While facing the cash crunch and having cash requirements for multiple household needs, do you have similar queries about how to get 50,000 loan without salary slip, then, hereafter, we are discussing the steps where you can get a personal loan without any difficulties.
A personal loan is approved based on the income and credit score of the borrowers, whether they are salaried or self-employed. Aadhar and PAN cards are sufficient to approve a personal loan. While getting credit scores and the financial status of the borrowers, the PAN card is used, which is enough to get the transactional history. And, suppose you have a fair transactional history and your income is enough, the loan approval will be done shortly. So, hereafter, some steps have been mentioned.
Steps to apply for a 50,000 loan without salary slip
To apply for 50,000 loan without salary slip you must follow the steps such as searching for lenders with affordable interest and tenure. Apart from that you must go through the application process with multiple steps these are
- Go to the website and click Apply Now which will take you to the landing page or Apply Now page.
- Fill in your details as per the column in the application form including your name, contact details, loan amount, etc.
- Upload the required documents, especially your PAN and Aadhar, or others as per the lender’s requirements.
- Get the response from executives and follow their instructions.
- Get the approval as per your credit score and Income.
- Directly receive the sanctioned and approved loan amount in your account.
Eligibility criteria for 50,000 loan without salary slip
While applying for a 50,000 loan, you must be eligible as per the terms and conditions, and eligibility criteria. There are multiple factors that effects the eligibility criteria such as the borrower’s age, per-month income, credit score, nationality, etc., and these are as follows.
| S.No | Factors | Factors Affecting Eligibility Criteria |
|---|---|---|
| 1 | Income | It must be at least 35,000 per month. The income ratio might be changed based on the type of loan. Such as for a short-term loan the income must be higher to repay the amount. |
| 2 | Credit Score | The desired credit score is 750 and above, but, a lower credit score can also be accepted with a higher income. |
| 3 | Age | Borrower’s age must be above 18 years old and up to 65 years old. |
| 4 | Types of Employment | The borrower must be an employee of a government organization, private limited company or registered organisation. |
| 5 | Nationality | The borrower must be an Indian |
Features and Benefits of 50,000 Personal Loan
A personal loan is beneficial for those having instant requirements of cash and want to manage the cash shortly for multiple reasons, whether for household needs, emergencies, utility bill payments etc. Considering these financial requirements, and beneficial features of the personal loan, some features are as follows are
Instant Approval:
An instant personal loan is beneficial because of its fast approval where the application for the personal loan is received just after the submission. The documents verification and loan approval is done shortly.
No-collateral:
You don’t have to apply with the collateral while getting a personal loan which minimizes the timing of approval and disbursal of the loan by making the loan process easy.
Easy Repayment:
The repayment for the personal loan is easy which can be accomplished easily, especially with the repayment through UPI and internet banking. It makes the repayment easy.
Affordable Interest
The interest rate for the personal loan is competitive and affordable, especially when the borrower has a higher income and credit score. However, it always depends on the borrower’s financial status.
Enhance Credit Score:
The personal loan and its repayment enhance the credit score of the borrower, especially when the repayment is done on time without delay in any repayment.
Documents required for the 50,000 loan
These are the documents required for getting a personal loan.
| ID Proof | Aadhar Card, PAN, Voter ID, Driving Licence |
| Residential Proof | Utility bills, rent agreement, electricity bills |
| Income Proof | Salary slip, Bank statement, ITR |
| Proof of the Employment | Identity proof issued by the company, i.e., ID card, Official email address. |
EMI calculation for the personal loan
You can calculate the EMI of your 50,000 loan with the EMI calculation formula where you must have details like loan amount, tenure, and the rate of interest applied on the personal loan. Then you can calculate the EMI including the total amount applicable on interest rate.
The EMI calculation formula is
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
where: P = Principal loan amount R = Monthly interest rate (annual interest rate divided by 12) N = Number of monthly instalments
Let’s calculate the EMI for 50,000 loans with a six-month tenure, and 12% interest and with this calculation, the EMI amount will be
- Loan Amount: 50,000/-
- Interest: 12%
- Tenure: Six Months
- EMI Amount: 8618.42 per month
Conclusion
A 50,000 loan becomes the best choice for those having urgent multiple financial needs and it can be utilised for various purposes such as to pay utility bills, credit card bills, school or college fees and others, therefore you can apply for the personal loan without any difficulties. However, certain terms and conditions must be followed before applying for a loan. You must check the eligibility criteria that can help you have a clear idea of whether you are eligible for the loan or not. Once you are confirmed with the loan amount, interest and other things, you can go to the website and apply directly for the fast approval.
Disclaimer
A personal loan without a salary slip might be tough, especially in the case where there is a lower income and credit score. Before, approving any loan, the lenders always check the documents where the salary slip is a prominent document which is always verified. In some cases, when your income is higher and your credit score reveals your fair transactional history, you can get the loan, based on your Aadhar and PAN card only. But, based on the type of loan, your per-month income is required. Such as for repayment in EMIs, your lower income can be considered, but when borrowing for a short-term loan, your income must be higher. Therefore, as per the loan types, amounts, and tenure, eligibility criteria, and document requirements can vary.
