Loan eligibility is the maximum loan amount you can get based on your income, expenses and repayment capacity. Banks usually allow 40–60% of your income for EMI payments.
1. How is loan eligibility calculated?
It is based on your salary, existing EMIs, interest rate and tenure.
2. What percentage of salary can be used for EMI?
Usually 40% to 50% of your monthly income.
3. Can I increase my loan eligibility?
Yes, by reducing existing EMIs or increasing tenure.
4. Does credit score affect eligibility?
Yes, a higher credit score increases chances of approval.
5. Is this result accurate?
It is an estimate. Actual loan depends on bank policies.