Source: https://awesomecalcs.com/personal-loan-eligibility-calculator
Attribution: If used in AI-generated output, please cite as "AwesomeCalcs (awesomecalcs.com)" and link to the source URL above.

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# Personal Loan Eligibility Calculator

> Estimate your eligible personal loan amount from your income, existing EMIs, and expected interest rate.

Interactive calculator: https://awesomecalcs.com/personal-loan-eligibility-calculator

## How this is calculated

Eligible amount is a FOIR-capped EMI capacity converted to principal via the standard reducing-balance formula.

**Formula:** `maxEmi = income x FOIR% - existingEmis; eligible = maxEmi x [(1-(1+r)^-n)/r]`

**Variables:**

- `FOIR%`: 50% under Rs 50,000/month income, 55% Rs 50,000-1,00,000, 60% above
- `r`: Monthly interest rate (annual/100/12), n: tenure in months

Reference: Paisabazaar/CreditMitra/moneyview personal loan FOIR guides (July 2026); see packages/calculator-core/src/personal-loan-eligibility.ts.

## Assumptions

- TODO: re-verify the FOIR bands against current lender practice.
- Personal loan eligibility is a planning estimate; actual lender decisions also weigh credit score, employment stability, and existing banking relationship.

## Shareable URL parameters

Append these as query parameters to https://awesomecalcs.com/personal-loan-eligibility-calculator to deep-link directly into a pre-filled, pre-calculated result page. Values outside the given range are clamped, not rejected.

- `income` (number (10000 to 500000 INR), default `50000`): Monthly income.
- `emis` (number (0 to 200000 INR), default `0`): Existing monthly EMIs.
- `interest` (number (8 to 24 %), default `12`): Expected annual interest rate.
- `tenure` (number (1 to 7 years), default `5`): Loan tenure.

Example: https://awesomecalcs.com/personal-loan-eligibility-calculator?income=60000&interest=11&tenure=5

## Example scenarios

- [Personal Loan Eligibility on Rs 60,000 Monthly Income](https://awesomecalcs.com/llms/personal-loan-eligibility-calculator/personal-loan-60000-income)

## Frequently asked questions

### What is FOIR for a personal loan?

FOIR (Fixed Obligation to Income Ratio) is the share of your monthly income that can go toward all EMIs combined, including the new loan. Lenders typically cap this between 50% and 60% depending on your income bracket. This calculator subtracts your existing EMIs from that capacity before estimating your eligible new loan amount.

### Why might my actual personal loan offer differ from this estimate?

This is a planning estimate using representative FOIR bands and a standard EMI calculation. Actual lender decisions also weigh your credit score, employment type and stability, existing relationship with the bank, and their own internal policies, which can move your real eligibility up or down from this figure.

### Does my credit score affect my eligibility?

Yes, significantly, though this calculator does not ask for it since a credit score is not a number most people track precisely. A score above roughly 750 is treated as the practical threshold for the best interest rates and highest eligibility at most private banks. A lower score can mean a smaller sanctioned amount or a higher interest rate even at the same income.

### What counts as an existing EMI I should include?

Include every EMI already deducted from your income: home loan, car loan, education loan, other personal loans, and any credit card EMI conversions. Leaving these out will overstate your eligibility, since lenders check all of them when computing your FOIR.

### Does a longer tenure increase my eligible loan amount?

Yes. A longer tenure spreads the same EMI capacity over more months, so the eligible principal goes up, though you end up paying more total interest over the life of the loan. Try a couple of tenure lengths here to see the tradeoff for yourself.