Lenders offer personal loans for a ₹50,000 salary, along with eligibility, documents, loan amounts, and key approval factors.
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.
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.
Here’s how you can access a personal loan with flexible repayment options, competitive interest rates, and high loan amounts:
You can borrow amounts as high as ₹50 Lakhs instantly to meet your financial needs without any hassle.
Personal loans are offered with interest rates starting from 9.99% p.a., making repayment more manageable and affordable.
The loan amount can be used to address a variety of expenses such as medical emergencies, weddings, travel, education, or debt consolidation.
There is no requirement to submit collateral or security while applying for the personal loan.
Applicants can choose between a term loan with fixed repayment schedules or a flexi loan offering repayment flexibility.
The online application process allows the loan to be reviewed and verified quickly, saving time and effort.
With simple digital documentation, the process of applying for a personal loan becomes smooth and convenient.
Once approved, the loan amount could be credited to your account in just a few minutes.
Transparent policies ensure there are no hidden or undisclosed charges throughout the loan process.
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:
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.
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
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.
Here is an overview of personal loan eligibility for a ₹50,000 salary, including key factors that influence loan approval and amounts:
A minimum monthly income of ₹10,000 is required, and a ₹50,000 salary may increase your loan eligibility.
You need at least one year of work experience, whether salaried or self-employed, to qualify for a personal loan.
A credit score of 600 or higher is typically needed to demonstrate creditworthiness and secure favourable terms.
Both salaried employees and self-employed individuals can apply if they meet the lender’s specific criteria.
Applicants must be at least 18 years old, though some lenders may require a minimum age of 21 years.
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.
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:
Submit any one of the following to verify your identity:
PAN Card
Aadhaar Card
Voter ID
Passport
Driving Licence
Provide one of these documents as proof of your current address:
Aadhaar Card
Voter ID
Passport
Driving licence
Recent electricity bill
Recent telephone bill
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
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.
Follow these steps to apply for a personal loan on Bajaj Markets with a ₹50,000 salary:
Begin by clicking on the ‘Check Eligibility’ option to start your application process
Fill out the online form with your personal details and required information
Enter the loan amount you wish to borrow and select a repayment tenure that fits your financial plan
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.
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.
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.
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.
Key factors include your credit score, Fixed Obligation to Income Ratio (FOIR), employment type, repayment capacity, and the lender's evaluation criteria.