Personal Loan for ₹50,000 Salary Apply now!
Explore the best personal loan options tailored for individuals with a ₹50,000 salary. Discover flexible terms, competitive rates, and easy approval processes.
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Personal Loan for ₹50,000 Salary
Are you looking for a personal loan to cover sudden expenses, consolidate debt, or finance your dreams? Whenever you earn a salary of ₹50,000 per month, you can get a personal loan. This guid will allow you to know the process of applying for a personal loan, including eligibility criteria, documents required, how to calculate your loan amount, and the process that goes behind calculation of video.
How Personal Loan Can I Get of ₹50,000 Salary?
Amount of Personal Loan you can get with ₹50,000 Salary depends on your credit score, repayment history, and the lender’s policies. Banks and NBFCs typically use two methods to determine your loan eligibility
- FOIR: This method calculates the percentage of your monthly income which goes to your existing debts. Lenders usually prefer a FOIR of 40%-50%. Let’s say you have an existing home loan EMI of Rs.10000, in this case your FOIR would be Rs. 20000
- Multiplier Method: This method uses a multiplier of determine your maximum loan amount based on your monthly income. For example, a multiplier of 15, mean you could potentially borrow a loan amount of Rs. 7.5 Lakhs
Key Features and Services of Personal Loans for ₹50,000 Salary
- Flexible Loan Amounts: You can choose the amount that is most convenient to you
- Competitive Interest rates: There are several Lenders offering competitive interest rates making personal loan the best vehicle to get easy funds online
- Competitive Interest Rates: Lenders offer competitive interest rates, making personal loans an affordable way to borrow money.
- Flexible Repayment Tenure: You can choose a repayment tenure that fits your budget, ranging from few months to few years
- Minimal Documentation: You can get the loan with minimal documentation
- Fast Approval and Disbursement: Lenders credit the amount directly to the borrower’s account subject to bank approval
Bank Interest rates - Personal loan for Salary of ₹50000
Banks
| Institution | Interest rates | Loan amount |
| DBS bank | From 10.99% | Upto 15 Lakhs |
| HDFC | From 10.5% | Upto 40 Lakhs |
| Axis Bank | From 10.49%` | Upto 40 Lakhs |
| ICICI bank | 10.75%-19% | Upto 40 Lakhs |
| Bank of Baroda | 10.75% – 18.5% | Upto 5 Lakhs |
| SBI | From 11% | Upto 30 Lakhs |
| IndusInd | From 10.49% | Upto 50 Lakhs |
| Yes Bank | From 10.99% | Upto 40 Lakhs |
| Standard Chartered | From 11.5% | Upto 50 lakhs |
| IDFC | From 10.49% | Upto 50 Lakhs |
| Kotak Mahindra | From 10.99% | Upto 40 Lakhs |
| PNB | From 11.40% | Upto 20 Lakhs |
| Bandhan bank | From 11.55% | Upto 25 Lakhs |
NBFCs Interest rates - Personal loan for Salary of ₹50000
NBFCs
| Institution | Interest rates | Loan amount |
| Piramal Finance | From 12.99% | Upto 35 Lakhs |
| Shriram Finance | From 14% | Upto 35 Lakhs |
| Tata Capital | From 10.99% | Upto 35 Lakhs |
| InCred | From 18% | Upto 3 Lakhs |
| Finnable | From 16% | Upto 10 Lakhs |
| PaySense | From 16.8% | Upto 5 Lakhs |
| Poonawalla | From 9.99% | Upto 30 Lakhs |
| Fullerton | From 11.99% | Upto 25 Lakhs |
| LendingKart | From 12% | Upto 3 Lakhs |
| Axis Finance | From 13% | Upto 25 Lakhs |
| L&T Finance | From 12% | Upto 7 Lakhs |
| Mahindra Finance | From 10.99% | Upto 10 Lakhs |
| Aditya Birla | From 11.99% | Upto 50 Lakhs |
| Bajaj Finance | From 11% | Upto 50 Lakhs |
Eligibility Criteria for a Personal Loan for ₹50,000 Salary:
Indian Resident: You must be an Indian citizen residing in India.
