Personal Loan in Chennai - Upto to Rs ₹50 Lakhs starting @10.49%. (2023)

FAQs

How much personal loan can I get on 50000 salary in India? ›

If you meet the eligibility criteria required for Personal Loan of up to ₹50,000 salary, you will be able to get a high loan amount of up to ₹30 Lakh at attractive interest rates.

If you are wondering how much loan you can get on a $50,000 salary, the answer depends on a number of factors. But, in general, you can expect to borrow between $100,000 and $250,000. The exact amount will depend on your credit score, debt-to-income ratio, employment history, and other factors.

You will likely need a minimum credit score of 660 for a $50,000 personal loan. Most lenders that offer personal loans of $50,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.

Rs 50 lakh home loan EMI for 20 years at interest rate of 7.5% has a monthly EMI of Rs 40,280. This means that the total interest paid is Rs 47 lac during the full loan tenure without any prepayments. Rs 50 lakh home loan EMI for 15 years at interest rate of 7.5% has a monthly EMI of Rs 46,351.

It's a debt: A $50,000 personal loan is still a debt you need to repay. You may need collateral: Although many lenders don't require collateral for personal loans, some do. If the personal loan is secured, you would need to use an asset as collateral to get a loan.

Is it hard to get a 50000 loan? ›

To qualify for a large personal loan, you'll likely need to have good-to-excellent credit. To secure a $50,000 loan, you should aim for a minimum credit score of at least 670. While some lenders will offer loans to borrowers with a lower credit score, you'll likely pay higher interest rates.

But if you take out a $50,000 loan for seven years with an APR of 4%, your monthly payment will be $683. Almost all personal loans offer payoff periods that fall between one and seven years, so those periods serve as the minimum and maximum in our calculations.

A low deposit home loan lets you borrow more than 80% of a property's value. This means if you have a 10% deposit you can borrow the rest as long as you meet the Lenders borrowing criteria. When borrowing more than 80% of the property's value you will usually have to pay Lenders Mortgage Insurance (LMI).

A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)

A $500,000 home, with a 5% interest rate for 30 years and $25,000 (5%) down will require an annual income of $124,192.

The average credit limit for those with a 700 credit score is right around $4,500. However, if you were to pull out a 700 credit score personal loan, you should be able to access more money than you would with just a credit card.

Unlike many banks, Bank of America does not offer personal loans. It has quite a few credit card options — and a small loan for unexpected expenses — but you will need to look elsewhere if you want to borrow a large personal loan.

Loan Eligibility = (Your Salary) x (a number from 9 to 18) Banks give a basic multiplier that ranges from 9 to 18 depending upon your credit profile and the company at which you are employed.

Lenders feel comfortable when your DTI is less than 40%. What this means is that when you add up all your monthly loan payments – credit card dues, house loan EMI, car loan EMI etc. – it should not be more than 40% of your income.

How to calculate personal loan eligibility? ›

One strategy that can help you reach this goal is to invest in a mix of different assets, such as stocks, bonds, mutual funds, and real estate. This diversification helps to spread out the risk and increase the chances of achieving your desired returns.

If you have Rs. 50 lakhs to invest and want higher returns on it, an equity fund would be your best option. However, this is only for aggressive investors who are not afraid of the risks involved. On the other hand, if you want to play safe, a fixed deposit or a post office scheme would be more beneficial for you.

12% interest is equal to one rupee. Interest is calculated at a monthly rate of one rupee on the principal amount. For instance, if someone borrows Rs 100 at a Rs 1 interest rate, they will need to pay Rs 1 in interest each month. Therefore, he is required to pay 12 rupees annually.

Among scheduled private sector banks, SBM Bank offers the best FD interest rates of up to 8.40% p.a for a tenure of 2 years 3 days. Among scheduled public sector banks, the highest FD rate is offered by the Punjab & Sind Bank of up to 7.35% p.a. for a tenure of 555 days.

What is the easiest loan to get approved for? ›

The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.

Better yet, they're unsecured loans, which means you don't have to put up collateral to borrow. Although borrowers can take out a personal loan for a variety of reasons, the maximum loan amount available from most lenders is $100,000 or less.

HDFC Bank offers loans up to Rs 40 lakh. Since Personal Loans are unsecured (without collateral or security) loans, banks will look at your income, cash flows, strength or stability of your business or employment to make sure you are able to repay the loan.

How much would a monthly payment be on a $50,000 personal loan? If you take a $50,000 personal loan at a 6.99% interest rate and a 12-year repayment term your monthly payment should be around $462. If you take the full 12 years to repay the loan you should pay about $16,556 in interest.

