Know the Personal Loan Limit On 50000 Salary
Whether you have a private job or happen to be a government job holder, you must know how much personal loan you can get on a salary of INR 50000. Personal loan for salaried Professionals is not difficult to take as many financial institutions provide loans on easy terms. Many lenders also offer up to 20% loans on the given amount, that too, on a credit score as low as 640.
Let’s check out what you need to know before applying for a personal loan on a 50k monthly salary.
Eligibility Criteria
To get a personal loan in an instant on the salary of INR 50000 a month:
- You need to be an Indian resident
- You must be between the age group of 21 and 60 years
- Should have at least 1 year in current job and minimum 2 years of total work experience.
Additionally, you should have a good credit score. Anything above 750 is considered good and sufficient for successful approval.
Loan Amount
Generally, lenders offer up to 40-45% of your net monthly income as a loan amount which means if your net monthly income is INR 50000, you can get up to INR 20,000- 22,500/- per month. The amount of personal loan that you can avail depends on multiple factors such as credit history, repayment capacity and income level.
Generally, for an individual with a salary of INR 50000 per month, financial institutions provide personal loans up to 15-20 times their monthly income.
This means that an individual earning INR 50000 per month may be eligible for a maximum loan amount of INR 7.5-10 lakh depending upon other criteria, as mentioned earlier.
Apart from salary, other important factors considered by financial institutions while providing personal loans include age, profession or job stability and existing liabilities. Financial institutions also check your credit score before granting a personal loan for salaried professionals.
Factors to Consider While Applying for a Personal Loan for Salaried People
To get a instant personal loan, you need to go through all the checks and have to consider the following factors essentially:
1. Personal Credit Score
Your credit score is one of the most important factors in getting a personal loan with an attractive interest rate. A good credit score reflects your repayment capability and will help you get approval for the loan on better terms.
2. Employment & Income Status
Most financial institutions consider two years of continuous employment as eligibility for a Personal Loan for salaried customers. Financial institutions also consider your income when deciding the limit of Personal Loans that can be granted to you.
3. Personal Assets & Liabilities
Personal liabilities such as existing loans and investments, taken together with personal assets like property, land and jewelry, helps the financial institution assess whether they should grant a Personal Loan to you or not.
4. Limit of Personal Loan on a 50000 Salary
The limit of a Personal Loan that can be granted to you depends upon the factors mentioned above and your repayment capability. Generally, a Personal Loan up to INR 20 Lakhs can be availed by salaried customers who draw a salary of INR 50,000 per month. Some financial institutions may offer higher/lower Personal Loan limits depending on your credit score and other criteria defined by them.
5. Documents Required To Get Personal Loan Instant
You must submit certain documents while applying for Personal Loans, such as proof of identity, address proof and income proof. A list of required documents is available when applying for Personal Loans.
Conclusion
Personal loans are one of the best ways to cover all financial needs, such as medical expenses, home renovation or any other unexpected expense. Knowing how much personal loan for salaried people is granted, you can adjust your spending and plan your future. It is, however, advisable that you must check the terms and conditions of the lender before taking a loan and also compare different lenders in order to get the best deal.
