FOIR stands for Fixed Obligation to Income Ratio, a measure used by lenders to assess an individual's ability to repay a loan. FOIR is calculated by dividing the total fixed obligations of an individual by their gross monthly income. Lenders use FOIR to determine the maximum amount of loan that can be sanctioned to an individual based on their income and existing obligations. A lower FOIR indicates a lower financial burden on the individual and a higher likelihood of loan approval. For example, if an individual has fixed obligations of $10,000 per month and a gross monthly income of $50,000, their FOIR would be 20%.

CARS24 Interview Questions: What is FOIR ?

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What is FOIR ?

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FOIR stands for Fixed Obligation to Income Ratio, a measure used by lenders to assess an individual's ability to repay a loan.

FOIR is calculated by dividing the total fixed obligations of an individua...read more

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