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50%
Default 50%
FOIR = percentage of your net income lenders allow for all repayments (including new EMI). Common values 30%–60%.
Use lender's advertised rate (approx). Personal loans often higher than secured loans.
Tip: Increase tenure to reduce EMI but check total interest. For home loans prefer longer tenure; for personal loans shorter tenure reduces total interest.
How the Calculator Works (Simple)
We calculate the maximum EMI you can pay = (FOIR% of net monthly income) − existing EMIs. Using your chosen interest rate and tenure we convert that EMI into the equivalent loan amount using standard EMI formula:
EMI = P * r * (1+r)^n / ((1+r)^n - 1) Where: P = principal (loan amount) r = monthly interest rate (annual% / 12 / 100) n = number of months (tenure)
If you entered a desired EMI, the calculator will compute the loan corresponding to that EMI & tenure. For very long tenures or very low rates there are numerical limits — results are rounded to nearest rupee.
Quick tips
- Keep FOIR conservative if job uncertainty exists — choose 35%–45% for safety.
- Improve credit score and reduce credit card utilization to get better rates.
- Remember processing fees and insurance reduce net disbursal; check APR when comparing offers.