Loan Eligibility Checker
This tool helps you estimate the approximate loan amount you may be eligible for based on your monthly income and current financial obligations. Lenders typically use a metric called the Fixed Obligation to Income Ratio (FOIR) to determine your repayment capacity. A lower FOIR increases your eligibility for a new loan.
Enter Your Financial Details
Estimated Loan Eligibility
$0.00
This is an approximate amount. The final eligibility will be determined by the lender based on their complete assessment, including your credit score and other factors.
How to Improve Your Loan Eligibility
- Pay Off Existing Debts: Clearing existing loans or credit card dues reduces your total monthly obligations, thereby lowering your FOIR.
- Increase Your Income: If possible, including additional sources of income (like rental income or bonuses) can increase your eligibility.
- Improve Your Credit Score: A high credit score (e.g., above 750) signifies financial discipline and can lead to better loan offers and higher eligibility.
- Add a Co-Applicant: Applying for a joint loan with a creditworthy co-applicant (like a spouse or parent) combines incomes and can significantly boost eligibility.