₹50000 personal loan is a hassle-free unsecured loan that can be availed within minutes if the Personal Loan Eligibility Criteria are met with, and proper documents are available. ₹ 50000 personal loans can help you clear small loans, meet medical expenses, plan a trip, pay school/college fees, for small repairs of your house, and buy any gadgets. You can now easily avail of a ₹50000 personal loan with the click of a button.
A ₹50000 personal loan could come in handy for expenses like school/college fees, buying a gadget, planning a trip, medical expenses etc. Now it is very simple to avail of a ₹50000 loan online by filling up a simple application with some basic details and submitting the application. If you satisfy the eligibility norms of the particular financial institution and have the right documents, the loan will be approved and credited to your account within seconds. It will be even easier if you are salaried and are maintaining a salary account with the bank from where you want to take the loan.
Some of the banks even provide the facility of pre-approved personal loans for selected customers. If you are one of them, and you need an urgent personal loan, you can just log in to internet banking and place a request for the required amount, and the amount will get credited to the account within seconds. There will be no hassle of documents, appraisal, etc.
Though the whole process of availing ₹50000 personal loans is seamless and hassle-free, it is essential to meet the eligibility norms laid down. The eligibility norms vary with the financial institutions. However, the general eligibility criteria for a personal loan of ₹50000 is given below.
|Age||21 to 60 years||21 to 65 years|
|Income||Minimum of Rs. 10000/- per month onwards. Depends on the lender.||Minimum of Rs. 1.80 lakhs per annum onwards. Depends on the lender|
|Work Experience||A minimum of 1 to 2 years experience with a minimum of 6 months with the existing organisation||A minimum of 3 years of business existence|
|Credit Score||750 and above||750 and above|
The following documents must be submitted for establishing your identity, whereabouts and repayment capacity for a personal loan up to ₹50000
|Type of Document||Salaried||Self-employed|
|Residence Address Proof||Aadhar card, Voter’s Id Card, Driving Licence, Passport, Utility bills||Voter’s Id card, Aadhar Card, Driving Licence, Passport, Utility bills|
|Photo Id proof||Pan Card, Aadhar Card, Voter’s ID Card, Passport||Passport, Aadhar Card, Pan Card, Driving licence, Voter’s ID Card|
|Office Address Proof||Not applicable||GST Registration Certificate|
|Business stability||Not applicable||Shops and Establishment Act Licence, MOA, AOA, Partnership Deed|
|Income Proof||Salary slip three months (latest), Bank account statement of salary account, Form 16, ITR|
Balance Sheet and P&L Account for the last three years, Bank account statement of operative account, ITRs of the last three years.
The ₹50000 personal loan interest rates differ from lender to lender. If you want to avail of an urgent personal loan at a lower rate of interest, you will have to compare the rates prevailing in the market. A comparative interest list is given below for your reference.
|Name of the bank||Rate of interest|
|IDFC First Bank||10.49%|
|State Bank of India||11%|
|Kotak Mahindra Bank||10.99%|
The ₹50000 urgent personal loan Application Procedure has been made very simple. Just access the official website of the lender and follow the procedure mentioned below.
You can visit the branch that is nearest to your lender and complete the application process personally.
The EMI for a ₹50000 Personal Loan will be affordable. Yet, it is recommended to calculate the EMI before applying for the personal loan to be aware of your additional financial burden.
The EMI calculation can be done easily with accuracy using the EMI calculator available on the website of the lender. The formula applied for EMI calculation is
E = P x r x ( 1 + r )n / ( ( 1 + r )n - 1
P is the amount, R is the rate of interest and N is the tenure.
You can calculate several times with different combinations of the variants till you arrive at the affordable EMI.
There are several banks that offer a personal Loan of ₹50000 at affordable interest rates. Among the banks, Union Bank of India offers ₹50000 Personal Loan at 8.50% p.a.onwards, SBI at 9.60% p.a.onwards, Canara Bank at 10.20% p.a. onwards and Indusind Bank at 10.40% p.a.onwards.
You should also check for the processing charges and foreclosure charges before deciding on the lender from whom you are going to avail of the loan.
You can now avail of instant cash loans by simply filling up an online application form and submitting the KYC and Income documents. The application will be processed, and approval is given instantly, and the amount will land in your bank account within no time. There are several banks and NBFCs that provide instant personal loan facilities. ICICI Bank, Indusind Bank, Bajaj Finserv, SBI are some of them. You can get a personal loan within 24 hours.
A facility of pre-approved personal loans is provided for select customers by some of the banks. If you have an existing relationship with these banks, you can check for the pre-approved personal loan by logging in to internet banking. If you are provided with the pre-approved loan, you can select the required amount and place a request. The instant cash loan amount will be credited to your account within seconds.
Yes, You can get the lowest interest rate in a ₹50000 personal loan if you have an existing relationship with the bank and your dealings with the bank are satisfactory. You can have the advantage of the lowest interest rate if you have a good CIBIL score, are employed in Government Organisations/PSUs/PSBs or MNCs, have a good income and maintain a salary account with the bank.
You can also study the prevailing personal loan rates in the market and choose a lender offering the lowest rate.
You can avail of a ₹50000 secured personal loan without Income Proof by providing security either by way of gold or immovable property. Maintaining a good CIBIL score is also essential.
SBI offers ₹50000 loans at 9.60% p.a.onwards.
The factors that affect the EMI of a personal loan of ₹50000 are the interest rate and tenure. The maximum tenure available for personal loans is five years. Some of the lenders restrict the tenure to 3 years. If the rate of interest is the lowest and the tenure maximum, then the EMI will also be below.
The EMI for a ₹50000 personal loan depends on the interest rate and tenure. Let us assume the loan is provided at the lowest rate prevailing, i.e., 8.50% and maximum tenure, i.e., five years, then the EMI will be ₹ 1026.
You can avail of a ₹50000 instant cash Loan without documents if you are having an existing with the lender, have paid up earlier loans promptly, have a good credit score and maintain a salary account with the bank. So always check credit score before applying for a loan.