What Is A Common Range For Personal Loan Amounts? In general, most lenders allow borrowers to take out $1,000 – $50,000. The amount you're approved for, however, can depend on certain factors in your finances. Rocket Loans^SM offers personal loans from $2,000 – $45,000.

Check Your Credit Score

Large loans are typically more difficult to qualify for than those with smaller limits. To qualify for a $100,000 personal loan, you should have a score of at least 720, though a score of 750 or above is ideal.

At a 7.00% fixed interest rate, a 30-year $100,000 mortgage may cost you around $665 per month, while a 15-year mortgage has a monthly payment of around $899.

An LVR over 80% means there's a higher risk that the bank wouldn't recover the full loan amount, you'll likely need to pay Lenders Mortgage Insurance (LMI) to offset the higher risk to the bank.

What loan requires 10% down? ›

A California Jumbo Loan, otherwise known as a California 10% Down Payment Jumbo Loan is a loan that's above the conventional loan limits. This limit is set by Fannie Mae and Freddie Mac, who purchase loans from lenders.

An unsecured personal loan is a loan from an online lender, a bank or a credit union that doesn't require collateral to guarantee the loan. Loan amounts range from $1,000 to $100,000 and are paid back monthly in terms typically ranging from two to seven years.

Personal loans may come with fees and penalties that can drive up the cost of borrowing. Some loans come with origination fees of 1 percent to 6 percent of the loan amount. The fees, which cover loan processing, can either be rolled into the loan or subtracted from the amount disbursed to the borrower.

No lender specifies a minimum CIBIL score requirement for a personal loan application. However, a score of 750 and above is preferred by lenders for loan applications. This score reflects the creditworthiness of the borrower and the chances of lenders approving the loan application with this score increases.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

SBI Personal Loan is offered @ 11% p.a. onwards for loan amount of up to Rs 20 lakh and tenure of up to 6 years. SBI also offers pension loan of up to Rs 14 lakh for tenure of up to 7 years. It also offers pre-approved personal loan with instant loan disbursal. Apply Now!

50k is not fresher salary. If you're getting that congrats. You're in top 10% of the country if you make 1L a month. People survive on 15k also – lifestyles change.

Generally, most banks furnish loans anywhere around 50-60 times the monthly salary of the potential borrower."

Is it hard to get a $50,000 personal loan? ›

For a loan of 50K, lenders usually want the borrower to have a minimum credit score of 650 but will sometimes consider a credit score of 600 or a bit lower. For a loan of 50K or more, a poor credit score is anything below 600 and you might find it difficult to get an unsecured personal loan.

What is the minimum salary required to get a personal loan? The minimum salary fixed by most lenders is Rs. 20,000 while a few private-sector lenders may give you a personal loan even with a salary of Rs. 15,000.

For a person who earns 20lakhs per annum with an asset of 1 crore might be rich from the view point of one who earns less than that. Whereas, for this person who is capable enough to possess assets worth ₹ 1 crore will consider the other one who owns assets worth more than this figure to be "rich".

As of 2022, the average salary in India is around Rs. 5.7 lakh per annum (INR 47500 per month). However, this can vary greatly depending on various factors, such as industry, job type, location, and experience.

The average Indian salary ranges between 2,250 and ₹70,000 per month for an unskilled worker under the MWA, while the median salary in India or what half the population earns, is just 377.82 USD or ₹29,400 per month (pm) with some industries paying high salaries in India as compared to others.

A 100K salary means you can afford a $350,000 to $500,000 house, assuming you stick with the 28% rule that most experts recommend.

If you make $50,000 a year, your total yearly housing costs should ideally be no more than $14,000, or $1,167 a month. If you make $120,000 a year, you can go up to $33,600 a year, or $2,800 a month—as long as your other debts don't push you beyond the 36 percent mark.

Hence, on a monthly net salary of Rs 80,000, a home loan of Rs 48-60 lakh is likely to be approved.

You can use a $50,000 personal loan to renovate your home, pay for medical or emergency expenses, start a business, finance large purchases or even consolidate debts. You don't need collateral: Lenders typically offer unsecured personal loans, so you don't have to risk assets.

740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)

How much credit score is required for personal loan in India? ›

Minimum CIBIL score for a personal loan

Typically, the higher your CIBIL score, the better. However, the minimum CIBIL score for quick unsecured personal loan approval is 750. It indicates that you have experience managing credit responsibly and will make payments on time.