💨 Abstract

The article discusses the importance of Fixed Obligation to Income Ratio (FOIR) in personal loan approvals. FOIR is a measure of how much of one's monthly income is currently committed to fixed obligations like loan EMIs, credit card bills, and recurring expenses. Lenders use FOIR to determine if an applicant can handle additional debt.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