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Personal Loan on ₹50,000 Monthly Salary
Starting at Lowest Interest Rate
Easy Documentation | Fast Approval | 100% Online Process
Taking out a personal loan is one of the easiest and most common ways to get the money you need quickly. Whether you want to fund your wedding, travel, home renovation, medical emergency, or any other personal expense, a personal loan can help you get the required amount without any collateral or security.
But how much personal loan can i get on 50000 Salary? Answer is, it depends on various factors such as your income, existing obligations, credit score, lender’s criteria, and loan tenure. In this article, we will explain these factors and help you estimate how much personal loan you can get on a 50000 salary.
We optimize every step of your loan journey to ensure that you have the best borrowing experience, right from loan planning with the online EMI calculator to loan application, disbursal, and repayment. In just a few clicks, you can apply and get a high-value, multi-purpose Personal Loan online in India.
How much personal loan you can get on 50000 salary?
The maximum personal loan amount you can get on a 50000 Salary is up to 9,00,000 rupees. But Sometimes loan amount depends on various factors including your creditworthiness, existing obligations and the lender’s policies. Lenders provide personal loan of between 6 and 18 times your monthly salary. Sometime lenders consider 50% salary amount to decide total loan amount you will get. Before apply personal loan keep understand all the terms related to the loan.
Features & Benefits of Personal Loan for Salaried Person
Unsecured loan
Flexible loan amount
Competitive Interest Rate
Flexible Repayment Tenure
Quick and Easy Approval
Multipurpose Loan
A personal loan for a salaried person has many features and benefits that make it an attractive option for borrowing money. Some of them are:
- Unsecured loan: no asset or property needed
- Flexible loan amount: borrow as much as you need and eligible
- Competitive interest rate: lower than credit cards or overdrafts
- Flexible repayment tenure: repay in easy EMIs over 12 to 60 months
- Quick and easy approval: apply online or offline and get money within hours or days
- Multipurpose loan: use for any personal or professional purpose
₹50000 Salary Personal Loan EMI Calculator
You can use this calculator to find out the EMI for a personal loan on 50000 salary. Just enter the loan amount, interest rate, and tenure, and click on the calculate button.
How much Interest Rate on Personal loan of ₹50000 Salary
The interest rate for personal loan upto ₹50000 salary varies from lender to lender and depends on your credit score, income, loan amount, and tenure.
Lender | Interest Rate | Processing Fee | Tenure | Loan Amount | Prepayment/Foreclosure Charge |
HDFC Bank | 10.49% – 21.50% | Up to 2.50% | 12 to 60 months | 50,000 to 40 lakhs | Up to 4% |
ICICI Bank | 10.99% – 22.00% | Up to 2.25% | 12 to 60 months | 50,000 to 25 lakhs | Up to 5% |
Bajaj Finserv | 12.99% – 16.00% | Up to 3.99% | 12 to 60 months | 1 lakh to 25 lakhs | Up to 4% |
Axis Bank | 12.00% – 24.00% | Up to 2.00% | 12 to 60 months | 50,000 to 15 lakhs | Up to 5% |
SBI | 9.60% – 15.65% | Up to 1.50% | 12 to 72 months | 25,000 to 20 lakhs | Up to 3% |
₹50,000 Salary Personal Loan EMI for up to 5 Years
The EMI for a personal loan on 50,000 salary depends on the loan amount, interest rate, and tenure. Assuming an average interest rate of 15% p.a. and a loan amount of 1 lakh rupees, the EMI for different tenures is as follows:
EMI for 1 lakh Rs. Up to 5 Years | |
Tenure | EMI |
1 year | 9,075 |
2 years | 4,849 |
3 years | 3,454 |
4 years | 2,762 |
5 years | 2,353 |
Eligibility Criteria to Get a 50,000 Salary Personal Loan
Qualifying for our Personal Loan is easy. You don’t have to meet a long list of eligibility criteria to get loan approval. This makes the loan easy to avail and process, thus reducing delays that could affect disbursal.
Age
Income
Employment
Credit Score
Eligibility criteria for 50k salary personal loan are:
- Age: 21 to 58 years, varies by lender and employment type.
- Income: Rs. 15,000 to Rs. 25,000 net monthly income, varies by lender and city.
- Employment: Salaried employee of reputed organization, 1 to 2 years work experience, 6 months stay with current employer.
- Credit score: 650 or above, no defaults or delays in previous payments.
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Document Required for ₹50,000 Salary Personal Loan
Qualifying for our Personal Loan is easy. You don’t have to meet a long list of eligibility criteria to get loan approval. This makes the loan easy to avail and process, thus reducing delays that could affect disbursal.
Identity proof
Address proof
Photograph
Income proof
Bank statement
Document require for 50k salary personal loan are:
- Identity proof: PAN card, Aadhaar card, passport, voter ID card, driving license, etc.
- Address proof: Aadhaar card, passport, voter ID card, driving license, utility bill, rent agreement, etc.
- Income proof: Any one of salary slip, bank statement, income tax return, form 16, etc.
- Bank statement: Last 3 to 6 months, showing salary credit and EMI debit transactions.
- Photograph: Recent passport size photograph.
Steps to apply for personal loans on 50000 Salary
The common online steps to apply for personal loans on 50000 salary are:
- Step 1: Visit the website or app of the lender of your choice and fill in the online application form with your personal, professional, and financial details.
- Step 2: Choose the loan amount and tenure that suit your needs and eligibility. You can use the online EMI calculator to estimate your monthly instalment and interest cost.
- Step 3: Upload the required documents such as identity proof, address proof, income proof, and bank statement. Some lenders may also ask you to upload a selfie or a video for verification.
- Step 4: Submit the application and wait for the lender’s approval. The lender will check your credit score, income, and other parameters and decide whether to approve or reject your loan application.
- Step 5: If your loan application is approved, the lender will send you a loan agreement that contains the terms and conditions of the loan. You need to read and sign the agreement and send it back to the lender.
- Step 6: Once the lender receives the signed agreement, the loan amount will be disbursed to your bank account within a few hours or days, depending on the lender and your verification status.
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Conclusion
A personal loan is a great way to meet your financial needs without any collateral or security. But you need to be careful about how much personal loan you can get on a 50000 salary, as it depends on various factors such as your income, existing obligations, credit score, lender’s criteria, and loan tenure.
You also need to compare the interest rates, EMIs, and other charges of different lenders before applying for a personal loan. You can use online tools such as 50,000 salary personal loan EMI calculator to plan your budget and choose the best offer for you. We hope this blog post has helped you.
FAQs
Yes, you can get a personal loan if your salary is 50000, but the loan amount and interest rate will depend on your credit score, existing obligations, lender’s criteria, and loan tenure. You can use the multiplier method and the EMI/NMI ratio to estimate your loan amount and eligibility.
The EMI for a 50000 loan will depend on the interest rate and loan tenure that you choose. You can use the online EMI calculator to calculate your EMI, total interest, and total payment for different loan amounts, interest rates, and tenures.
You can improve your credit score by paying your dues on time, maintaining a good credit mix, keeping a low credit utilization, checking your credit report, and monitoring your co-signed or joint accounts.
The features and benefits are no collateral, flexible loan amount, competitive interest rate, flexible repayment tenure, quick and easy approval, and multipurpose loan.
Bank Personal Loan Eligibility Criteria
Bank Personal Loan Interest Rate
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