Salaried individuals acquire loan easily as their fixed monthly income is clearly reflected in the salary slips. A sum of 50,000 as a monthly salary is half a lakh that you are earning every month. When you have a stable job with a high salary package like 50,000 or more, the finances get sorted for various purposes. But there are situations in life that threaten the peace and breakthrough the daily lives demanding excess financial support. Medical emergencies, home repairs, educational fees, house rent etc. are some unavoidable instances that leave no option except to break the savings to gather required finances.
Observing these tight financial situations, many lenders and credit companies have extended their offering to
personal loans. A personal loan is a financial support service that 50,000 salary holders can apply easily. Based on your monthly salary criteria, many financial institutions offer easy to apply personal loanwith minimal documentation. Right from loan application approval, all the processes are digital.
Try your hand at the Hero Fincorp
instant loan app to avail quick personal loan from 50,000 to 1,50,000. It is a trustworthy online loan service platform launched by a credible financial company HeroFinCorp. Let’s see the
eligibility criteria set for personal loan with 50,000 salary.
What are the Eligibility Criteria for Personal Loan with 50000 Salary?
The monthly income of a person is significant when it comes to personal loan eligibility. Different lenders have different criteria for personal loans. For a
personal loan application with 50,000 salary, fulfil the below eligibility criteria:
- Proof of Indian citizenship
- 6 months bank statement of salary account as income proof
- Age eligibility criteria of an applicant ranges between 21-58 years
- You should be either salaried or self-employed individual/ businessman
- You should be working in/with either private or public sector
- Your credit history should meet the criteria set by the lender. Credit score may vary as different lenders set different bars as per their standards.
There are a set of mandatory documents required along with the eligibility criteria for a loan approval with 50,000 salary or more:
- Standard KYC documents - Aadhar card, Driver’s licence, PAN card, Passport
- Income documents – 6 months bank statement of salary account for salaried individuals & 6 months statement of bank account with most transactions for self employed"
Salaried individuals have a fixed income that confirms borrowers will pay their loans on time. The risk involved with salaried is very less as compared to loans offered to self-employed people.
Irrespective of the salary slab, the Hero Fincorp app gives loan seekers the freedom to apply for different types of loans such as vacation Loan, education Loan, consumer loan, home renovation loan, medical loan etc. It gives you a choice to select your preferred loan type. Individuals with a minimum monthly income of INR 15,000 or borrowers applying for first personal loan can also download Hero Fincorp from Google Play store.
Take a risk-free loan upto 1,50,000 rupees via Herofincorp and pay at your convenience in a flexible tenure of 1 to 2 years.
FAQS
Can I get a personal loan with a monthly salary of Rs. 50,000?
Yes, individuals with a monthly salary of Rs. 50,000 can easily apply for a personal loan. Many financial institutions offer personal loans to salaried individuals with minimal documentation and easy eligibility criteria.
What is the process for online KYC verification?
Online KYC verification involves submitting your KYC documents (such as Aadhar card, PAN card, etc.) digitally through the Hero FinCorp app.
How quickly can I get the loan amount in my account after approval?
Once your loan application is approved, the loan amount is typically disbursed to your account within a few hours.
What can I use a personal loan of Rs. 1.5 lakh for?
You can use a personal loan of Rs. 1.5 lakh for various purposes such as medical emergencies, home renovation, wedding expenses, travel, education, debt consolidation, or any other personal financial needs.
