The Loan Eligibility Calculator estimates how much personal loan you can get based on your monthly income, existing EMIs, rent, and preferred loan tenure. It uses a FOIR (Fixed Obligation to Income Ratio) for personal loans to calculate the maximum EMI you can afford, then computes the eligible loan amount using a standard reducing balance formula. Results are estimates; actual approval is subject to CIBIL check and lending partner’s assessment.
Why Check Eligibility Before Applying?
The Loan Eligibility Calculator gives you a general estimate in seconds, with no registration fee, no CIBIL impact, and no commitment required. Use it to confirm you are eligible and to choose the right loan amount and tenure before you formally apply.
How the Calculator Works
The calculator uses four inputs to estimate your eligible loan amount. Understanding what goes into each field helps you enter accurate numbers and get a realistic result.
Monthly Net Income
Enter your take-home salary after all deductions: provident fund, income tax, professional tax. This is the amount that actually reaches your bank account each month. For self-employed applicants, enter your average monthly bank credits over the last 6 months.
Existing EMIs
Enter the total of all existing monthly loan payments you already make. Include personal loan EMIs, home loan EMIs, vehicle loan EMIs, and credit card minimum payments. Do not include rent here; it has its own field.
Monthly Rent
Enter your monthly rent payment if applicable. The calculator accounts for rent separately because it is a fixed monthly obligation that reduces your available income for a new loan EMI.
Loan Tenure
Select the number of months you want to repay the loan over. A shorter tenure gives a smaller eligible loan amount but costs less in total interest. A longer tenure increases the eligible loan amount but increases total interest paid. Adjust the slider to see how tenure affects your eligibility.
Loan Eligibility Calculator
Check your estimated loan eligibility instantly based on your income and obligations.
Disclaimer: The displayed eligibility is provisional and indicative in nature and does not constitute a loan approval, sanction, or commitment by the lending partners. Final eligibility and loan terms will be determined solely by the respective lending partners based on its internal policies, credit evaluation, and applicable regulatory guidelines. InstaMoney shall not be liable for any difference between the indicative and final eligibility determined by the lending partners.
How to Read Your Result
The calculator shows three pieces of information once you click Check Eligibility:
- Eligible Loan Amount: the maximum loan the system estimates you can afford based on your inputs. This is not a guaranteed approval amount. It is an estimate using standard FOIR guidelines.
- Approximate EMI Considered: the maximum monthly EMI the calculator determined you can comfortably afford after deducting existing obligations from your income.
- Affordability Statement: a plain-language confirmation of what you can safely repay each month.
If the result shows ‘Not Eligible’, your existing EMIs and rent together exceed 70% of your income, leaving no room for a new loan EMI. To become eligible, reduce existing obligations before applying.
What the Calculator Does Not Account For
The calculator provides an estimate based on income and obligations alone. The actual loan amount offered by the NBFC after formal application may differ based on:
- Your CIBIL score: a score below 650 may result in a smaller approved amount than the calculator suggests.
- Your bank statement quality: irregular credits, persistent overdrafts, or unexplained large debits can reduce the approved amount.
- The lending partner’s internal credit assessment model, which may apply additional criteria.
The calculator is a planning tool, not a loan approval guarantee. For the most accurate result, apply through the InstaMoney app where the full eligibility assessment, including your CIBIL check and bank data analysis, is run in 2 minutes.
Eligibility by Salary: Quick Reference
Here are the indicative eligible loan amounts for common salary levels with no existing obligations, at a 6-month tenure and 18% p.a. indicative rate:
|
Monthly Net Salary |
Max Available EMI |
Approx. Eligible Loan (6 months) |
Approx. Eligible Loan (12 months) |
|
Rs. 15,000 |
Rs. 10,500 |
Rs. 59,820 |
Rs. 1,14,529 |
|
Rs. 20,000 |
Rs. 14,000 |
Rs. 79,761 |
Rs. 1,52,705 |
|
Rs. 25,000 |
Rs. 17,500 |
Rs. 99,701 |
Rs. 1,90,881 |
|
Rs. 30,000 |
Rs. 21,000 |
Rs. 1,19,641 |
Rs. 2,29,058 |
|
Rs. 40,000 |
Rs. 28,000 |
Rs. 1,59,521 |
Rs. 3,05,410 |
|
Rs. 50,000 |
Rs. 35,000 |
Rs. 1,99,402 |
Rs. 3,81,763 |
For salary-specific detailed pages with tables showing how obligations reduce your eligibility, see: