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Eligibility on Income only - Self Employed Professional

This calculation is used by banks to determine loan eligibility of Self Employed Professionals (Doctors, Chartered Accountants, Company Secretary, Engineers, Architects, etc.) on basis of income.

(fill the details as per profit & loss statement)

Business 1

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%
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years


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  • Bankers calculate eligibility on the basis of financial statements from Profit and Loss Account and Balance Sheet for latest two years.
  • In respect of SEPs, bankers also consider Gross Receipts / Gross Revenue as the traditional Trading and Profit & Loss Account is not prepared in these cases.
  • Net Profit after Tax (NPAT) + Depreciation + Interest paid (reflected in Profit and Loss Account / Income and Expenditure Statement) is considered for calculation.
  • The above amounts are considered for latest two years and average of both amounts is considered.
  • Further, existing EMI is subtracted from the average cash flows.
  • The Net Average Cash Flows are compared with Fixed Obligation to Income Ratio, commonly called as FOIR.
  • The above calculator shows the loan eligibility based on income and EMI on eligible loan amount.