Question 1

What is FOIR and how does it affect loan eligibility?

Accepted Answer

FOIR (Fixed Obligation to Income Ratio) is the percentage of your income that goes towards loan EMIs. Banks typically allow 40-50% FOIR for salaried individuals. Lower existing EMIs mean higher eligibility for new loans.

Question 2

How can I increase my loan eligibility?

Accepted Answer

You can increase eligibility by: 1) Adding a co-applicant's income, 2) Paying off existing loans, 3) Choosing a longer tenure, 4) Improving credit score, or 5) Showing additional income sources.

Question 3

Does credit score affect loan amount?

Accepted Answer

Yes, a higher credit score (750+) can help you get better interest rates and higher loan amounts. Banks may reduce eligibility by 10-20% for scores below 700.

Loan Eligibility Calculator

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