Formula for calculating Loan Eligibility

Loan Eligibility Amount (in Lakh) = 5०% of monthly income – other EMI/ per lakh EMI What is per lakh EMI? It is a value derived from self designed table from which banks determine how much EMI a person has to pay for getting 1 Lakh loan for specific term and rate of interest. Factors Affecting Loan Eligibility Monthly Income, Loan Tenure, Interest Rate, Other EMIs, Loan to value ratio, Age, Qualification, Credit History, Work Experience, Company, Professional Stability, Family History, Expense Pattern see the video below to understand it in details