Handling the expenses of the month is not easy for anyone, especially for those who depend on salary. If income is average, then it becomes difficult to meet everyday needs and make big dreams together. For example, a monthly salary of Rs 50,000 can meet basic expenses, but it can be difficult to achieve large goals with such a limited budget. In such a situation, personal loan is an option from which you can manage some big expenses like travel, home renovation or any big purchase.
The biggest feature of personal loan is that you can take an amount according to your need and you can repay it in easy installments. The repair tenure of the loan is also flexible, which helps you plan EMI comfortably.
Applying for personal loans on Moneycontrol is quite easy. The entire process is digital – no paperwork, no mess. Just submit your details, complete the KYC and set the EMI report schedule. Here you can take a loan of up to 50 lakh rupees from 8 different lenders. The interest rate starts from 10.5% per year and the processing fees are also very low. Money is transferred to your bank account.
If your salary is 50,000 rupees, are you eligible for personal loan?
There are some basic eligibility criteria to take personal loans, which decide banks or NBFCs:
Salary: Most banks expect a monthly salary of at least Rs 25,000 from the people living in metro cities. In such a situation, if your salary is 50,000 rupees, then you complete this criterion comfortably.
Job Stability: People working in the same company for a long time find the lenders more reliable. This increases the chances of loan approval.
Credit Score: If your credit score is above 750, then the possibility of getting a loan increases significantly. Therefore, all the borrowings including old loans, credit card payment should be repaid on time.
Credit History: Low credit utilization and payments at the right time make your credit profile strong. Along with this, sometimes there can be mistakes in the credit report, so keep checking it too.
Low Date-to-Income Ratio: Your DTI shows how much part of your salary is already going into loan or EMI. The less DTI, the more confident lenders will be on your payment capacity.
Choose a long tenure: If you choose a long tenure in a salary of 50,000, then EMI decreases and there is no pressure of payment. But keep in mind that if the tenure is tall, then overall interest may have to be given more.
Coal-Applicant or Guarder: If you want to increase the loan amount, then you can make someone who has a better income or credit score. This also increases the possibility of loan approval.
Why is it necessary to calculate EMI
Before applying the loan, it is important to understand how much EMI will have to be given every month and how much time it will take to repay the entire loan. For this, you can use EMI calculator online. Just put a loan amount, tenure and interest rate, and you will have a complete EMI schedule.
Documents required to take personal loan at a salary of Rs 50000
The easier it is to apply a personal loan, the more important it is to keep your documents ready. Application form has to fill basic information like name, date of birth, address, job -related details. After this, they have to be proof.
For identification: Photo ID like Aadhar Card, PAN Card, Driving License
For income: Salary Slips, Bank Statement and ITR
Overall, if your monthly salary is Rs 50,000, then you can easily apply for 100% digital personal loan via Moneycontrol. Here you can get a loan of up to 50 lakh rupees from 8 lenders, in which the interest rate starts from 10.5%. Business loan option is also available on the platform. Moneycontrol provides an easy and transparent process with no hidden charge and paperwork.
Summary
Is the monthly salary 50,000? Know how to fulfill your dreams with personal loan – that too with easy process and flexible tenure.
Top banks/ NBFCs
50 lakhs
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Disclaimer
This fraction/article is written by an external partner and does not reflect the work of the editorial team of Moneycontrol. This may include references to products and services offered by Moneycontrol.