Life is an endless cycle of ups and downs, and financial emergencies make up a major part of gliding through life. You may think you are saving enough for a specific event in the future, such as your child’s higher education or marriage, but an unexpected urgency may force you to dip into your savings. However, you can consider an instant personal loan rather than spending a major portion of your savings on such urgent needs. An instant personal loan is a loan product that lenders such as banks and NBFCs offer to individuals to cover any personal expenses. These expenses can include covering the expenses of any urgent need such as medical emergency, home renovation, marriage etc. However, similar to other types of loans, lenders charge interest on the offered loan amount which the borrowers are legally liable to repay along with the principal within the loan tenure. But how much instant personal loan amount is ideal?
50000 Personal Loan: An Ideal Instant Personal Loan
When you apply for an instant personal loan, you have to choose how much you want to raise as the loan amount. The instant personal loan amount should be based on how much money you will need to cover the expenses of the urgent need at hand. If you are looking to fund a portion of the expense from your savings, you can raise the rest by applying for an instant personal loan. However, Rs 50,000 is an ideal loan amount that is not too less or not too much and comes with nominal interest rates and flexible EMIs for repayment. Lenders offer a 50000 personal loan or 50000 loan as an instant personal loan which comes with a loan amount of Rs 50,000. The 50000 personal loan comes with numerous features and benefits that make it an ideal choice for borrowers.
50000 Personal Loan: Benefits and Features
If you have analysed your personal needs and know that you want to avail of an instant personal loan with Rs 50,000 as the loan amount, all you have to do is apply for a 50000 loan. However, if the expenses are personal, you can go for a 50000 personal loan. When you apply for a 50000 loan or 50000 personal loan, you get the following benefits:
- Immediate Capital: A 50000 personal loan is a specialised product that allows borrowers to avail of Rs 50,000 as the loan amount instantly. Such an instant personal loan comes with quick approval and disbursal where quality lenders approve the loan within 30 minutes, followed by 50000 loan amount disbursal into the borrowers’ bank account within 24 hours.
- No Collateral: When you apply for a 50000 personal loan or a 50000 loan, quality lenders do not require you to pledge an asset as collateral. It means that you can avail of Rs 50,000 as the loan amount from the instant personal loan, without owning any valuable asset which would be tied up with the lender.
- Flexible EMIs: A 50000 personal loan offers an effective repayment tenure that starts from 12 months and goes on to 60 months. Quality lenders offering 50000 loans ensure that the borrower can repay the instant personal loans through flexible EMIs stretched throughout the loan tenure. Such flexible EMIs ensure that the borrowers can repay the loan effectively without experiencing any financial burden.
- No End-Use Restrictions: One of the best features of a 50000 personal loan is its ability to offer the loan amount without any restrictions on the end use. When borrowers apply for a 50000 loan, they can spend the loan amount on any personal legal expenses.
50000 Personal Loan: Eligibility
Since 50000 loans do not require an asset to be pledged as collateral, lenders have designed eligibility criteria to mitigate the chance of default. Here is the eligibility criterion to apply for a 50000 personal loan:
- Entities: Salaried individuals working under the following can apply:
- Government Institution
- Private Sector
- Public Sector
- MNCs or related companies
- Partnership Firms
- Proprietorship concern
- Age: The borrower must be between the ages of 21 and 60.
- Income: The borrower must earn a minimum of Rs 25,000 per month.
- Work Experience: The borrower must have a minimum working experience of 6 months in the current organisation.
50000 Personal Loan: Documents Required
Here are the documents required to take an instant personal loan of Rs 50,000 through a 50000 personal loan:
- PAN Card (Compulsory)
- Identity Proof (any of the following):
- Driving Licence
- Aadhaar Voter
- Identity Card
- Address Proof (any one of the following):
- Registered Leave and Lease Agreement
- Driving Licence
- Aadhaar Card / Aadhar Acknowledgement
- Voter’s Identity Card
- Utility bills like Telephone Bills/Electricity Bills etc. (not more than three months old)
- Income Proof (all of the following):
- Latest 1 month’s salary slips
- Bank statements from the previous three months
Steps to apply for a 50000 Personal Loan
If you are an individual who has an urgent need to cover and wants to raise Rs 50,000 instantly, you can apply for the 50000 personal loan by following these steps:
- Step 1: Open the lender’s website and navigate to the “Personal Loan” page.
- Step 2: Click on the “Apply Online” button and enter your phone number.
- Step 3: Enter the OTP received on the phone number to open the application form.
- Step 4: Enter all the required personal and professional details.
- Step 5: Upload all the required documents and click on “Submit”.
Instant personal loans have become an ideal product for individuals who want to raise immediate capital to cover the expenses of any unexpected urgency. However, it is common to need clarification about which 50000 personal loan product to buy as numerous lenders offer instant personal loans with different terms and conditions. Hence, it is important to know everything about such instant personal loans to make an informed decision. If you have any future queries, you can head over to Piramal Finance to cater to your personal expenditure needs.