator, Online Loan Tool, EMI Calculator, Loan Amount Estimator, Finance Tool, Borrowing Calculator
Loan Eligibility Calculator
How this calculator works (simple explanation)
You enter monthly salary, other income, monthly expenses, and existing EMI obligations.
The calculator finds two limits:
- Available cash after existing EMIs and expenses.
- Bank limit based on a percentage (default 50%) of monthly income.
It uses the lower of those two as the monthly EMI you can safely pay.
It inverts the EMI formula to compute the maximum principal (loan amount) you can get for the chosen interest rate and tenure.
Formula used to get loan from EMI:
P = EMI × (1 − (1 + r)^−N) / r
where r = monthly interest rate, N = number of months.
Description
Loan Eligibility Calculator estimates the maximum loan amount you can borrow based on your monthly income, expenses, existing EMIs, chosen interest rate and tenure. It uses a conservative approach by taking the lower of your real disposable cash and a bank-style EMI percentage (default 50% of net income). The tool then converts the allowed EMI into the maximum loan principal using the standard loan formula. This free, mobile-friendly calculator helps salaried and self-employed users quickly check eligibility for home, car, personal and education loans. Use it to plan loan tenure, compare bank offers, or prepare documents before applying.
Pros & Cons
Pros
Fast, client-side tool — no server needed.
Practical: considers existing EMIs & expenses.
Computes maximum loan using the standard inverted-EMI formula.
Mobile-friendly and easy to embed in Blogger.
Cons
Simplified model — actual bank decisions also use credit score, age, employment history, taxes, processing fees.
Assumes stable monthly income; irregular incomes require conservative adjustment.
Does not include one-time fees, taxes, insurance, prepayment charges.
FAQs
Is this estimate exact?
No — it’s an estimate. Banks apply additional checks (CIBIL, age, job tenure). Consider this a fast pre-check.
What % of income do banks usually allow for EMIs?
Many banks allow 40%–60% of net monthly income, depending on profile. We default to 50% as conservative.
Can I increase eligibility by lengthening tenure?
Yes — longer tenure lowers EMI and increases eligible principal, but increases total interest paid.
Should I include bonuses and annual income?
If bonuses are regular and reliable, include a conservative monthly average in "Other Monthly Income". Don’t include one-off bonuses.
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