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Personal Loan for a ₹50,000 Salary

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A personal loan has always been a popular option for individuals who want to borrow funds for their urgent personal needs, especially during medical emergencies, or even planning a dream vacation. One can need quick funds for several purposes. A person who earns around ₹50,000 salary per month, would be easily eligible for personal loans with minimal documentation. Let’s look into this guide for everything you need to know to obtain a personal loan if you are a salaried person and earn around ₹50,000 salary monthly. 

What is a Personal Loan for a Salary of ₹50,000?

A personal loan for a ₹50,000 salary is an unsecured loan that is specifically designed for an individual who earns ₹50,000 per month. These loans don’t require collateral. Zype’s personal loans can be used for a wide range of needs, which include covering medical expenses, meeting unexpected expenses, or loan for consolidating debts. The personal loan amount is largely influenced by the current borrower’s financial obligations and financial habits of the borrower. Zype’s personal loan is flexible for someone who earns a salary of ₹50,000 per month and is quick to obtain without much hassle. 

Features and Benefits of Personal Loan for ₹50,000 Salary

Get Loans up to ₹5,00,000 Instantly

If you want a fast loan without much hassle, you will get a personal loan in a few clicks with Zype. Your application process will take less than 8 minutes, and you may be eligible for higher amounts if you fulfill the basic requirements of Zype.

No Document Needed

Zype offers personal loans to individuals who fast earn ₹50,000 in salary. Obtaining a loan is an easy process that only requires a few clicks to complete and is entirely online.

No Collateral Required

Get unsecured loans from Zype without pledging any asset and get funds to your account in just a few taps.

Competitive Interest Rates

Zype offers loans in a very competitive interest rate. Starting from just 1.5%per month, zype offers a wide variety of favorable loans for borrowers who are eligible and have a good financial record.

Flexible EMIs

Repaying a loan on Zype is a convenient option and you get to choose a suitable EMI option from 3,6,9 and 12 months.

Eligibility Criteria for Personal Loan on ₹50,000 Salary

If you need a personal loan having a salary of ₹50,000, download the Zype instant loan app. Complete your application in less than 8 minutes and get a credit limit offer within seconds.

Below mentioned are Zype’s personal loan eligibility for ₹50,000 Salary

Age

18 years or above

Citizen of India

Needs valid PAN & Aadhaar card

Work experience

Salaried individual

Monthly Salary

Monthly income of at least ₹50,000

Interest Rates and Charges for ₹50,000 Salary Personal Loan

The EMI on a ₹50,000 Salary Personal Loan for 3-12 Months Tenures are as follows:

For example, if you get a loan of ₹500000, your monthly EMI would be bifurcated as follows:

You can select between EMI terms of 3, 6, 9, and 12 months to make sure you can conveniently repay your Zype loan. This helps you comfortably manage your costs.

Loan AmountInterest RatesTenure (in months)EMI in Rs
Rs, 50000018%317169.15
Rs, 50000018%68776.26
Rs, 50000018%95980.49
Rs, 50000018%124584

*Note – All the above numbers are for representation only. The final EMI amount may vary depending on the profile assessment.

Documents Required for Personal Loan for ₹50,000 Salary

The first step toward obtaining a personal loan for ₹50,000 Salary is a simple application process. Zype does not require any paperwork or document uploads for personal loans up to ₹5 lakhs. Make sure you have this list of personal loan paperwork on hand and finish your application in less than eight minutes. 

Mandatory Documents

To obtain a credit offer and finish your KYC, you simply need to provide your PAN and Aadhaar number along with a few other pieces of information (hard copy not needed).

Proof of Photo Identity

After you’re approved for a loan from Zype, you will need to complete a selfie-based verification to complete your KYC. Since this is real-time photo verification, you don’t need to upload any documents.

Proof of Income (Optional)

If you want to apply for a higher credit limit on Zype, all you have to do is upload your bank statement for the last 4 months.

₹50,000 Salary Personal Loan EMI for Up to 5 Years

For example: If you get a personal loan up to ₹500000, an EMI up to 5 years would be: 

Loan AmountInterest RateTenure (in months)EMI (Approx)
50000018%1 year (12 months)45840
50000018%2 years (24 months)24962.05
50000018%3 years (36 months)18076.20
50000018%4 years (48 months)14687.50
50000018%5 years (60 months)12696.71

Things to Consider Before Applying for a Personal Loan on ₹50,000 Salary

Evaluate Your Needs: You must only borrow what you need to avoid any unnecessary debt.

Check Your Credit Score: A higher credit score can help you get favourable offers on loans and secure best interest rates

Lender Policies: Read the fine print before applying for a loan to avoid any sudden surprises. 

Additional Fees and Other Charges: Be aware of prepayment penalties, processing fees, and other charges.

Plan for EMIs: Ensure that your monthly income can comfortably cover the loan EMIs without straining your finances. 

How to Apply for a Personal Loan on ₹50,000 Salary?

For a fast and easy loan experience, you can explore the Zype app which only takes less than 8 minutes to complete the loan application process. If you are wondering, how much personal loan you can obtain on ₹50,000 Salary, check out the below steps:

Step 1: Once you have installed the Zype App from the Google Play store or Apple Store

Step 2: Complete the following basic details: Full Name as per Aadhar card, Mobile Number, PAN number, Employment Details

Step 3: Now Zype will generate a credit offer which would not take more than 60 seconds.

Step 4: After this, you would need to undergo the KYC process by entering your Aadhaar number and completing photo verification by clicking your selfie.

Step 5: After this, you would need to undergo the KYC process by entering your Aadhaar number and completing photo verification by clicking your selfie.

Step 6: You will receive the money in your account in no time.

Frequently Asked Questions

What Do You Need To Get A Personal Loan On ₹50,000 Salary?

You need to meet the eligibility criteria, have a good credit score and have a salary at least above ₹15000 to get a personal loan with Zype.

What Kind Of Credit Do You Need For A ₹50,000 Salary Loan?

A credit score of 750 or above is ideal for securing a loan with favorable terms.

What Is The Maximum Loan Amount Offered To An Individual With A Salary Of ₹50,000?

The maximum loan amount with Zype can go up to ₹5 lakhs for an individual with a salary of ₹50,000.

What Is The Repayment Tenure For A Personal Loan For ₹50k Salary?

You can choose a repayment plan ranging from 3-12 EMIs for a ₹50,000 Salary Personal Loan with Zype

Can I Prepay Or Foreclose My Personal Loan For ₹50k Salary?

Yes, you can prepay or foreclose your ₹50,000 salary personal loan with Zype

 

 

What Is The Disbursal Time For A ₹50,000 Salary Personal Loan?

The personal loan from zype is typically disbursed within 24 to 48 hours after approval.

What Can I Use A ₹50,000 Salary Personal Loan For?

A ₹50,000 salary personal loan can be used for various purposes, including medical emergencies, weddings, travel, or home renovation.

How Much Personal Loan Can I Get On ₹50,000 Salary With No Credit?

Without good credit, it might be challenging to secure a high loan amount. Although, you may secure a decent amount of personal loan with a monthly salary of ₹50,000.

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