To determine your borrowing capacity, follow these steps:
1. Enter your monthly income. This includes your salary, any additional income, and consistent inflows.
2. Input your total monthly expenses, such as rent/mortgage payments, bills, groceries, and other regular outgoings.
3. Specify your current total debt. This includes any outstanding loans or credit card balances.
4. Enter the estimated interest rate for the loan. This represents the annual percentage rate (APR) you expect to secure.
5. Indicate the desired loan term in years. Determine the duration over which you plan to repay the loan.
After providing these details, the calculator will display your borrowing capacity. Remember, this figure offers an estimate based on the information provided. It is crucial to consult with a financial advisor or lender for a more accurate assessment and to identify the best loan options for your specific needs.