Eligibility & EMI
Understand Your Loan Qualification Before Applying
A stronger loan file starts with income fitment, credit history, existing EMI review and complete documents.
Common eligibility factors
- Stable income and repayment capacity
- Good CIBIL score, usually 700+ preferred
- Low existing EMI obligations
- Valid KYC, address and income documents
- Clean banking conduct and timely repayment history
CIBIL score considerations
A high score can improve approval chances. Delays, settlements, high credit utilisation and frequent enquiries may affect lender decisions.
EMI calculation guide
This website uses only HTML and CSS, so live calculation is not included. Use the formula below or contact MK Loans for a manual EMI estimate.
Formula
EMI = P × R × (1 + R)^N / ((1 + R)^N - 1)
P = Loan amount, R = monthly interest rate, N = tenure in months.
Ask for EMI Estimate| Example | Loan amount | Rate | Tenure | Approx. EMI |
|---|---|---|---|---|
| Home loan | ₹30,00,000 | 8.50% | 20 years | ₹26,035 |
| Personal loan | ₹5,00,000 | 13.00% | 5 years | ₹11,377 |
| Business loan | ₹10,00,000 | 15.00% | 4 years | ₹27,831 |
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