Loan Approval Calculator
Calculate your loan eligibility, monthly payments, and total interest with our comprehensive calculator. Determine your chances of loan approval based on income, credit score, and other financial factors.
Step 1: Loan Details
Understanding Loan Terms
Shorter loan terms typically have lower interest rates but higher monthly payments. Longer terms reduce monthly payments but increase total interest paid over the life of the loan.
Step 2: Financial Information
About Credit Scores
Credit scores range from 300-850. Scores above 700 are generally considered good and may qualify you for better interest rates. Lenders use credit scores to assess your creditworthiness.
Loan Approval Results
Estimated Monthly Payment
Loan Term Comparison
| Loan Term | Monthly Payment | Total Interest | Total Repayment |
|---|
Amortization Schedule (First 12 Months)
| Month | Payment | Principal | Interest | Balance |
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Loan Payment Formula
Monthly Payment = P × (r(1+r)^n) / ((1+r)^n – 1)
Where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (loan term in years × 12).
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