₹ 50000 Personal Loan

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.

Also Check: CIBIL Score for Personal Loan

The following documents must be submitted for establishing your identity, whereabouts and repayment capacity for a personal loan up to ₹50000

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.

Additional Reading: Online CIBIL Score Check by Pan Number

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.

• Input the personal, professional and income details as required by the lender.
• Accept the terms and conditions and authorise the representative of the lender to contact you with regard to the personal loan application.
• On submitting the application, the lender will scrutinise the details and inform you about the loan eligibility.
• If you give your consent to continue with the processing of the application, you will have to scan and upload the documents as required by the lender.
• The application processing will be completed and approval communicated to you. 
• Subsequent to the approval, the loan amount will be disbursed to your account instantly.

You can visit the branch that is nearest to your lender and complete the application process personally. 

• The representative of the lender will appraise you regarding the rate of interest, processing charges and foreclosure charges.  
• You can complete the personal loan application process by giving the required personal, employment and income details. 
• You will get an application reference no. Upon submitting the application along with the required documents.
• You will be able to track the status of the loan application by providing the application reference number.
• The loan amount is disbursed immediately to your bank account on the execution of the documents if the loan is approved.

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.