Loan eligibility is the assessment process lenders use to determine the maximum amount they can safely lend to an applicant. Key factors include: monthly income, credit score (typically 700+), existing EMI obligations (FOIR — Fixed Obligations to Income Ratio, ideally below 50-60%), age (determines maximum tenure), employment stability, and company profile.
For salaried individuals: net monthly income, employer category, and job stability matter most. For self-employed: ITR filings (last 2-3 years), business turnover, profitability, and banking patterns are evaluated.
Online eligibility calculators provide rough estimates. Final eligibility depends on detailed document verification and the specific lender’s internal policies.
Knowing your eligibility beforehand helps set realistic expectations, compare lenders, and identify ways to increase borrowing capacity before applying.
Nihal Fintech provides free eligibility assessments across multiple lenders, helping clients maximize their borrowing capacity and find the best-fit lender for their profile.
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