Lenders use your salary as a key factor to determine your loan eligibility. A stable income assures lenders of your repayment ability.
For salaried individuals, most lenders in India require a minimum monthly income between ₹15,000 and ₹25,000, depending on the lender and location.
For self-employed individuals, lenders typically expect higher income, often around ₹25,000 or more, to ensure repayment capacity.
Lenders also consider factors like your credit score, job stability, and location when setting salary requirements. Urban areas may have higher salary thresholds.
If your salary falls short, improving your credit score or opting for a lower loan amount can improve your chances of approval.
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