FREE Loan Eligibility Calculator – Find Out How Much You Can Borrow
Want to know how much loan you qualify for based on your income and expenses? Our FREE Loan Eligibility Calculator helps you estimate the maximum loan amount you can get instantly. Whether you’re applying for a home loan, personal loan, or car loan, this calculator gives you clarity before approaching a lender.
What Is Loan Eligibility?
Loan eligibility refers to the maximum amount a bank or financial institution is likely to lend you based on your income, existing EMIs, interest rate, and tenure. Lenders typically consider that you should not spend more than 50–60% of your income on EMIs.
Why Use Our FREE Loan Eligibility Calculator?
- ✅ Get instant results with no login
- ✅ Easy slider + number inputs
- ✅ Works for any loan type
- ✅ Smart visual breakdown with pie chart
- ✅ Adjust tenure and interest rate live
How to Use the Calculator
- Enter your Monthly Income: Total take-home salary or income
- Add any existing EMIs: Current monthly loan obligations
- Adjust Interest Rate: Use typical rates like 9%–12%
- Select Loan Tenure: Switch between months or years with toggle
- Click Calculate to see your maximum loan eligibility
Formula Used
- Max Eligible EMI = 60% of income – existing EMIs
- Loan Amount = EMI × [(1+r)n – 1] / [r × (1+r)n]
- Where r = monthly interest rate, n = number of months
Example
If you earn ₹50,000/month, pay ₹5,000 EMI, choose 20 years tenure at 10% interest:
- Eligible EMI: ₹25,000
- Eligible Loan: ~₹26.5 Lakhs
Benefits of Checking Eligibility in Advance
- 🏦 Save time when applying for loans
- 💼 Negotiate better with lenders
- 📊 Avoid rejection due to overestimated amounts
Who Should Use This Calculator?
- 🏡 Home Loan Applicants
- 🚗 Car Loan Seekers
- 🧾 Personal Loan Applicants
- 👨💼 Self-employed professionals
FAQs
📌 How much EMI is allowed from income?
Most lenders allow up to 50–60% of your monthly income for EMIs.
📌 Does credit score affect eligibility?
Yes. This calculator doesn’t factor in credit score, but lenders will.
📌 Can I use this for any loan?
Yes. You can estimate eligibility for home, car, personal, education, or business loans.
Other Useful Tools
External Resource
Learn more from BankBazaar’s Loan Eligibility Guide
Conclusion
Use this FREE Loan Eligibility Calculator to plan your finances better and make informed loan decisions. With a quick overview of your eligibility, you can confidently approach any lender and stay one step ahead.
