Loan Eligibility Calculator

Wondering how much loan you can afford? Our free Loan Eligibility Calculator tells you the maximum loan amount you can take based on your desired monthly EMI, interest rate, and tenure. Perfect for planning home loans, car loans, and personal loans.

How Does It Work?

Enter the EMI you are comfortable paying each month, the annual interest rate offered by your bank, and the loan tenure in months. The calculator instantly shows the maximum loan amount you are eligible for.

Formula

Maximum loan amount from your EMI:

Loan = EMI × [(1+r)ⁿ − 1] / (r × (1+r)ⁿ)

EMI = Desired monthly payment
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Tenure in months

Example

Desired EMI: ₹15,000, Rate: 10% per year, Tenure: 60 months:
r = 10/12/100 = 0.00833
Max Loan ≈ ₹7,06,400

Frequently Asked Questions

How much EMI can I afford?: A common rule of thumb is that your total EMIs should not exceed 40–50% of your monthly take-home income to maintain a healthy financial balance.
Does a longer tenure mean more loan?: Yes. A longer tenure lowers your monthly EMI burden, allowing you to borrow more for the same EMI. However, you pay more total interest over the life of the loan.
How can I increase my loan eligibility?: You can increase eligibility by adding a co-applicant, improving your credit score, reducing existing debts, or choosing a longer repayment tenure.