How Much Personal Loan Can I Get On a 50000 Salary?

Most salaried individuals depend on their salary for their livelihood. As soon as the salary comes in the first week of every month, the money goes towards recurring expenses like utility bills, kids’ school fees and other such expenses. Some money goes towards savings. But what if unforeseen situations like a medical emergency, urgent travel or a housing scheme payment last date comes? Usually, you rely on your savings. But there’s a better way to handle both planned and unplanned expenses without touching your savings. Curious? Well, that’s a Personal Loan.

Yes, you can take a Personal loan and handle your expenses without tension. Nowadays, you can get a Personal Loan online from new-age NBFCs like Hero FinCorp. The minimum income requirement is Rs 15,000 and the documentation requirement is minimal. What’s more, you can get approval in 10 minutes when you apply online.

Now, the question is how much loan you can get with a salary of Rs 50,000 per month. This blog will answer this question and will inform you about the process of getting a Personal loan with ease.

Personal Loan on Rs 50,000 Salary

The loan amount you can avail on a salary of Rs 50,000 will vary from lender to lender. For example, you can apply for a Personal Loan of up to Rs 5 Lakh with Hero FinCorp. Many loan providers use a multiplier method that lets you get more than 10 times of your monthly salary as a loan. However, they analyse several factors like any existing loan EMIs, credit score, employment stability and FOIR (Fixed Obligation to Income Ratio) to check your eligibility.

EMI on a Personal Loan for a 50k Salary for Tenures of 12 to 36 Months

If you take a Personal Loan of Rs 5 Lakh with a salary of Rs 50,000, the EMIs to be paid over different tenures are shown in the table below:

Features and Benefits of a Personal Loan on 50,000 Salary with Hero FinCorp 

Before you apply for a Personal Loan with a salary of Rs 50,000, you must check out the features and benefits of these loans. Here are the key advantages and features of Hero FinCorp’s Personal Loan. 

Flexible Loan Amounts: You can get a Personal Loan of Rs 50,000 to 5 Lakh based on your needs.

Quick Approval: You can get a Personal Loan approval within 10 minutes of applying online. 

Paperless Documentation: The application process is paperless and requires only your KYC details and income proof.

Versatile Use: You may use the loan amount for various purposes like higher education, home renovation or medical emergency.

Flexible Repayment Tenures: You can choose a repayment tenure of 12 to 36 months based on your repayment capacity.

Quick Disbursement: You can get the loan amount quickly in your account after approval.

What are the Eligibility Criteria for Personal Loan with 50,000 Salary?

To apply for a personal loan with 50,000 salary, make sure you meet the eligibility requirements, including your age, monthly income, work experience, and citizenship. At Hero FinCorp, the personal loan eligibility criteria are simple and easy to fulfil.

• Proof of Indian citizenship.
• Minimum age 21 years and maximum 58 years.
• Employment sector: Private or public sector.
• Credit score: Must meet lender's minimum criteria (typically 700+) .
• Required documents: KYC (Aadhar card, PAN card, Passport, Driver’s license) and income proof (last 6 months bank statements, 3 months salary slips).

Also Read : Can I get a quick cash loan of Rs 50000 for 12 months?

Documents Required to Apply for Personal Loan on Rs 50,000 Salary 

Documentation is an essential part of the loan application process. So, it’s advisable to understand them beforehand. Being prepared with the necessary Personal Loan documents can help ensure a smooth and hassle-free application process. Here’s a list of the commonly required documents.

•  Identity Proof (Aadhar Card, Passport, Voter ID)
•  Address Proof (Utility bills, Aadhaar, Passport)
•  Income Proof (Salary slips for last 3 months, Bank statement for last 6 months)
•  Employment Proof (Appointment letter, Form 16, or Income Tax returns for self- employed)
•  Passport-size photographs

Interest Rates and Loan Tenure for Personal Loan on Rs 50,000 Salary

You should be aware of the loan costs, like the interest rates and processing fees, before applying for a Personal Loan with a salary of Rs 50,000. At Hero FinCorp, the interest rates on Personal Loansare competitive, and loan tenures are flexible. Check out the details.

• Interest rates start from 1.58% per month depending on lender and credit profile.
• Loan tenures range from 12 to 36 months.
• Processing fees range from 2.5% to 3.5 % plus applicable taxes.
• Prepayment options and penalties vary check lender terms.

Also Read : How to Get an Instant Rs 50,000 Loan without CIBIL Score?

Tips to Improve Your Personal Loan Approval Chances on Rs 50,000 Salary 

Here are some tips you can follow to increase your chances of Personal Loan approval.

• Maintain a good CIBIL credit score (above 700 recommended)
•  Keep existing EMIs and debts low to improve FOIR 
•  Provide complete and genuine documentation
•  Maintain stable employment history and salary proofs 
•  Choose longer tenure to reduce EMI burden if needed 
•  Avoid multiple loan applications in a short time

How to Apply for a Personal Loan on Rs 50,000 Salary with Hero FinCorp?

Here is the stepwise process to apply for a Personal Loan online using the Hero FinCorp website or loan app. 

• Visit the Hero FinCorp website or install the personal loan app
• Go to the Personal Loan page and click ‘apply now’
• Enter your mobile number and verify with the OTP received
• Choose the loan amount you need
• Verify your KYC details to check income eligibility 
• Click ‘Submit’ to complete your application

Also Read : How to Get a 50000 Loan Without a Salary Slip?

Conclusion 

You can get a Personal Loan of up to Rs 5 Lakh with a monthly salary of Rs 50,000, depending on the lender’s policies and your credit profile. However, several other factors like existing EMIs, credit score, employment stability, and FOIR can affect your eligibility. You can consider applying online with Hero FinCorp that offers unsecured Personal Loans with competitive interest rates, flexible repayment tenures and approval in 10 minutes.

Frequently Asked Questions 

Can I get a Personal Loan with a monthly salary of Rs 50,000?

Yes, you can easily get a Personal Loan with a monthly salary of Rs 50,000, provided you meet the eligibility requirements.

What is the process for online KYC verification?

When you apply for a Personal Loan online, you can share the details of your PAN card and Aadhaar card for quick KYC verification.

How quickly can I get the loan amount in my account after approval?

Once your loan application is approved, the loan amount is disbursed to your account quickly.

What can I use a Personal Loan of Rs 1.5 Lakh for?

You can use a personal loan of Rs 1.5 Lakh for various purposes such as medical emergencies, home renovation, wedding expenses, travel, education or any other personal needs.

Where can I check my EMI for a Personal Loan for 30,000 Salary?

To know the EMI amount for a Personal Loan for 30000 Salary, you can use an online personal loan EMI calculator on the Hero FinCorp website.

Can I apply for a Personal Loan through the Hero FinCorp app?

Yes, you can apply for a Personal Loan with 15000 Salary on the Hero FinCorp loan app.

What is the minimum salary required for a Rs 2.5 Lakh Personal Loan?

The minimum salary required to apply for a Rs 2.5 Lakh Personal Loan at Hero FinCorp is Rs 15,000 per month.

What is FOIR and why is it important?

The full form of FOIR is Fixed Obligation to Income Ratio. Lenders use FOIR to check your loan repayment capability.

What if I have existing EMIs?

If your existing loan EMIs consume more than 50% of your income, then the lender may not approve your loan.

Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader's discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.