Age: You should be at least 21 years old and not exceed the maximum age limit set by the lender.
Employment: You should be employed with a stable income source, with a minimum monthly salary of ₹50,000. No Cash salary is accepted
Credit Score: A good credit score of 750+ atleast
Documents Required for a Personal Loan for ₹50,000 Salary
- Proof of Identity: Aadhaar Card, PAN Card, Voter ID, Passport, Driving License.
- Proof of Address: Aadhaar Card, Ration Card, Passport, Utility Bills, Bank Statement.
- Income Proof: Salary Slips, Form 16, Bank Statements, Income Tax Returns.
- Employment Proof: Offer Letter, Appointment Letter, Employment Certificate.
- Bank Statements: Last 3-6 months of bank statements
- No Cash Salary is accepted
How to improve your chances of getting personal loan with a Rs 50000 salary?
- Maintain a Good Credit Score: Ensure your credit score is 700 or above by paying your dues on time. Make sure it does not drop by much
- Reduce Existing Debts: Lower your FOIRs to ensure higher chance of loan approval. If your FOIR is around 40%, then it is considered good
- Longer Tenure: Opt for a longer tenure to reduce your monthly EMI making it easier to manage when it comes to repayments.
- Apply with a co-applicant: To increase your chances, you can consider getting a co-applicant or guarantor with a better credit score to boost your chances.
How to Apply for a Personal Loan for ₹50,000 Salary?
Applying for a Personal Loan with a ₹50,000 Salary is a simple process nowadays with online applications
- Online Application: Visit the bank’s website or use their mobile app to fill out the application form. Upload the necessary documents and wait for verification.
- Third Party aggregator: In a third party loan aggregator website like Fincover, you have the option to compare loans from multiple banks and NBFCs, enabling you to choose the best loan with interest rates affordable to you
- Input the details: Enter basic details like your name, DOB, and submit relevant documents required for personal loan approval
- Approval & Disbursal: When approved, you’ll receive the loan amount to your bank account within 2-3 days from the process
How Fincover can help you get Personal Loan with ₹50,000 salary?
- Effortless Comparison: Fincover allows you to compare multiple lenders at one place, saving you time and place
- Increased Eligibility: By aggregating various banks and NBFCs, Fincover increases your chance to get loan at favourable terms
- Streamlined Application: Fincover simplifies the application, by allowing you to enter the most important details in a paperless way, reducing hassles.
How Fincover can help you get Personal Loan with ₹50,000 salary?
- Boosting your credit score: Get your credit score increased to 750+, it is the foremost requirement for approval of personal loan
- Reducing existing debt: Make sure your FOIR is below 40% to prove to the lenders that you are capable of repaying
- Choosing the right lender: Compare offers from multiple lenders that match your requirement
- Customer-Centric Approach: Our Customer centric approach ensures you get the best support from our agents who will follow-up to ensure you get the best loan deal
Personal Loans by Banks
NBFCs
- Rs.50 lakh Personal Loan
- Rs.40 lakh Personal Loan
- Rs.30 lakh Personal Loan
- Rs.25 lakh Personal Loan
- Rs.20 lakh Personal Loan
- Rs.15 lakh Personal Loan
- Rs.10 lakh Personal Loan
- Rs.5 lakh Personal Loan
- Rs.4 lakh Personal Loan
- Rs.3 lakh Personal Loan
- Rs.2 lakh Personal Loan
- Rs.1 lakh Personal Loan
- Rs.50,000 Personal Loan
- Personal loan for salaried
- Personal loan for self-employed
- PL for IT Professionals
- Personal Loan for CA
- Personal Loan For Marriage
- Personal Loan For Women
- Personal Loan for Doctors
- Personal Loan for Pensioners
- PL for Defence Personnel
- Personal Loan for Low Salary
- PL for Home Renovation
- PL for Medical Emergency
- Personal Loan for NRI
- Personal Loan for CA
