Personal loans are used to fulfill short-term responsibilities. They are unsecured in nature. This means that you do not have to submit collateral against them. Banks and financial institutions provide personal loans for several purposes. These may be a child’s education, marriage, medical bills, etc.

People often have difficulty in calculating how much personal loan they can get on their salary. In this article, we will look at the details of personal loans and how much loan you can get from a salary of Rs.50,000. We would also be looking into the best personal loan in India based on the tenure and eligibility.

Personal Loan with a Rs.50,000 Salary

Every bank and financial institution has different criteria when it comes to granting personal loans. You can apply for a personal loan by following a simple process. It does not take a lot of time and effort to avail of a personal loan as it is relatively smaller in volume. EMIs for a personal loan are considerably smaller. Thus repaying your loan becomes easier on the pocket. Even a salary of Rs.50,000 can fetch you a sustainable amount of funds.

To avail of the best personal loan in India with a Rs.50,000 salary would depend upon multiple factors.

  • First and foremost, you need an eligibility calculator to know if you are eligible to apply or not. This depends on your income, as lenders often set limits as per income qualification for personal loans.
  • Secondly, interest rates by different lenders also decide your chances of getting a personal loan. Looking into different interest rates helps you in analyzing the right sum assured and how much interest you would be paying every month.
  • Lastly, external factors such as your credit score and occupation also play an essential part in deciding your fate with personal loans.

Eligibility Criteria

Lenders who provide personal loans have distinct eligibility criteria so as to determine the applicant’s qualification. Most lenders also offer the facility of an eligibility calculator, which would help you know whether or not you are eligible to avail of a personal loan from them.

Say you want to know about 5 lakhs personal loan eligibility, all you have to do is enter a few personal details about yourself and your income. The calculator would then fetch accurate results. You can also check your eligibility on several websites which show you the offers for the best personal loan in India. For availing personal loan for Rs.50,000 salary, you need to fulfill the following eligibility:

  • You must be an Indian citizen.
  • You have to submit a bank statement for the last 6 months as your income proof. In this case, you have to submit proof for a Rs.50,000 salary.
  • You must be between 21-58 years of age.
  • You must be a salaried individual working in the public or private sector.
  • Credit history criteria by different lenders must be fulfilled.

Eligibility Calculation Methods

Most commonly, there are two basic methods from which you can calculate your eligibility. For a salary of Rs.50,000, you can use:

Multiplier Method: In this case, you have to multiply your salary, Rs.50,000, by 27, and you can determine the sum assured. This is the most popular method used by lenders for granting personal loans. Under this method, the sum assured would amount to around 10 to 20 times your gross monthly income. The following table further shows this method used for different amounts of salary.

Salary (in Rs.) Expected Sum Assured (in Rs.)
20,000 5.4 lakhs
30,000 8.1 lakhs
40,000 10.8 lakhs
50,000 13.5 lakhs
60,000 16.2 lakhs
70,000 18.9 lakhs


Fixed Obligation Income Ratio: Under this method, the ratio has a benchmark of 40% to 50%. The ratio must not exceed the benchmark limit. In this method, the Fixed Obligation income Ratio would be calculated before the loan is approved. There are certain factors that would be considered before the ratio calculation, such as any existing loans and EMIs, credit history and pending dues, and even the proposed EMI for your personal loan.

You can receive a 5 lakh personal loan eligibility for a salary of Rs.50,000. This is the standard amount granted by most lenders. However, different lenders have different criteria they follow.

Maximum Tenure Available for a Personal loan

Depending on the lender, the maximum tenure that is available for a personal loan in India varies from 36 months to 60 months.


In conclusion, a Rs.50,000 salary is an amount which can get you a personal loan easily. However, it depends on you which method you use to find out your eligibility. Also, it is important to consider the interest rates by different lenders before zeroing on one.


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