How to get instant personal loan of Rs 50000 through online application

Taking a personal loan of Rs 50000 is a hassle free unsecured loan that can be availed within minutes. For this one has to meet the personal loan eligibility criteria, and provide proper documents. Small loans of up to Rs 50,000 can help meet medical expenses, plan travel, pay school and college fees, do minor repairs to your home and buy any number of gadgets. You can easily get a personal loan of Rs.50,000 at the click of a button.

How to take a personal loan of Rs 50000 instantly through online application

A personal loan of Rs 50000 can come in handy for expenses like school or college fees, buying gadgets, planning a trip, medical expenses, etc. Now it is very easy for some to get a loan of Rs 50000 online by filling a simple application. If you meet the eligibility criteria of a particular financial institution and have the right documents, the loan will be approved and credited to your account in a matter of seconds. It will be even easier if you draw a salary and maintain a salary account with the bank from which you want to take the loan.

Some banks also offer pre-approved personal loan facility for select customers. If you are one of them, and you need a personal loan instantly, you can simply log in to internet banking and request for the required amount, and the amount will be credited to the account within seconds. There will be no hassle of document submission, evaluation etc.

Eligibility Criteria for Personal Loan of Rs 50000

Though the entire process of getting a personal loan of Rs 50,000 is hassle-free, it is necessary to meet the prescribed eligibility criteria. Eligibility criteria vary with financial institutions. Given below are the general eligibility criteria for a personal loan of Rs 50,000.

eligibility criteria salary takers own business
Age 21 to 60 years 21 to 65 years
monthly income Minimum monthly income is Rs 10000 per month, it depends on the bank. Minimum Rs 1.80 lakh per annum, depending on the bank
Work experience Minimum 1 to 2 years work experience Professional existence of at least 3 years
credit score 750 or more 750 or more

Documents Required for Rs 50000 Loan

The following documents need to be submitted to establish your identity, address and loan repayment capacity for personal loans up to Rs 50000:-

Document type salary takers own business
address proof Aadhar Card, Voter Card, Driving License, Passport, Utility Bill Voter Card, Aadhar Card, Driving License, Passport, Utility Bill
photo id proof PAN Card, Aadhar Card, Voter ID Card, Passport Voter Card, Passport, Aadhar Card, Pan Card, Driving License
office address not necessary gst registration certificate
stability of business not necessary Shop and Establishment Act License, MoA, AOA, Partnership Deed
proof of income Latest Salary Slip for 3 Months, Bank Statement of Salary Account, Form 16, ITR Balance sheet and P&L account of last three years, Account statement of current account, ITR of last three years.

Interest Rate on Personal Loan of Rs.50,000

The interest rate for a personal loan of Rs 50,000 varies from bank to bank. If you want to get an instant personal loan at a low interest rate, you need to compare the rates prevailing in the market. Below is a comparative interest rate of the bank for you.

Name of bank Rate of interest
indusind bank over 11%
IDFC First Bank more than 10.40%
Canara Bank more than 10.20%
Union Bank of India 8.50% to 13%
state Bank of India over 9.60%
Bandhan Bank From 15.90% to 20.75%
Kotak Mahindra Bank more than 10.50%

Application Process for Rs 50,000 Personal Loan

The instant personal loan application process for Rs 50,000 has been made very easy. Simply visit the official website of the bank or financial company and follow the procedure mentioned below.

  • Input personal information, professional and income details as requested by the bank or financial company.
  • Accept the terms and conditions and authorize the representative of the bank to contact you regarding the personal loan application.
  • On submission of the application, the lender will check the details and inform you about the loan eligibility.
  • If you give your consent to continue with the processing of the application, you will be required to scan and upload the documents required by the lender.
  • The application process will be completed and approval will be communicated to you.
  • After approval, the loan amount will be disbursed to your account immediately.

You can visit the nearest branch of your bank and also complete the application process in person.

  • The bank representative will apprise you about the interest rate, processing fee and pre-closure charges.
  • You can complete the personal loan application process by providing the required personal, employment and income details.
  • You will get an Application Reference Number upon submission of the application along with the required documents.
  • You can track the loan application status by providing the application reference number.
  • If the loan is approved, the loan amount is disbursed into your bank account immediately.

Rs 50000 Personal Loan EMI Calculator

The EMI of a personal loan of Rs 50000 will be affordable. Nevertheless, it is recommended to calculate the EMI before applying for a personal loan to find out your EMI.

EMI calculation can be done easily and with accuracy using the EMI calculator available on the bank’s website. The applicable formulas for EMI calculation are :-

E = P xrx ( 1 + r )n / ( 1 + r )n – 1

P is the loan amount, r is the interest rate and n is the repayment period.

You can calculate multiple times with a variety of combinations until you arrive at an affordable EMI.

Frequently Asked Questions (FAQs) on Rs 50000 Personal Loan

Question: Which bank is best for personal loan of Rs 50000?

Answer: There are many banks available which offer personal loan of Rs.50,000 at low interest rate. Among all the banks, Union Bank of India offers personal loans @ 8.50% p.a., SBI 9.60% p.a., Canara Bank 10.20% p.a. and IndusInd Bank 10.40% p.a.

You should also check the processing fee and foreclosure charges before making a decision about the bank from which you are looking to take a loan.

Question: How to get 50000 loan instantly?

Answer: Now you can get instant cash loan by simply filling an online application form, submitting your KYC and income documents. The application will be processed, and approved immediately, the amount will be credited to your bank account in no time. There are many banks and NBFCs that offer instant personal loan facility. ICICI Bank, IndusInd Bank, Bajaj Finserv come under SBI. You can get a personal loan within 24 hours.

Some banks offer pre-approved personal loans for select customers. If you have any existing relationship with these banks, you can check the pre-approved personal loan by logging into internet banking. If you are provided with a pre-approved loan, you can select the amount and make a request. The loan amount will be credited to your account immediately.

Question: Can I get a personal loan of Rs 50000 at low interest rate?

Answer: Yes, if you have an existing relationship with the bank and you have good dealings with the bank, then you can get a personal loan of Rs 50000 at a low interest rate. If you have a good CIBIL score, are employed in government organizations or multinational companies, have good income and have a salary account with a bank, you can get the benefit of the lowest interest rate.

Question: Can I get a loan of Rs 50000 without income proof?

Answer: You can get a secured loan of Rs.50,000 by pledging the gold. It is also essential to maintain a good CIBIL score.

Question: What is the interest rate for 50000 loan from SBI?

Answer: SBI provides loan at the rate of 9.60% per annum.

Question: What are the factors that can affect 50000 personal loan EMI?

Ans: The factors that affect the EMI of a personal loan of 50,000 are the interest rate and tenure. The maximum tenure available for a personal loan is five years. Some lenders limit the tenure to 3 years. If the interest rate is the lowest and the tenure is maximum, then the EMI will also be lower.

Question: What will be the EMI of 50000 personal loan?

Answer: The EMI of a personal loan of 50000 depends on the interest rate and tenure. Assuming the loan is for five years at 8.50% interest rate, then the EMI will be Rs 1026.

Question: Can I get 50000 loan without documents?

Ans: You can get an instant loan of 50,000 without documents if you have a good credit score and maintain a salary account with the bank.

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