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FOIR Calculation: Impact of FOIR on personal loan eligibility and tips to improve it

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FOIR helps lenders assess your repayment capacity by measuring how much of your income goes toward fixed obligations. A lower FOIR increases your loan approval chances, while a higher FOIR may lead to rejection or higher interest rates.
The article from Moneycontrol discusses the Fixed Obligations to Income Ratio (FOIR), a critical metric used by lenders to assess an individual's loan eligibility, particularly for personal loans. FOIR is calculated by dividing an individual's total fixed monthly obligations (like EMIs, rent, and other fixed payments) by their net monthly income. A lower FOIR indicates a better capacity to take on additional debt, thereby increasing loan eligibility. The article explains that lenders typically prefer a FOIR of 40-50% or less, though this can vary. It also provides insights on how FOIR impacts loan approval, with higher ratios potentially leading to loan rejections or higher interest rates due to perceived risk. To improve FOIR, the article suggests strategies like increasing income, reducing existing debts, or opting for longer loan tenures to lower monthly obligations. Additionally, it mentions the importance of maintaining a good credit score and managing finances wisely to enhance loan eligibility.

Read the Full Moneycontrol Article at:
[ https://www.moneycontrol.com/news/business/personal-finance/foir-calculation-impact-of-foir-on-personal-loan-eligibility-and-tips-to-improve-it-12970645.html ]