Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation! Apply Now

A personal loan can be a convenient way to meet financial needs, even with a monthly salary of ₹50,000. With interest rates starting from 9.99% p.a., borrowers can access loan amounts of up to ₹50 Lakhs. 

Flexible repayment tenures of up to 96 months make it easier to manage finances while repaying in affordable instalments. Understanding the steps and eligibility criteria could help simplify the process of securing a loan.

Personal Loan Lenders Available on Bajaj Markets

Partner Name

Min Interest Rate

Max Tenure

Processing Fee

Bajaj Finance Limited

10% p.a.

96 months

Up to 3.93% of the loan amount

CASHe

2.79% p.m.

18 months

Up to 5.5% of the personal loan amount + GST

Federal Bank

11% p.a.

48 months

0.70% to 2.80% of the loan amount + 18% GST

Fibe

14% p.a.

36 months

Up to 2% of the loan amount

Finnable

15.95% p.a.

60 months

Up to 3% of total loan amount

IIFL Finance

18% p.a.

42 months

2% to 6% of the loan amount + GST

InCred

16% p.a.

60 months

2%-5% on the sanctioned amount

Kissht

14% p.a.

24 months

3% - 5% of the loan amount

Kotak Mahindra Bank

10.99% p.a.

72 months


Up to 1.10% - 1.50% of the loan amount + GST

KreditBee

14% p.a.

24 months

Up to 3% of the loan amount

L&T Finance

12% p.a.

48 months

Up to 2% of loan amount + GST

MoneyTap

18% p.a.

36 months

5% to 10% of the loan amount

moneyview

1.33% p.m.

60 months

Starting from 2% of the approved loan amount

mPokket

24% p.a.

90 days

₹50 to ₹200 + 18% GST (depending on the loan amount with a maximum APR of 48%)

Muthoot Finance

14.50% p.a.

60 months

2% to 4% of the loan amount

Olyv

18% p.a.

12 months

2% - 12% of the loan amount

PaySense Partners

15% p.a.

60 months

2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)

Privo

9.99% p.a.

60 months

1%-3% of the loan amount +GST

SMFG India Credit

12% p.a.

60 months

0% - 6% of the loan amount

Upwards

18% p.a.

36 months

Up to 4% of the loan amount

YES BANK

12.50% p.a.

72 months

Up to 2.75% of the loan amount

Zype

18% p.a.

12 months

2% to 6% of the loan amount

*Disclaimer: The mentioned rates are as of 28th December 2024. These are subject to change at the lender’s discretion.

Features and Benefits of Personal Loan on Bajaj Markets

Here’s how you can access a personal loan with flexible repayment options, competitive interest rates, and high loan amounts:

High Loan Amount

You can borrow amounts as high as ₹50 Lakhs instantly to meet your financial needs without any hassle.

Low Interest Rates

Personal loans are offered with interest rates starting from 9.99% p.a., making repayment more manageable and affordable.

Multi-purpose Loan

The loan amount can be used to address a variety of expenses such as medical emergencies, weddings, travel, education, or debt consolidation.

No Collateral Required

There is no requirement to submit collateral or security while applying for the personal loan.

Loan Variants

Applicants can choose between a term loan with fixed repayment schedules or a flexi loan offering repayment flexibility.

Quick Processing

The online application process allows the loan to be reviewed and verified quickly, saving time and effort.

Minimal Paperwork

With simple digital documentation, the process of applying for a personal loan becomes smooth and convenient.

Fast Disbursal

Once approved, the loan amount could be credited to your account in just a few minutes.

Zero Hidden Charges

Transparent policies ensure there are no hidden or undisclosed charges throughout the loan process.

How Much Personal Loan Can I Get on a ₹50,000 Salary

The personal loan amount you may qualify for with a ₹50,000 salary depends on the lender’s evaluation methods and your financial profile. Lenders typically use two popular approaches: the Multiplier Method and the Fixed Obligation to Income Ratio (FOIR) Method. Here’s how they work:

Multiplier Method

This method calculates your loan eligibility by multiplying your Net Monthly Income (NMI) by a fixed factor, generally ranging from 10 to 24. The multiplier depends on the lender’s policies, your credit profile, and financial stability.

Example Calculation:

  • Monthly Salary (NMI): ₹50,000

  • Assumed Multiplier: 20

  • Eligible Loan Amount: ₹50,000 × 20 = ₹10,00,000

Using this method, you could be eligible for a personal loan of up to ₹10,00,000 if your multiplier is 20.

