Flex Salary Online Loan Application - Get Instant Salary Advance and Line of credit loans

How to calculate Household Income?

Household income is the sum of all the incomes (primary & secondary sources) of every earning member of the family. The household shall mean any family unit, which includes husband, wife and any unmarried children.

Income sources:

Consider all the parameters mentioned below while computing household income

a) Primary source of income

Sector of work (Agriculture & allied activities, trading, manufacturing, services, etc.)
Nature of work (Self-employed or salaried, regular or seasonal, etc.)
Frequency of income (daily/ weekly/ monthly) * Income for each period over one year

b) Other sources of income

Remittance
Rent/ Lease
Pension
Government transfer
Scholarship

While assessing household income of all members from all sources, ensure that there is no double counting of income (example: counting of salary income of one migrant member also as remittance income for the household). While the income computation may be done on a monthly basis, the income assessment for all members and sources may be carried out over a period of minimum one year to ascertain the stability of the household income.

Personal Details