Key Features of the Personal Loan
A personal loan of Rs. 50,000 is a credit facility that comes with plenty of perks and features for all its customers. These features and benefits at Piramal Finance that aims to streamline the customer journey with us are as follows:
Digital Loan Processing
Seamless Loan Application
Minimal Paperwork
No Need For Collateral
Affordable Interest Rate & Flexible Tenure:
Factors Responsible for ₹50000 Personal Loan Interest Rate
The interest rate for a personal loan of 50,000 typically starts from 12.99*%pa, and the maximum repayment tenure is five years. The final 50000 personal loan interest rate you get depends on factors like your monthly income, employment type, work experience, and age.
Age:
The minimum age required to apply for a personal loan is 21 years. However, the maximum age at which a person can apply for an instant personal loan is set to be 60 years. If you’re a younger applicant, your ability to repay the loan will be higher than any old applicant. Thus, a younger applicant gets entitled to a lower interest rate than any older applicant.
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.
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.
Work Experience:
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.
Types of Personal Loans:
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Frequently asked questions
The processing time for an instant loan of 50000 at Piramal Finance is 24 hours. After the loan documents are verified and approved, we will process the loan within 24 hours.
Yes, you can get a 50,000 loan without security or any collateral at Piramal Finance. We will assess your creditworthiness and your capability to repay the loan within the tenure. If you’re creditworthy, we won’t ask for any collateral and will disburse the amount with an easy EMI schedule.
Your credit score plays an influential role in deciding your eligibility for an instant 50k loan. Piramal Finance, on the other hand, provides financing to individuals with low credit.
Without documents, your urgent loan of 50,000 application will not get approval. Documents like your photo ID, income proof, and address proof are crucial parts of any loan application process.
Piramal Finance offers a simple and convenient application process for an instant loan of 50k, involving minimal documentation requirements. What makes it a leading choice for consumers is that your loan gets approved within a couple of hours, enabling you to meet your urgent requirements without hassle.
