Taking a personal loan is a quick and easy way to get access to funds for any urgent needs or expenses. With minimal documentation and quick disbursal, you can get a personal loan up to ₹50,000 approved and credited to your account within a few days.
This blog provides a step-by-step guide to help you get a hassle-free ₹50,000 personal loan through online and offline methods.
Benefits of a Personal Loan up to ₹50,000
Some key benefits of availing a ₹50,000 personal loan are:
- Quick Approval: If you meet the eligibility criteria, you can get almost instant approval. The funds can be disbursed within a day or in 2-3 business days (T&C Apply).
- Minimal Documentation: Only basic KYC documents, such as ID proof, address proof, bank statements, etc., are required.
- Flexible Tenure: You can choose a repayment tenure from 6 months to 5 years based on your repayment capability. Longer tenure means a lower ₹50,000 personal loan EMI. Some financial institutions may also offer longer tenures.
- Attractive Interest Rates: Interest rates typically start from 12%* per annum onwards for salaried individuals. It is a cheaper source of financing than credit cards.
- End Use Flexibility: You can use the loan amount for any personal need without explaining the end use.
Eligibility Criteria for a ₹50,000 Personal Loan
Before applying for a ₹50,000 personal loan, you must typically meet the eligibility criteria below.
- Minimum age should be 21* years.
- Maximum age should be 60* years at loan maturity.
- You should be employed with an MNC, government organization or reputable private firm.
- Minimum salary should be ₹15,000* per month in metros and ₹12,000* in other cities.
- Work experience of at least 2 years* is required.
- You should have a good credit score, typically over 700*. Some banks and NBFCs may approve credit scores below 700.
*Note that the eligibility criteria may vary as per specific requirements of the financial institutions or NBFCs.
How to Apply for Instant Personal Loan up to ₹50,000
Follow these simple steps to apply for and get a quick ₹50,000 personal loan:
Step 1: Check Your Eligibility
Before starting the application process for a ₹50k personal loan, check your loan eligibility using an online eligibility calculator. You will have to provide basic details like name, age, location, income, employer name and loan amount required. This gives an instant eligibility check without impacting your credit score.
Step 2: Compare Interest Rates
Research and compare the interest rates and charges of different lenders like banks, NBFCs, fintech companies, online lending platforms, etc. Shortlist those which suit your financial situation.
Step 3: Choose the Best Deal
Analyse the interest rate, processing fees, foreclosure charges and other charges of your shortlisted banks or NBFCs. Opt for the one that offers the overall cheapest loan deal.
Step 4: Online Application
Visit the financial institution’s website and start the online application process. Provide your personal, employment, and financial information, and upload the required documents. This is the quickest way to apply.
Step 5: Offline Application
If you are not comfortable applying online, you can visit the nearest branch of your chosen NBFC or branch for a more in-person experience. Meet the loan officer and submit your duly filled application form along with documents.
Step 6: Loan Approval
The lender will verify your documents and creditworthiness. You will get in-principle approval via email/SMS if your application is approved. The loan agreement will be shared with you for consent.
Step 7: Submit Signed Agreement
Submit the signed loan agreement to the financial institution through online mode or visit the branch as per process. Disbursal will happen immediately after agreement submission and will be done in a paperless manner.
Documents Required for a ₹50,000 Personal Loan
Minimal documents are required for swift approval and disbursal of a ₹50,000 personal loan. Generally, lenders would require you to submit the following documents for a ₹50k personal loan:
- Duly Filled Application Form
- Identity Proof - Aadhaar, PAN, Voter ID, Driving License
- Address Proof - Aadhaar, Voter ID, Electricity Bill
- Latest Salary Slips - 3 months
- Bank Account Statements - 6 months
- Proof of Work Experience like the Appointment Letter, Confirmation Letter
- Passport Size Photographs
Self-employed individuals may require additional documents like proof of business ownership, balance sheet, ITRs, trade license, etc. Keep soft/scanned copies of these documents handy for a seamless application process.
Features of a ₹50,000 Personal Loan
Some useful features of personal loans up to ₹50,000 offered by leading financial institutions include:
- Online Application: The entire process from application to disbursal can be done through online mode.
- Flexible Repayment: Option to pay EMIs through PDC, ECS, or auto-debit of salary account.
- Part Prepayment Allowed: You can prepay part of the loan outstanding and reduce interest cost.
- Foreclosure Allowed: After 6 months of disbursal, the loan can be foreclosed by paying the outstanding amount.
- Quick Disbursal: The loan amount can be credited to your account within a few days of loan approval, depending upon your financial profile and completeness of documentation.
- Doorstep Document Pickup: Executives assist in document collection from your home or office.
*Note that features may vary as per the specific loan products and policies of different financial institutions. Please check all details carefully before applying.
Conclusion
Getting access to funds quickly is made easy with instant personal loans up to ₹50,000. Follow the simple step-by-step process outlined in this blog to apply for and get approved for your loan from leading banks, NBFCs or fintech institutions.
Ensure you check your eligibility, compare interest rates, submit the required documents and choose the ideal loan tenure before applying. This will help you get your loan approved at the lowest interest rate and EMIs that suit your repayment capability.
FAQs
1. What are the interest rates on personal loans up to ₹50,000?
Interest rates generally start from 12%* per annum and can go up to 42%* depending on the lender, applicant's income, credit score, company profile, and loan amount.
2. What is the maximum tenure available for a personal loan of ₹50,000?
Most financial institutions offer a maximum tenure of 5 years for a personal loan of ₹50,000. Some also offer longer tenure. It is important to check with your financial institution for accurate details on loan tenure and repayment options.
3. What is the processing fee for a personal loan up to ₹50,000?
The processing fee can go up to 5%* of the loan amount sanctioned. Some banks and NBFCs may waive the processing fee for select customers.
4. What are the key factors that determine eligibility for a ₹50,000 personal loan?
The main factors are minimum age, income, employment, credit score, company profile, work experience, and repayment capacity. Meeting the eligibility ensures quick approval.
5. How soon can I get a personal loan of ₹50,000 approved and disbursed?
If all documents are in order, it takes a few working days from the submission of application to get the amount disbursed into your bank account.
