How To Get A Personal Loan Upto 50000 Instantly For Urgent Needs
Times have been tough, especially after the COVID-19 pandemic. Those with an emergency fund can lean on this corpus to finance emergencies. However, without an emergency fund or with insufficient funds, availing of a loan can be the best alternative. This article elaborates on how to get a personal loan of up to 50000 immediately for urgent needs.
Why Should You Opt For A Personal Loan?
A personal loan does not include restrictions on the usage of the amount. It offers flexibility and is an excellent way to fulfill your urgent cash needs. A few reasons to opt for a personal loan include:1. Collateral-Free:
You do not need to pledge any collateral to avail of a personal loan.2. Credit Limit Of Your Choice:
With a personal loan, you can borrow as little as INR 50,000 within a few hours if you pass the eligibility criterion.3. Online Process:
You can get a personal loan without hassle. The whole process is entirely online.4. Advantage For The Existing Customers:
Existing customers are eligible for top-up loans on the principal amount at affordable interest rates.Eligibility Criteria
The complete eligibility criteria to avail of a personal loan differs from lender to lender. However, the basic eligibility criteria to avail of a personal loan of INR 50,000 include:• The applicant should be between the age range of 21 to 60 years
• A minimum turnover or salary as per the lender
• A self-employed person should be in business for at least three years.
• The applicant should be in their current role for at least six months with a total of a year’s experience.
EMI For Rs. 50,000 Personal Loans
You can calculate the EMIs of your loan using an online EMI calculator. However, assuming a 12% p.a. interest rate, the EMI amount can be as below:
|
Loan amount (INR) |
Interest rate (%pa) |
Tenure (years) |
EMI (INR) |
|
50,000 |
12 |
1 |
4,442 |
|
2 |
2,354 |
||
|
3 |
1,661 |
||
|
4 |
1,317 |
||
|
5 |
1,112 |
Please note: The numbers may change in reality.
Frequently Asked Questions
Q.1: Is a PAN card required for a personal loan of INR 50,000?
Ans: The documents required to avail of a loan are lender-specific. However, a PAN card is mandatory to get a personal loan of INR 50,000.
Q.2: What is the repayment tenure for personal loans?
Ans: Most financial institutions provide a repayment tenure between 1 to 5 years, based on several factors.
Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.
