How To Get A Personal Loan Upto 50000 Instantly For Urgent Needs
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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 in this blog is for general purposes only and may change without notice. It does not constitute legal, tax, or financial advice. Readers should seek professional guidance and make decisions at their own discretion. IIFL Finance is not liable for any reliance on this content. Read more
