Personal Loan

How much personal loan can you get on a salary of Rs. 50,000?


A personal loan is emergency money you can get. Banks give personal loans by interest. There will, however, be a few instances when you might need more money. There can be any reason for the same. 

Many banks give personal loans by keeping something. This is known as the security or collateral pledged to the bank. This may be your property or any other asset that you own.

As humans, we might fall into unprecedented situations more often than not. These are times when personal loans come to your aid.

Getting a loan accepted can be hard. A lot of things control how much money one can loan. The important factors are your income and credit score. Your monthly payment is given greater weight since it helps banks calculate your ability to repay on time, thus, removing the danger of risk.

But how can you get a personal loan? What are the minimum things required to get a personal loan?

If you have these questions, don’t worry. This blog is sure to help you. The things that are required to get a personal loan are covered in the blog.

Now, before knowing how you can get a personal loan, let us see the minimum criteria you must fulfil to get a personal loan.

  • The loan applicant’s age must be between 21 to 60 years
  • Your income should be at least Rs. 25,000
  • A business owner can also get a personal loan depending on the size of their business
  • The applicant should have one year of working experience in the field they are working in.

If you are a person who can get a personal loan based on the things above, then you must further, fulfil the following requirements:

  • You must possess an aadhar card, pan card, passport, and job form.
  • Also, you should know the interest rates that many banks in India give.
  • The lesser the interest rate the more you will be benefited.
  • To apply for a personal loan, you can directly go to the bank. You would then need to fill out a paper form and submit it to the bank. 
  • If you are eligible for a loan, going to the bank would be the next step.

Another way is to apply online. For that, you should visit the bank’s website. On the bank website, search for the “loan” option. There, you may find many options for a loan. You can choose a personal loan as per your requirement amongst the same.

How can a self-employed person get a loan without ITR?

Self-employed people do not have a job as they run their businesses. So, the income is not fixed. Getting a loan for a self-employed person is hard but not impossible.

If a person provides proper documents, then they can get a loan. The loan amount depends on your business and your past bill payments. If you have a good credit score, you can get a loan easily.

Personal Loan For Self Employed Without ITR

Yes, People can get a personal loan for self-employed without ITR. But that depends on the size of your business. Generally, it is a risk for loan providers. The risk here is self-employed people do not have fixed salaries. Because of this, the loan process becomes lengthy.

One must follow the given steps to get ITR free loan.

1. Have a secured loan

A personal loan is always insecure. You have to keep your property against the loan. Without ITR, it may be a risk.

2.  Pay your payments on time

Always have a good credit score. It is a commonly known fact that a good credit score is required. 

3. Have a good relationship with the bank.

You can do this by handing out your payments on time. This will create a credit-worthy image.

What is the personal loan limit you can get?

At this point far in the blog, you must have understood that people usually take personal loans for a cause. The cause can be any unplanned reason.

Banks determine how much money you have by subtracting your total net profit from your fixed monthly bills. This tells how much you are capable of repaying. Following that, the ability of this disposable income to cover loan bills is determined. The desired appropriate FOIR ratio is between 40% and 50%. The FOIR ratio should be as low as possible. However, the FOIR ratio might rise to between 60% and 70% for high earnings.

As told above, personal loans have a limit. But you can extend the limit. You can improve your loan limit with a good credit score. And also paying your bills on time. Having a good credit score makes the process easy. Also, it makes the process faster. At the same time, it improves the limit of loans. Paying your bills on time also improves the limit.

Let us see fee few things that are important for a loan.

1. Income

Your income is an important factor for a loan. The higher your income is, the higher the loan value you can apply for and get. If your income is good, you can get a loan quickly. 

2. Credit score

Every person has a credit score. If your credit score is more, you can get a loan easily. The process also becomes faster. You can increase your score. To do this, you should pay your bills on time.

4. Job

You must have a job to get a personal loan. Your job determines your income, and it eventually affects your loan. The better the job, the higher your income will be. If you have a good job, you can get loans with higher value.

5. Age

Age is also important for a loan. A person between the ages of 22 and 60 can get a loan.

6. Bank

All banks have their own rules. We must follow the rules to get a loan.


So, from the above blog, the rules and procedures for getting a loan might be clear. You can get a loan if you follow all the rules. It is easier to get a loan if you have a good credit score and a job. Being self-employed, you can get a loan without filing an ITR.