₹ 50000 Personal Loan
Many banks and other financial institutions in India offer short-term personal loans of Rs. 50,000. The interest rate for a Rs. 50000 loan starts from as low as 10.50% p.a. You might even get approval for a pre-approved personal loan offer instantly if you have an existing relationship with the lender. To calculate your EMI for a personal loan of Rs. 50,000, you can use a personal loan EMI calculator online.
Top Ten ₹50000 Loan Apps for Quick & Easy Approval
If you also think ‘I need 50000 rupees loan urgently’, here is the list of top 10 personal loan apps in India for you:
| App | Loan Amount | Rate of Interest |
|---|---|---|
| Stashfin | Rs. 1,000 - Rs. 5 Lakhs | 11.99% - 59.99% p.a. |
| KreditBee | Rs. 1,000 - Rs. 5 Lakhs | 17% - 29.95% p.a. |
| ZestMoney | Rs. 5,000 - Rs. 25 Lakhs | 14% p.a. onwards |
| MoneyTap | Rs. 3,000 - Rs. 5 Lakhs | 13% - 18% p.a. |
| Moneyview | Rs. 3,000 - Rs. 10 Lakhs | 14% p.a. onwards |
| PaySense | Rs. 5,000 - Rs. 5 Lakhs | 14% - 36% p.a. |
| LoanTap | Rs. 3,000 - Rs. 5 Lakhs | 15% - 32% p.a. |
| FlexSalary | Rs. 500 - Rs. 3 Lakhs | 18% - 36.5% p.a. |
| IIFL | Rs. 5,000 - Rs. 5 Lakhs | 12.75% - 44% p.a. |
| SmartCoin | Rs. 1,000 - Rs. 5 Lakhs | 18% - 30% p.a. |
Common Uses for a 50000 Instant Loan
An emergency loan 50000 can be used for funding various needs. Some of the common uses of this loan are mentioned below:
- Travel: You can turn your dream vacation into reality with an instant personal loan of Rs. 50,000. A travel loan of 50000 can cover travel expenses like flight tickets, accommodation, etc., allowing you to enjoy your vacation with minimal financial stress.
- Wedding/event: A wedding loan of Rs. 50,000 can help manage some expenses for planning a wedding or other events. An instant loan of Rs. 50,000 can cover some of your venue booking, decorations, shopping, catering, or other expenses, ensuring that your important day is memorable.
- Medical emergency: A 50000 personal loan can provide you with the immediate funds to cover any unforeseen medical emergency, including medication, hospital bills, and other expenses.
- Gadget/ home appliance purchase: You can upgrade your lifestyle with Rs. 50,000 loan by purchasing a new smartphone, air conditioner, refrigerator, washing machine, or any new household appliance.
- Home improvement: You can improve your home with a small personal loan of Rs. 50,000. It can be used for repairs and renovations, increasing the market value of your property.
- Educational expenses: A Rs. 50000 loan can also be used to meet educational expenses like fees of school/ college/ tuition, purchasing study material, uniforms, etc.
- Rent payment: A Rs. 50k loan can be helpful to fund an upfront deposit for moving into a new rented place or for rent payment for a couple of months, making your stay affordable.
Rs. 50,000 Loan EMI for 12 Months
The fastest and most convenient way to calculate the EMI for a 50000 loan for 1 year is by using the Online Personal Loan EMI Calculator. You can adjust the personal loan details to get the most affordable EMI amount as per your convenience.
Here’s an example of a Rs. 50,000 personal loan EMI calculation using the online EMI calculator:
Loan details:
- Loan amount required: Rs. 50,000
- Interest rate applicable: 12% p.a.
- Tenure: 12 months
EMI calculation:
- EMI: Rs. 4,442
- Principal loan amount: Rs. 50,000
- Interest rate: Rs. 3,309
- Total amount payable: Rs. 53,309
Alternatively, you can also use the formula given below to calculate the EMI for a 50000 instant loan:
E = P x R x (1+R)^N / [(1+R)^N-1],
Where:
- E = Personal loan EMI amount
- P = The amount you are borrowing from the lender
- R = Monthly rate of interest
- N = Number of months of EMI payment
Eligibility Criteria for ₹50k Loan
Below are some basic eligibility criteria for an instant 50000 loan:
- Age: 21 years or above
- Citizenship: Indian
- Occupation: Salaried (some lenders also offer personal loans to self-employed applicants)
- Income: At least Rs. 15,000
- CIBIL score: 600 or above
Documents Required for ₹50000 Personal Loan
To apply for an instant loan of Rs. 50,000, you will need to submit the following documents:
- PAN Card (mandatory)
- Identity proof: Any government-issued identity proof document, such as a valid Voter ID, Aadhar Card, PAN Card or Driver’s License.
- Address proof: Any government-issued address proof document, such as an Aadhar Card, Ration Card, Voter ID, recent Utility Bills, or latest Bank Statement.
- Income proof for salaried: Salary slips of the last 3 months.
- Income proof for self-employed: Bank statements for the past 3 months.
How to Apply for an Emergency Loan 50000
You can easily apply for a Rs. 50,000 personal loan through MyMoneyMantra. All you need to do is fill out an application form online.
- Visit the personal loan page on our portal and select your preferred lender.
- Click on the ‘Apply Now’ button and complete the application by providing some basic details.
- Ensure all information is complete and correct.
- After the initial pre-assessment of your personal loan eligibility, you will be prompted to upload some documents online.
- Once the details are verified, you will get approval from the preferred lender and the loan amount will be transferred to your bank account shortly.
FAQs
Several banks 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 will be 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, and 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 on 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 personal loan without income proof from L&T Finance and Prefr.
SBI offers ₹50000 loans at 11.35% 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.10.50%, 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 have 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 your credit score before applying for a loan.
To get a personal loan of 50,000 from SBI instantly, you can apply for the loan online either through their website or mobile app. You can also apply offline by visiting the nearby SBI branch.
The 50000 loan scheme for ladies refers to the Pradhan Mantri Mudra Yojana (PMMY) scheme, specifically the Shishu category, that offers instant loans up to Rs. 50,000. The PMMY scheme is designed to provide quick financial assistance to SMEs, including those run by women.
The EMI for a 50000 loan depends on the applicable interest rate and tenure. For example, the EMI for a personal loan of Rs. 50,000 for a tenure of 3 years at a 12% p.a. interest rate will be Rs. 1,661.
Yes, a few lenders (such as Prefr, L&T Finance, etc.) may offer a 50000 loan without salary slips.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.