Personal Loan on Rs 50,000 Salary

Apply for a Personal Loan with Rs 50,000 Monthly Salary

Why Apply for Personal Loans Through Paisabazaar?

• Personal loan offers from top banks Axis Bank, HDFC Bank, ICICI Bank, IDFC FIRST Bank, IndusInd Bank, Kotak Mahindra Bank, YES Bank and over 30+ lenders
• Get a personal loan with minimal documentation
• Avail loan of up to Rs 40 lakh with a digital application process
• Know your chances of approval
• Pre-Approved Offers from Axis Bank, Hero Fincorp, Tata Capital, IndusInd Bank and more.

Pre-Approved Personal Loan Offers on Rs 50,000 Salary

If you have a strong credit score, a good repayment history and consistent monthly income, you may be eligible for pre-approved personal loans. You can get pre-approved offers from Tata Capital, Axis Bank, IndusInd Bank, Hero Fincorp, Federal Bank, Aditya Birla Capital, etc., through Paisabazaar.

Personal Loan Eligibility Criteria for Salaried Applicants

• Credit score: Usually 750+ preferred.
• Age: 18 to 60 years.
• Minimum in-hand monthly income of Rs 15,000.
• Permanent salaried employees working in PSUs, MNCs, or reputed corporations.
• Usually, lenders require a minimum of 1 year of work experience.

How Much Personal Loan Amount Can You Get on Rs 50,000 Salary

Multiplier Method

Most personal loan lenders use a multiplier method to calculate your maximum loan amount. For instance, SBI considers a 24-times NMI to calculate your personal loan amount. Therefore, the loan amount you would be eligible for SBI Personal Loans would be Rs 12 lakh. However, your existing EMIs also play a crucial role in determining your loan eligibility.

EMI/NMI Ratio

Apart from NMI, SBI also considers the EMI/NMI ratio of up to 65%.  So, even if you have no existing EMIs going on, SBI would prefer to set the loan amount and repayment tenure to ensure that your maximum EMI remains around Rs 32,500 for a salary of Rs 50,000. The EMI/NMI  indicates the proportion of your monthly income allocated towards repayment of your existing EMIs.

Fees & Charges for Personal Loan for Salaried Applicants

Processing Fees & Other Charges

• Processing Fees: Usually go up to 4% of the loan amount
• Prepayment/Foreclosure Charges:
  • Can range between 2% and 5% on the outstanding loan amount for fixed-rate loans;
  • RBI barred banks and NBFCs from levying fees on floating rate loans
• Repayment mode swap charges: Around Rs 500 per transaction
• Loan Statement Charges: NIL to up to Rs 500 per statement
• Loan Cancellation Charges: Usually around Rs 3,000
• Stamp Duty: As per actuals
• Duplicate NOC: Usually around Rs 300-Rs 500
• GST: Applicable to all processing fees and charges

Charges on Late EMI Payments

• Penal Charges on EMI Overdue: Usually 2% to 3% per month on the overdue amount.
• EMI Bounce Charges: Up to Rs 450 per instance
• Cheque Bouncing or Failed Standing Instruction Charges: Up to Rs 500 – Rs 750 per instance

Documents Required for Personal Loan Application

General personal loan documents

• Passport-sized photographs
• Identity Proof: Aadhaar Card/Passport/PAN Card/ Voter’s ID/Driving License
• Address Proof: Passport/ Aadhaar Card/ Electricity Bills (not more than 3 months old)/ Driving License
• Income Proof: Salary Slips/Form 16/Bank Account Statement

Digital Document Processing/Paperless Documents

No physical documents are required for digital personal loans. The application processing is through digital KYC (e-KYC) processes. Usually, only PAN and Aadhaar numbers are required.

Documents for Pre-Approved Loans

No documents are required for pre-approved personal loans, as the lender already has your KYC documents and the initial credit assessment of their customers is done.

FAQs Personal Loan on Rs 50,000 Salary

How much personal loan can I get from a Rs 50,000 salary?

On a Rs 50,000 monhtly salary, you can get a loan amount of ranging from Rs 5 lakh to Rs 12 lakh, considering a 10x-24x multiplier preferred by most lenders. Your existing EMIs, credit profile and the lender’s credit policies are other factors that can affect your loam amount eligibility.

What is a personal loan eligibility for Rs 50,000 salary earners?

The personal loan eligibility criteria on Rs 50,000 salary includes your credit score (750+ preferred, age (18-60 years), occupation, work experience, existing financial obligations, etc.

How to choose a best personal loan lender with a Rs 50,000 salary?

You can compare multiple personal loan offers from top banks and NBFCs through Paisabazaar app or website. Check EMIs, interest rates and chances of approval and apply for the best suited personal loan.

What is meant by forecloure charges on personal loan?

If you foreclose loan before the loan repayment tenure, lender levy foreclosure charges on the outstanding loan amount. The foreclosure charges on personal loan can go up to 4% of the outstanding principal amount.