Vehicle Loan Eligibility Calculator
Vehicle Loan Eligibility Calculator: free, instant and private. Lenders use the FOIR rule: total EMIs should stay under about half of your monthly income.
How the Vehicle Loan Eligibility Calculator works
The Vehicle Loan Eligibility Calculator takes Monthly income, Existing EMIs (monthly), Interest rate (% p.a.), Tenure (years) and returns the answer instantly — no button to hunt for, no page reload. Lenders use the FOIR rule: total EMIs should stay under about half of your monthly income. Existing loans, credit-card EMIs and a low CIBIL score all cut the amount a bank will actually sanction.
Enter your own numbers to replace the example values; the result panel updates as you type. Everything runs in this single page, so nothing you enter leaves your device.
Formula used
Eligible loan = EMI capacity × ((1 + r)^n − 1) / (r × (1 + r)^n)
| Symbol | Meaning |
|---|---|
| r | monthly rate = annual rate ÷ 12 |
| n | tenure in months |
| EMI capacity | 50% of income minus existing EMIs (FOIR rule) |
Lenders use the FOIR rule: total EMIs should stay under about half of your monthly income. Existing loans, credit-card EMIs and a low CIBIL score all cut the amount a bank will actually sanction.
Inputs used: Monthly income, Existing EMIs (monthly), Interest rate (% p.a.), Tenure (years).
Worked example
Take the default example — monthly income of 60000, existing emis (monthly) of 10000, interest rate (% p.a.) of 9.5, tenure (years) of 5:
- Eligible loan amount: 952,296.55
- Max EMI capacity: 20,000
Frequently asked questions
- What formula does the Vehicle Loan Eligibility Calculator use?
- It uses Eligible loan = EMI capacity × ((1 + r)^n − 1) / (r × (1 + r)^n), where r is the monthly rate = annual rate ÷ 12; n is the tenure in months; EMI capacity is the 50% of income minus existing EMIs (FOIR rule).
- Is the Vehicle Loan Eligibility Calculator free?
- Yes. There is no signup, no usage limit and no watermark — the calculator runs entirely in your browser.
- How do I read the result?
- Lenders use the FOIR rule: total EMIs should stay under about half of your monthly income. Existing loans, credit-card EMIs and a low CIBIL score all cut the amount a bank will actually sanction.
- Does the Vehicle Loan Eligibility Calculator store or send my data?
- No. Every calculation happens locally in the page, so the numbers you type are never uploaded or logged.
- Does it work on a phone and offline?
- Yes — the page is a single lightweight file that adapts to any screen size. Once it has loaded it keeps working without a network connection.