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This calculator gives an estimate only. It is not a loan offer or approval. Your actual eligibility depends on the lender’s policy, your credit score, employer, age, income proof and other factors. Credway.in is not a lender and does not offer loans directly. We are a loan assistance platform that connects borrowers with banks, NBFCs and verified DSAs. We do not charge any fee from customers, and we do not guarantee approval.
What is loan eligibility?
Loan eligibility is the maximum amount a bank or NBFC is willing to lend you. Lenders check whether your income can comfortably cover the new EMI along with your existing loans. This calculator estimates that amount so you can plan before you apply.
How loan eligibility is calculated
Most lenders use a rule called FOIR (Fixed Obligation to Income Ratio). It is the share of your monthly income that can go towards EMIs.
Maximum new EMI = (Monthly income × FOIR) − Existing EMIs
The calculator then works out the loan amount that this EMI can repay over your chosen tenure and interest rate. A longer tenure or a lower rate increases the amount, and higher existing EMIs reduce it.
| Example | Value |
|---|---|
| Monthly income | ₹60,000 |
| Existing EMIs | ₹10,000 |
| FOIR | 50% |
| Maximum new EMI | ₹20,000 |
| Personal loan at 14% for 5 years | About ₹8.6 lakh |
Factors that affect your eligibility
- Income: Higher and more stable income increases your limit.
- Existing loans and credit card dues: These reduce the EMI you can add.
- Credit score: A higher score, commonly 750 or above, helps you get approval and a better rate. Each lender has its own cut-off.
- Employer or business profile: Salaried people in well-known companies or government jobs are often treated more favourably.
- Age and work experience: Lenders look at your years of service and how long you have until retirement.
- Tenure and interest rate: These decide how big a loan your EMI can support.
- Property value (secured loans): For home loans and loans against property, the loan is also limited by the value of the property.
How to increase your loan eligibility
- Close small loans and clear credit card dues before applying.
- Add a co-applicant with a steady income, such as a spouse.
- Choose a longer tenure, if you are comfortable paying more total interest.
- Check your credit report and fix any mistakes before you apply.
- Avoid applying to many lenders at the same time, because each application can leave a credit enquiry.
- Keep your income proof ready: salary slips, bank statements and Form 16 or ITR.
Documents commonly needed
- Identity and address proof
- PAN card
- Last 3 to 6 months’ salary slips and bank statements (salaried)
- Last 2 to 3 years’ ITR and business proof (self-employed)
The exact list differs by lender and loan type.
Frequently asked questions
How much loan can I get on my salary?
It depends on your take-home pay, existing EMIs, the lender’s FOIR limit, the interest rate and the tenure. Enter your numbers in the calculator above for an estimate.
What is FOIR?
FOIR is the percentage of your monthly income that lenders allow for all EMIs together. Many lenders use a limit of around 40 to 60 percent, depending on your income and profile.
Does this calculator guarantee my loan?
No. It gives an estimate. Approval and final terms are decided by the bank or NBFC after checking your documents and credit report.
Does checking eligibility here affect my credit score?
No. This calculator does not check your credit report, so it has no effect on your credit score.
Which loan type has the highest eligibility amount?
Home loans and loans against property usually allow larger amounts and longer tenures, because they are secured by property. Personal loans are unsecured and usually have shorter tenures and higher rates.
Can I add my spouse’s income?
Many lenders allow a co-applicant. Their income is usually added, but their existing EMIs are also counted. Try the calculator with the combined figures.
Related: EMI calculator · Personal loan guide · How Credway works