Get Instant Approval of Rs. 50000 Personal Loan

Financial emergencies can knock on your life anytime, it may sometimes be big and sometimes small. But irrespective of the reason one cannot make an excuse at that time. To make such times easier many Banks and NBFCs provide personal loans of 50000. With such a personal loan, one can pass financially difficult times with ease. Apart from that these loans are approved with less interest rate and less documentation. Also, a borrower can apply for the 50k personal loan through the phone itself. This article will tell how one can get loans up to 50000 without documents.

Getting a 500000 personal loan is an easy task with the digitalization in the financial sector. You can avail of the personal loan after filling in the application form online and completing documentation. After understanding the needs of borrowers many banks and NBFCs have introduced the facility of instant personal loans. These loans can be approved and disbursed within a day.

Factors Responsible for 50k Personal loan

To apply for a Personal Loan up to 50000 there are certain factors that a person needs to keep in mind for the easy application process of the loan. These factors not only act as the foundation for the approval of the personal loan but also show the creditworthiness of a borrower.

1. Age: The minimum age required to apply for a personal loan of 50000 is 21 years. The borrower can apply for loans up to 50000 up to the age of 60. If you’re a younger applicant, your ability to repay the loan will be higher than any old applicant. Thus, a younger applicant is entitled to a lower interest rate than any older applicant.
2. Work Experience: To apply for a 50k personal loan one must be employed in the same company for at least 2 years. A salaried individual with a minimum of two years of work experience and a self-employed person with at least a year of active business profile is considered highly eligible for a 50000 loan. The more your work experience, the more your capability to repay the loan, and the lesser your interest rate.
3. Credit Score: An applicant with a 750 or above credit score is given more priority than other applicants. An individual with such a credit score is more creditworthy, and thus, their chances of getting a personal loan at low-interest rates increase significantly. However, Piramal Finance provides loans with affordable interest rates to people with low credit scores.
4. Employment Status: Applicants of a 50k loan working in public sector undertakings and private sector companies or being self-employed with a minimum of one year of business activity are considered eligible for an instant personal loan. Individuals with higher income certainty and job stability are given more priority and offered lower interest rates than others.
5. ENM/ NMI Ratio: Most lenders require the total EMIs of their personal loan applicants, including the EMI of their proposed personal loan, to be within 50-60% of their net monthly income. A lower EMI/NMI ratio results in inadequate disposable income, which increases the chances of timely loan repayments. Get an instant 50k personal loan from the best lender.

Fees and Charges for a 50000 Personal Loan

The detailed fee structure as well as charges associated with a personal loan of 50000 are mentioned below. Look at the table before you are going to apply for a personal loan.

Documents Required for a Personal Loan of 50000

There are no such loans that can availed before providing any of the documents. But a 50k personal loan can be availed with the documents that a person usually keeps with them 24*7. These types of loans do not require any extra documents or any such document that is hard for the borrower to present or upload online. In addition, banks keep in mind the security of the borrower, hence, they ensure that all the documents are safe and secured.

1. PhotoID: The borrower needs to submit the Aadhar Card, voter ID, Passport, and PAN Card as proof of your identity.

2. Residence Proof: A borrower needs to submit utility bills such as electricity bills to get the personal loan of 50000.

3. Office Address: In case you are a self-employed person then you need to submit the GST Certificate as proof.

4. Income Proof: Submit P/L Account and Balance Sheet for the previous three years, ITRs of the last three years, and bank account statement of business account if you are a self-employed person. In case you are a salaried person apply for loans up to 50000 by submitting a Bank account statement of salary account, salary slip for the last three months, and Form 16.

EMI for Rs 50,000 Personal Loan for Tenures of 1-5 Years

How to Apply for Personal Loans up to 50000

The process of applying for a personal loan up to 50000 is very easy. With the dedicated portals of the lenders, it has become more easier. Now one can apply for a personal loan without documents with their phone. Here are the detailed instructions.

1. Search for the best lender to provide you with the 50k Personal loan.

2. Visit their website and apply for a personal loan by clicking on the apply button.

3. Complete the documentation online and get instant soft approval for the 50000 personal loans.

4. Know the charges and sign the loan agreement digitally.

5. Get the loan disbursed in your provided account quickly.

Conclusion

The article has tried to make 50000 personal loans a cakewalk for everyone. It has explained all the charges, characteristics, and the process of applying for a personal loan. Fulfill your need for financial aid with the best personal loan from a top fintech company like My Mudra.