How to use Finance Boss's Loan Eligibility Calculator?

This Calculator helps you estimate your eligible loan amount based on your monthly income, existing EMIs, interest rate, and loan tenure.

• Enter your gross monthly income and any other EMIs you are currently paying.
• Adjust the interest rate and loan tenure using the sliders or input fields.
• Finance Boss will instantly calculate your maximum eligible loan amount and the corresponding EMI.
• A dynamic pie chart from Finance Boss shows how much of your income goes toward EMIs vs. how much remains.

Frequently Asked Questions (FAQs)

1. How is my loan eligibility calculated?

   Loan eligibility is calculated based on your gross monthly income, existing EMIs, and the loan tenure. Typically, lenders allow up to 50% of your income to be allocated for EMI payments.

2. Why is the EMI limit capped at 50% of income?

   This is to ensure you have enough disposable income left for your regular expenses. It’s a safety margin followed by most banks to prevent over-borrowing.

3. Can I modify the interest rate and loan tenure?

   Yes. You can use the input boxes or sliders to change the interest rate and loan tenure as per your requirement. The results will be updated instantly.

4. Is this calculator applicable for all loan types?

   Yes, it can be used for personal loans, home loans, auto loans, or any EMI-based loan where eligibility depends on income and obligations.