1. How do I know if I’m eligible for a loan?
We calculate your loan eligibility based on your income, existing EMIs, and monthly expenses. We then check if the total monthly burden exceeds 50% of your income.
2. Why do you use 50% of income for loan eligibility?
The 50% rule ensures that your monthly EMI payments do not put excessive strain on your finances, leaving enough for essential expenses like rent, food, and utilities.
3. Can I still take a loan if I am not eligible?
While you can apply for the loan, taking a loan beyond your financial capacity may lead to increased financial stress, damaged credit, and difficulty making timely repayments.
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