So if your monthly net savings is Rs 12,600, the bank assumes that that is the amount available to pay off the EMI. The bank uses the latest interest rate to calculate this. Axis Banks online Personal Loan Eligibility Calculator helps you to understand the maximum loan amount you can avail of depending on your income and. So if your savings per month is Rs 15,000 and you are paying an EMI of Rs 2,400 on your car loan, the bank will arrive at a figure of Rs 12,600 as your net savings.Īfter that, a little backward calculation is done to find out the amount of loan that would result in an EMI equal to the amount that you can save.
If you are already paying some other EMI, that amount will be reduced from the calculated savings. The higher your income, the more you can save, so it is assumed. That means, if your income is Rs 50,000 per month, the bank assumes that you save 30 per cent, that is Rs 15,000 per month. Since savings depend on a variety of factors like income level, lifestyle etc, there is a standard thumb rule of 30 per cent that banks apply to arrive at this number. It will then calculate the amount you save. Bank of India car loan emi calculator helps you to know how much emi per month you have to pay against the loan taken for purchasing. All these details are available in your bank statement. It will calculate your total monthly income by adding up your salary, interest income, rental income, if any etc. What the bank calculates is 'how much you can afford to repay'.Ī bank will start by looking at your income statement (salary slips, tax returns, bank statements). THE amount you can borrow depends on how much you can afford to repay per month in EMIs or Equated Monthly Instalments.
#LOAN QUANTUM CALCULATOR SERIES#
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Results from the use of the calculator are not intended to be a substitute for financial statements and certificates and/or professional advice. The use of the calculator is entirely at the risks of the user. The Bank is not responsible for any reason, for any errors in any outcome resulting from the use of calculator. The Calculator is only a tool that assists the user arrive at results of various illustrative scenarios generated from data input by the user. The Calculator is not intended to provide its user with results that are either certified by the Bank or are an obligation, assurance, warranty, undertaking or commitment of the Bank, under any circumstances. Results generated by the calculator are indicative in nature. With these 5 simple inputs, you can calculate your indicative home loan eligibility. uantum Financial Services our experts arrange loans for residential and commercial property purchases, refinances and construction projects to name a few. Step 5: Select the tenure you want for your new Home Loan Step 4: Specify how much down payment you are prepared to make upfront Step 3: Choose the interest rate of your new home loan Step 2: Please enter your monthly EMI details
For example, if the immovable asset is worth Rs. Citi’s Home Loan Eligibility calculator is designed to help you calculate home loan eligibility based on a few details provided by you in 5 easy steps: For a loan against property, the maximum quantum can be up to 90 of a propertys market price.
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