₹50,000 Personal Loan Features, Benefits, EMI and Interest Rate
Need an urgent loan of ₹50,000 to pay credit card bills? Today, getting a personal loan isn’t too difficult as most lenders have made the application process smoother and eligibility criteria less stringent. You can now conveniently take care of the expenses that arrive on the spur of the moment with a personal loan.
In this blog, you will learn about the eligibility criteria, interest rates, and EMI obligations of ₹50,000 personal loan.
Feature and Benefits of a ₹50,000 Loan
Given below are the features and benefits of a ₹50,000 personal loan:
1. 100% Paperless Process
Lenders like Navi have drastically eased the loan journey process with their app-based tech-driven services – from loan application to disbursal.
2. Instant Disbursal
You can enjoy instant disbursals with personal loans provided you are eligible. Thanks to app-based loans, you don’t have to go to banks to apply for loans.
3. Flexible EMI
Personal loans come with flexible repayment tenures, usually extending up to 84 months. You have the freedom to select the loan tenure as per your convenience.
4. Attractive Interest Rates
Do you have an excellent repayment history or credit score? Lenders offer preferential rates to customers with proven creditworthiness.
5. No Collateral Required
Unlike home loans, for personal loans you don’t have to pledge collateral or guarantor. Also, this is one of the primary reasons why personal loans usually have higher interest rates than home loans.
6. Minimal Documentation
Thanks to advancements in the lending sector, you don’t have to fill out a bagful of documents. Lenders mostly ask for your address and ID proof, and at times, income proof as primary documents.
How to Apply for a ₹50,000 Personal Loan?
Here is the step-wise guide to apply for a ₹50,000 loan:
Step 1: Go to the website or download the personal loan app from Play Store or App Store.
Step 2: Check your loan eligibility by filling in some details such as name, address and PAN details.
Step 3: Check the interest rate offered and enter your preferred loan amount and repayment tenure.
Step 4: Submit or upload the necessary documents and complete your KYC process.
Step 5: Link your bank account. After successful verification, the loan amount will be directly disbursed to your account. Set up an auto debit to make your loan repayments on time.
Documents Required
These are the documents you might need to apply for a ₹50,000 personal loan:
- PAN Card
- Aadhaar Card
- 3-6 months bank statements or salary slips
Also Read
Eligibility Criteria
Refer to the table below to get an idea of ₹50,000 loan eligibility criteria:
Salaried Individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 750 or above |
| Employment Stability | Must be employed in a reputed company for a minimum of 6 months |
| Employment Duration | A minimum of 1 year |
Self-employed Individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 750 and above |
| Prior Relationship with the Lender | A minimum of 6 months (to be verified from the lender) |
| Business Turnover | A minimum of ₹15 lakh |
| Profit after Tax Deduction | A minimum of ₹2 lakh |
Interest Rate on a ₹50,000 Personal Loan
Refer to the table below to get an idea of ₹50,000 lakh personal loan fees and charges:
| Interest Rate | 8% p.a. – 36% p.a. |
| Processing Fee | 0% – 4% of the loan amount |
| Loan Amount | Up to ₹40 lakh |
| Loan Tenure | Up to 84 months |
| Prepayment Charges | 0% to 4% |
Please note that the table is for educational purposes only. Navi doesn’t take any responsibility for the accuracy of the data presented in the table.
How to Calculate your Personal Loan EMI on ₹50,000 Loan?
You can manually calculate your EMI by using the following formula:
EMI = P × r × (1 + r)n/((1 + r)n – 1) where P is the loan amount, r is rate of interest, and n is tenure or the number of months.
However, such manual calculations are lengthy and have chances of errors. Alternatively, you can use our online personal loan EMI calculator. Just enter the loan amount, tenure and applicable interest rate to check your EMI obligations.
Let’s understand this with an example. Suppose you have taken a ₹50,000 loan at 12% p.a. Interest rate for a tenure of 2 years. Upon calculation, your loan EMI would come up to ₹2,354.
Calculate Your Personal Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Various Types Cases of Personal Loan
We have listed down some of the types of personal loans available in India:
1. Marriage Loan
No need to compromise on your dream wedding or honeymoon. Apply for an instant personal loan for marriage and enjoy your big day without any inhibitions.
2. Travel Loan
Tired of postponing your vacation for a long time due to shortage of funds? Apply for an instant personal loan for travel and plan for your trip today!
3. Car Loan
Having a car makes commuting a lot easier. Apply for instant personal loan for car and travel anywhere in or out of your city hassle-free.
4. Bike Loan
In case you’re planning to buy a bike but don’t have enough funds to make the down payment, you can take a personal loan for two wheeler. Enjoy flexible repayment options and attractive interest rates.
5. Second Hand Bike Loan
Falling short of funds to purchase a second-hand bike? Take a personal loan for second hand bike with minimal documentation and enjoy the joyride.
6. Used Car Loan
Not planning to heavily invest in a new car? Purchase a second-hand car. In case you’re falling short on funds, get a personal loan for used car. Enjoy instant disbursal with minimal paperwork.
Final Word
Now that you know how to qualify and apply for a ₹50,000 personal loan, make sure you consider other important factors as well. These factors can include selecting the most suitable lender and determining exactly how much amount you require.
Plan your EMIs so that you can repay the loan without facing any financial difficulties. For hassle-free loan disbursement, download the Navi app now!
FAQs
Ans: You can repay a personal loan by paying equated monthly instalments or EMIs, either via post-dated checks or your bank’s ECS facility. Keep in mind that you need to repay the entire amount within a predetermined tenure.
Ans: The easiest way to improve one’s credit score is to repay all existing dues on time. On the other hand, if a borrower delays his/her EMI payments, his/her credit score will drop over time. Before availing of a personal loan, make sure that your credit score is 750 or above.
Ans: Fixed obligation to income ratio refers to one’s debt to earnings proportion. Ideally, your FOIR should be between 40% and 50%. This indicates that you can avail a fresh loan and repay the same while fulfilling other financial obligations.
Ans: The part prepayment is the practice of paying a part of your outstanding loan balance before time. Doing so reduces your loan’s principal outstanding, which lowers the total interest cost on credit. Remember to check if your lender is charging a fee for part payment.
Ans: An amortisation schedule is a breakdown of a borrower’s EMI into principal and interest components. Studying this schedule will help you understand how the principal component changes with each month’s EMIs just as the interest component does.
Ans: The interest rate on your loan amount is calculated based on the following factors and can vary from one lender to another:
– Loan tenure
– Loan amount
– CIBIL Score
– Monthly income
– Debt to income ratio
– The reputation of your employer
– Loan repayment history
Ans: Yes, it is necessary that you have a PAN card while applying for a personal loan. As it is an unsecured loan, your credit history is an important factor for the lender to check to decide your credibility. The lender will need your PAN details to do the same.
Ans: Yes, you can get a personal loan with a low CIBIL score but you will have to pay higher interest on the loan amount. A personal loan, being an unsecured loan, a CIBIL score is the only assurance that lenders can reliably get while providing you with a loan. Thus, a low credit score can create difficulty in availing of a loan.
Before you go…
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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