Swipe Right
The minimum salary is the lowest monthly income needed to qualify for the loan. It can differ between lenders.
The monthly salary is a crucial indicator for lenders to verify a borrower’s financial capacity to repay the loan.
A higher minimum salary, along with low existing financial obligations, can improve loan eligibility and lead to higher loan amounts and lower interest rates.
Several factors such as age, credit score, Debt-to-Income ratio, and employment history impact loan eligibility.
At SMFG India Credit, Delhi/Mumbai residents need a minimum salary of INR 25,000. For other cities, the minimum salary is INR 20,000.
Your minimum annual turnover or yearly profit after taxes is considered, depending on the nature of the industry or the domain of work.
Documents such as salary slips or Form 16 (for the salaried) and balance sheet and profit and loss account (for the self-employed) are required.
At SMFG India Credit, eligible applicants can benefit from flexible repayment tenures and interest rates as low as 13%* per annum.
* Please note that this webstory is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us