Estimated Personal Loan Eligibility Using the Multiplier Method

Monthly Income (₹)

Estimated Loan Amount (₹)

₹30,000

₹6 Lakhs

₹35,000

₹7 Lakhs

₹40,000

₹8 Lakhs

₹45,000

₹9 Lakhs

₹50,000

₹10 Lakhs

Key Points:

  • Loan amounts are calculated using a multiplier of 20 times the monthly income

  • This assumes no existing debts or ongoing financial liabilities

Fixed Obligation to Income Ratio (FOIR) Method

The FOIR approach determines your eligibility by evaluating your existing monthly obligations compared to your income. Lenders prefer that total financial obligations, including the new loan EMI, do not exceed 50-55% of your Net Monthly Income (NMI).

Example Calculation:

  • Monthly Salary (NMI): ₹50,000

  • Maximum Allowable Obligations (50% of NMI): ₹50,000 × 50% = ₹25,000

  • Existing Monthly Obligations: ₹5,000

  • Amount Available for New Loan’s EMI: ₹25,000 - ₹5,000 = ₹20,000

Based on the available EMI amount, the loan amount is determined by considering factors like interest rate and repayment tenure.

Factors Affecting Personal Loan Eligibility for a ₹50,000 Salary, on Bajaj Markets

Here is an overview of personal loan eligibility for a ₹50,000 salary, including key factors that influence loan approval and amounts:

Minimum Income

A minimum monthly income of ₹10,000 is required, and a ₹50,000 salary may increase your loan eligibility.

Work Experience

You need at least one year of work experience, whether salaried or self-employed, to qualify for a personal loan.

CIBIL Score

A credit score of 600 or higher is typically needed to demonstrate creditworthiness and secure favourable terms.

Employment Type

Both salaried employees and self-employed individuals can apply if they meet the lender’s specific criteria.

Age Limit

Applicants must be at least 18 years old, though some lenders may require a minimum age of 21 years.

Citizenship

Only Indian citizens are eligible to apply for personal loans.

By fulfilling these criteria, you can enhance your chances of approval and access a loan amount suitable for your ₹50,000 salary.

Documents Required for Personal Loan with a ₹50,000 Salary, on Bajaj Markets

When applying for a personal loan with a ₹50,000 salary, you will need to submit specific documents for identity, address, and income verification. Here is a list of commonly required documents:

Identity Proof

Submit any one of the following to verify your identity:

  • PAN Card

  • Aadhaar Card

  • Voter ID

  • Passport

  • Driving Licence

Address Proof

Provide one of these documents as proof of your current address:

  • Aadhaar Card

  • Voter ID

  • Passport

  • Driving licence

  • Recent electricity bill

  • Recent telephone bill

Income Proof

To confirm your income, the following documents are required:

  • Salary slips for the last three months

  • Bank statements showing salary credits for the last three months

Photographs

  • Two recent passport-size photographs are mandatory for your application

Submitting the correct documents ensures a smooth and quick loan approval process without delays. Always verify with the lender for any additional requirements before applying.

How to Apply for a Personal Loan with a ₹50,000 Salary on Bajaj Markets

Follow these steps to apply for a personal loan on Bajaj Markets with a ₹50,000 salary:

  1. Begin by clicking on the ‘Check Eligibility’ option to start your application process

  2. Fill out the online form with your personal details and required information

  3. Enter the loan amount you wish to borrow and select a repayment tenure that fits your financial plan

  4. Submit the completed application form for verification

After submission, a representative will contact you to guide you through the final steps and ensure a smooth application process.

Frequently Asked Questions

What is the maximum amount of personal loan one can get on a ₹50,000 salary?

You could be eligible for a personal loan of up to ₹50 Lakhs. The exact amount depends on factors like your lender’s policies, credit score, existing financial obligations, and income-to-expense ratio. Longer repayment tenures may also increase the loan amount you qualify for.

What is the CIBIL score required for a personal loan with a ₹50,000 salary?

A minimum CIBIL score of 600 is generally required to apply for a personal loan with a ₹50,000 salary. A higher score could improve your chances of approval and may also help secure better terms.

How to get a loan of ₹50,000 without a salary slip?

You can get a loan of ₹50,000 without a salary slip by providing alternative income proof such as bank statements, Form 16, or income tax returns.

What factors influence the loan amount for a ₹50,000 salary?

Key factors include your credit score, Fixed Obligation to Income Ratio (FOIR), employment type, repayment capacity, and the lender's evaluation criteria.

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