Car Loan Eligibility Calculator
Based on your gross monthly income and existing financial obligations, estimate the maximum car loan amount Indian banks will likely approve for you.
Your Financial Details
Most lenders allow 40-55%. Lower means stricter, higher means more lenient.
Estimated Max Loan Eligibility
₹16,86,068
at 9% for 5 years
Max Monthly EMI
₹35,000
you can pay
Max Car Price
₹19,83,609
~15% down assumed
Income Used
50% FOIR
Fixed Obligation Ratio
What is FOIR?
FOIR (Fixed Obligation to Income Ratio) is the percentage of your gross monthly income that banks allow to be used for all EMI obligations. If FOIR is 50% and you earn ₹80,000/month, your total monthly EMIs (existing + new) cannot exceed ₹40,000.
Loan eligibility estimates are indicative only. Actual approval depends on your credit score, lender policies, and documentation.
Factors That Affect Car Loan Eligibility
- Credit Score (CIBIL): A score above 750 unlocks better rates and higher loan amounts.
- Monthly Income: Higher income = higher FOIR-based loan eligibility.
- Existing EMIs: More obligations reduce the available loan ceiling.
- Employment Type: Salaried individuals often get more favourable terms than self-employed.
- Vehicle Type: Banks may have different LTV (Loan-to-Value) ratios for different car categories.