How Much Personal Loan Can I Get on 50000 Salary?

 A personal loan is an easy solution for immediate cash requirements during uncertainty. Personal loans can come in handy during emergencies but also help you plan a lavish wedding, or vacation, consolidate debts, invest in property, etc. If you intend to avail personal loan for 50000 for any purpose the next question that might pop into your mind is, if you are earning a 50,000 salary per month, how much personal loan can you get? The loan amount depends on the existing financial obligations as well as the present monthly income and credit score. Here we will discuss in detail on how much personal loan you can get on a salary of Rs. 50,000.


Personal loan for 50000


How To Calculate Loan Amount Against the Salary

Your EMI/NMI ratio is influenced by your tenure, interest rate, and net monthly income. In order to enhance your eligibility for a greater personal loan amount, you can either extend the term of your loan or take out a personal loan at a lower rate of interest. However, you cannot change your net monthly income or your fixed monthly EMI responsibilities (unless they can be paid off immediately).

 

The EMI/NMI ratio is the percentage of your net monthly income (NMI) that is used to pay both your current EMIs and the EMI for the new loan. Typically, lenders prefer sanctioning personal loans to applicants having EMI/NMI ratio of up to 50-55%.


How Much Personal Loan Can I Get on 50000 Salary?

Monthly Salary

Maximum Loan Amount

Rs. 15,000

Rs. 2.25 Lakh

Rs. 20,000

Rs. 3 Lakh

Rs. 25,000

Rs. 3.75 Lakh

Rs. 30,000

Rs. 4.50 Lakh

Rs. 35,000

Rs. 5.25 Lakh

Rs. 40,000

Rs. 6 Lakh

Rs. 45,000

Rs. 6.75 Lakh

Rs. 50,000

Rs. 7.50 Lakh

Rs. 60,000

Rs. 29 Lakh


Eligibility Criteria To Avail Personal Loan On 50,000 Salary

Applicant age

At the time of loan application, the applicant's age must be between 22 and 58 years, which is the maximum age allowed at the time of loan maturity.

Work experience

The applicant must have a minimum work experience of one year with at least two months of stability with the current employer.

Income

The applicant must have a minimum net monthly salary of Rs. 20,000.

Employer category

The applicant should be a full-time employee with a company, private or public limited corporation, or LLP.

Citizenship

Personal loans are only available to Indian citizens.

Credit score

Most lenders require a minimum credit score of 750 or above to be approved for a personal loan. People should prevent payment defaults, keep a low credit utilisation ratio, and make on-time loan repayments in order to raise their credit score


Documents Required To Avail Personal Loan

Identity Proof

●       PAN card

●       Aadhaar card


Address Proof

●       Electricity bill, rent agreement or Indian passport

 

Income proof

●       Latest monthly salary slip from the current employer

 

Bank account statement

●       Original bank statement for the latest three months in PDF format.

 

Employment proof

●       Offer letter

●       Monthly salary slip

●       Copy of the employment contract

Conclusion

When determining how much personal loan you can get on a 50,000 salary, the lender considers various factors such as your credit score, existing financial obligations, and the lender's policies. However, one reliable option for securing a flexible personal loan at attractive interest rates is LoanTap. With LoanTap's personal loan, individuals can access financial assistance tailored to their specific needs and repayment capabilities. This ensures that you can effectively manage your financial goals and obligations without straining your budget. Whether it's for unexpected expenses or planned investments, a personal loan can provide the financial support you need to achieve your objectives while maintaining financial stability.

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