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Enter eligibility details
Adjust income, obligations, rate, tenure, and FOIR to estimate loan eligibility instantly.
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₹10000₹1000000
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₹0₹500000
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Estimate loan eligibility using monthly income, existing EMI obligations, interest rate, tenure, and allowed EMI percentage.
Calculator
Adjust income, obligations, rate, tenure, and FOIR to estimate loan eligibility instantly.
Eligibility
Understand how available EMI capacity is converted into an estimated loan amount.
Based on your income and FOIR, the allowed EMI is ₹50,000. After considering existing EMI of ₹15,000, the available EMI capacity is ₹35,000. That EMI is converted into an estimated eligible loan amount using the reverse EMI formula.
How income, existing EMI, and tenure affect eligibility.
| Metric | Value | Description |
|---|---|---|
| Allowed EMI | ₹50,000 | Maximum EMI based on income and FOIR. |
| Existing EMI | ₹15,000 | Monthly obligations considered before eligibility. |
| Available EMI Capacity | ₹35,000 | Remaining monthly capacity for a new loan. |
| Tenure | 20 years | 240 total monthly installments. |
Formula
Eligible EMI is estimated first, then converted into principal with the reverse EMI formula.
Reverse EMI formula
P = EMI x ((1 + r)^n - 1) / (r x (1 + r)^n)
Eligible EMI equals monthly income multiplied by FOIR percentage minus existing monthly EMI. If existing EMI is greater than the allowed EMI, eligibility is safely shown as zero.
In the reverse EMI formula, r is monthly interest rate and n is the total number of monthly installments.
FAQ
Clear answers for common loan eligibility calculation questions.
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