LOAN ELIGIBILITY Calculator
Easily Calculate Your LOAN ELIGIBILITY and Plan Your Finances

Use this loan eligibility calculator by TimesMoney Loan to check the loan amount you are eligible to avail.Just enter your monthly income and your exixting debt or EMI.

₹ 15K
₹ 20L
₹ 0
₹ 12000

Final Loan Amount Eligible

A Loan Eligibility Calculator is a convenient online tool that helps you estimate the loan amount you may qualify for. By entering details such as your monthly income, existing financial obligations, and current EMIs, the calculator uses predefined algorithms to evaluate your eligibility. It provides an estimate based on these inputs, giving you a clearer picture of the loan amount you could potentially receive.

Use this calculator to check your loan eligibility and gain valuable insights into the loan amount you may be eligible to borrow. It helps you understand your borrowing capacity based on your financial details.

Loan Eligibility Criteria

Loan Eligibility Criteria refers to the set of requirements that a borrower must meet to qualify for a loan. Lenders assess these criteria to determine whether the borrower is financially capable of repaying the loan. Common factors include the borrower’s monthly income, credit score, age, employment status, existing debts, and loan tenure. Meeting these criteria increases your chances of loan approval, as it helps the lender evaluate your repayment ability and financial stability. Each lender may have slightly different eligibility criteria based on the type of loan and the risk involved.

How can a Loan Eligibility calculator help you?

A Loan Eligibility Calculator helps you assess your borrowing capacity by evaluating key financial factors such as your monthly income, existing debts, and EMIs. By inputting these details, the calculator estimates the maximum loan amount you are eligible for based on the lender's criteria. This tool helps you plan your finances better, understand your eligibility before applying, and avoid applying for loans you may not qualify for. It gives you a clearer picture of your loan options, helping you make informed decisions about your borrowing needs.

A Loan Eligibility Calculator is a useful online tool that estimates the maximum loan amount you may qualify for based on your financial details. By entering factors such as your monthly income, existing obligations, and EMIs, the calculator helps you understand your borrowing capacity. It provides an estimate of the loan amount you could potentially receive, making it easier for you to plan your finances and make informed decisions before applying for a loan.

How do Loan Eligibility calculators work?

There is a specific formula that Timesmoney uses to compute the Loan Eligibility amount.

M= monthlyIncome * 12 - monthlyEMI * 12, where

  • M is the loan amount
  • monthlyIncome is your monthly income
  • monthlyEMI is your monthly EMI

This is the standardized formula used by any online loan calculator.

FAQs

Key factors include your monthly income, credit score, age, employment type, and existing financial obligations. Lenders also consider your repayment history and overall financial stability.
The maximum loan amount is determined based on your income, repayment capacity, credit history, and the lender's internal policies. Typically, lenders use a Fixed Obligation to Income Ratio (FOIR) to calculate this.
Yes, you can apply for a loan without a credit history, but it may be challenging. Some lenders offer loans to first-time borrowers, though the interest rates might be higher.
Employment type plays a significant role in loan eligibility. Salaried individuals with stable jobs are preferred by lenders, but self-employed individuals can also qualify by providing proof of consistent income.
Choosing a longer loan tenure can increase your eligibility by reducing the EMI burden, but it may result in higher overall interest payments.
If your loan application is rejected, review the reasons provided by the lender. Focus on improving your credit score, reducing existing debts, or increasing your income before reapplying.
Yes, you can improve your eligibility by maintaining a high credit score, reducing existing EMIs, increasing your income, and opting for a co-applicant if needed.
Yes, many lenders offer specialized loans for self-employed individuals. These loans require documentation like income tax returns, bank statements, and proof of business stability.
Commonly required documents include identity proof, address proof, income proof (like salary slips or ITRs), and bank statements. The exact requirements may vary by lender and loan type.
Adding a co-applicant with a stable income and good credit score can boost your loan eligibility and improve your chances of getting a higher loan amount at better terms.