2 weeks Ago By Moneycontrol
Personal loans have become a popular financial solution in India, helping individuals cover a wide range of expenses – from weddings and higher education to home renovations , debt consolidation, and medical emergencies. Unlike other types of loans, personal loans typically do not require collateral, making them an accessible option for many borrowers. While using loans to fund personal financial goals can be beneficial, it requires careful planning.
Ideally, avoiding debt is the best approach, but in urgent financial situations, a personal loan can provide crucial support. For those considering a Rs 50 lakh personal loan , meeting the eligibility criteria is important. Since this is a large loan amount, lenders carefully assess factors like monthly salary, credit score, and existing financial obligations before approval.
Through Moneycontrol’s online lending platform, you can access personal loan offers of up to Rs 50 lakh from eight lenders, with interest rates starting at 10.5% per annum. The entire application process is 100% digital.
What factors determine loan amount for salaried individuals? For salaried individuals, several factors come into play when seeking a personal loan. These include employment stability, credit score, existing debt obligations, age, and other aspects. Based on these, lenders determine the loan eligibility amount for an individual.
Some lenders may not provide the full eligibility amount but only a portion of it to mitigate potential risks. Generally, lenders offer personal loans based on credit history, strong income proof, and a long-standing relationship with the institution. The maximum loan amount varies from lender to lender.
Some offer a maximum personal loan of Rs 40 lakhs, while others provide loans up to 15 times the gross monthly salary, with limits depending on repaying capacity. The loan amount for doctors may be higher in some cases. How much salary is needed to qualify for a Rs 50 lakh personal loan? Personal loan durations typically range from 1-5 years, though some lenders offer up to 7 years or more.
A Rs 50 lakh loan would mean a considerable monthly EMI. A common rule for taking out loans is the 3X rule, which suggests that individuals should avoid loans exceeding three times their annual income. This is a guideline, not a fixed rule.
According to the 15X salary practice followed by some lenders, an individual with a monthly salary of Rs 3,33,333 would ideally qualify for a Rs 50 lakh loan. A few lenders, however, also offer loans up to Rs 50 lakh to individuals with as little as a Rs 30,000 monthly salary. With minimal documentation and a digital process, salaried individuals who are at least 21 years old and employed at a well-reputed company can apply for a Rs 50 lakh loan, provided they meet the salary criteria.
Interest rates start at around 9.99% per annum, though they vary based on borrower credibility. The maximum loan tenure is generally 7 years, which at 9.
99% interest would result in an EMI of approximately Rs 82,748. Some lenders require a minimum monthly salary of Rs 1.7 lakh to approve a Rs 50 lakh loan for a 6-year tenure.
Others offer personal loans up to Rs 55 lakh, requiring a credit score of at least 685 and ensuring that the borrower's age at the end of the tenure is below 80 years. Get Instant Loan Up To Rs.50L Final Words A Rs 50 lakh personal loan can be a great financial tool, but it comes with a responsibility to repay it on time.
Lenders consider salary, credit score, employment stability, and debt obligations when approving large loan amounts. Before applying, it's essential to assess affordability, choose the right tenure, and compare interest rates across multiple lenders. With Moneycontrol’s digital lending platform, borrowers can explore Rs 50 lakh personal loan offers from eight different lenders, compare interest rates, and apply seamlessly in a 100% online process.
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