How to Get 50,000 Personal Loan

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Get Personal Loan of 50,000 Rupees with paperless documentation

Key Takeaways

• Personal Loans are sanctioned based on your credit health and loan repayment abilities.
• Personal Loans are unsecured loans, therefore, do not require collateral.
• You can repay the loan in flexible tenures of up to 5 years.
• Personal Loan EMIs comprise the principal and interest rate components.
• Banks do not set end-use restrictions for a Personal Loan.

Are you tempted to upgrade to that latest smartphone or perhaps that action camera for your video blogs? How about the latest play station? If you are thinking, ‘I need 50,000 Rupees loan urgently but have no idea how to get it, your search can end with Personal Loans. Now you can get Personal Loans to finance any expense – big or small. You can apply for amounts as low as INR 50,000 with no restrictions on end-use. Find out the numerous benefits of a Personal Loan and things you should consider before getting one.

How To Get 50,000 Personal Loan

There are two types of loans – secured and unsecured. A secured loan requires you to provide collateral such as a car, a home, or sometimes stocks and bonds. Unsecured Loans, however, require no collateral, for example, credit cards and Personal Loans. When you apply for a Personal Loan, the lender sanctions the loan primarily on your creditworthiness along with other basic parameters. The eligibility criteria for an INR 50,000 Loan are as follows:

• Minimum and maximum age of 21 and 60 years, respectively.
• Salaried or self-employed individuals must provide proof of regular income.
• Your CIBIL Score must be at least 600 points.

Check your eligibility with the Personal Loan EMI Calculator.

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Features and Benefits

Hassle-free documentation

Loans that require collateral demand mountains of paperwork. However, Personal Loans are collateral-free and require minimum to no paperwork. Just provide scanned copies of documents, including your PAN card, ID, address and income proof. Pre-approved bank customers can avail of instant loans with no documents required.

Flexible repayment tenures

Choose flexible tenures starting from 12 months till five years and repay your loan of Rs. 50,000 in easy Equated Monthly Instalments.

Quick disbursal

Once the lender approves your loan request, the loan amount gets credited to your bank account in minimal time. If you are a pre-approved customer or eligible for instant Personal Loans, the bank credits your savings account within hours, typically on the same day.

Personal Loan cost

You can avail of Personal Loans at competitive interest rates. While banks levy a one-time loan processing fee plus taxes, there are other charges like late payment, default charges, prepayment charges, etc. These are mentioned in the loan agreement.

Loan cancellation

Some banks allow loan cancellation within 48 hours of loan disbursement. The bank will reverse the loan amount into its source account, except for any loan processing fee and additional taxes.

No end-use restriction

Once the amount gets disbursed, you can use it to finance any expense of your choice. You can use the INR 50,000 Personal Loan to pay for a vacation, buy a tech gizmo, furnish your home, and more.

Conclusion

As long as you hold a good credit score and show proof of regular income, you can get a Personal Loan with minimum to no documentation. Remember to check your eligibility and possible EMI payments with online Personal Loan eligibility and EMI calculators, respectively.

Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page.

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.