What is the minimum income required for a personal loan?
Accepted Answer ✓ Accepted
Minimum income requirements vary by location and lender: Metro cities (Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune): ₹25,000-₹30,000 per month for salaried. Tier-2 cities: ₹15,000-₹20,000 per month. Tier-3 cities/Rural: As low as ₹12,000-₹15,000 per month. Self-employed: Minimum annual income ₹3-5 lakhs, though some lenders require ₹6 lakhs+. NBFCs are generally more flexible than banks. Income includes: Net take-home salary for salaried; Net profit after tax for self-employed. Some lenders consider additional income like rental income, spouse's income (for joint applications), or investment returns. g
Suggested Answers
Minimum income varies by city and lender. In major cities like Delhi or Mumbai, you need at least ₹25,000-30,000 monthly salary. In smaller cities, it can be as low as ₹15,000-20,000. Self-employed individuals typically need annual income of ₹3-5 lakhs or more.
Leave a Reply