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Apply for a ₹50 Lakh Personal Loan Online
A personal loan is an unsecured type of loan that you can borrow from a bank and NBFC for any personal purpose like repairing your home, wedding function, medical emergency, travel education etc. Unlike a home loan and a car loan a personal loan does not require any collateral or security and you can use the loan amount at your discretion.
If you are prepared to apply for a personal loan of 50 lakh personal loan, you need to fulfil specific criteria in order to be eligible and give the lender some basic documents. In this article we will guide you through the process of applying for a ₹50 lakh personal loan.
Benefits of Applying for a 50 LAKH Personal Loan
A personal loan of 50 lakh can offer you several benefits such as:
- Quick and easy approval: You can apply for a personal loan online or offline and get instant approval based on your eligibility and credit score. The loan amount can be disbursed to your bank account within a few hours or days depending on the lender.
- Flexible tenure and repayment: You can choose a loan tenure from 12 to 60 months depending on your repayment capability. You can also opt for a flexible repayment option to suit your cash flow and budget.
- Competitive interest rate: You can get a personal loan at a competitive interest rate starting from 10.50% per annum depending on your credit score income loan amount and tenure. You can also compare the interest rates and other charges of different lenders online and choose the best offer for yourself.
- Minimal documentation: You can apply for a personal loan with minimal documentation such as your identity proof address proof income proof bank statement and photograph. Some lenders may also offer you a pre-approved personal loan based on your existing relationship with them without requiring any additional documents.
- No restriction on fund usage: You can use the personal loan amount for your required purpose. You do not have to disclose the end-use of the loan to the lender or submit any proof of the same.
Interest Rates for 50 Lakh Personal Loan of Different Banks/NBFC
Bank/NBFC | Interest Rate | Processing Fee | Tenure |
HDFC Bank | 10.50% to 25.00% | Up to 2.50% | 3 to 72 months |
ICICI Bank | 10.50% to 16.00% | Up to 2.50% | 12 to 84 months |
Bajaj Finserv | 10.99% to 16.00% | Up to 3.99% | 12 to 60 months |
Fullerton India | 11.99% to 36.00% | Up to 6.00% | 12 to 60 months |
IndusInd Bank | 11.00% to 16.00% | Up to 2.50% | 12 to 60 months |
Kotak Mahindra Bank | 10.50% to 17.99% | Up to 2.50% | 12 to 60 months |
Standard Chartered Bank | 10.99% to 19.00% | Up to 3.00% | 12 to 60 months |
Central Bank of India | 9.35% to 10.20% | Nil | 12 to 48 months |
Tata Capital | 10.99% to 19.00% | Up to 2.50% | 12 to 72 months |
IDFC First Bank | 10.75% to 32.00% | Up to 3.50% | 12 to 60 months |
Notice: These rates are tentative and could change at any time. Always confirm with the lender before submitting an application. In addition, a number of other variables, including your age, monthly income, CIBIL score, and length of repayment term, will affect the final interest rate that applies to you.
Eligibility Criteria For ₹50 Lakh Personal Loan
The eligibility criteria for a 50 lakh personal loan may vary from lender, but some of the common factors that they consider are:
- Age: You should be at least 21 years old and not more than 60 years old at the time of loan application.
- Income: You should have a regular and stable source of income either from a salaried or a self-employed profession. The minimum income requirement may differ according to the lender policy. but it is usually around 50000 per month.
- Credit score: You should have a good credit score preferably above 750 to get a personal loan at a lower interest rate and a higher loan amount. A credit score reflects your creditworthiness and repayment history and it is calculated by various credit bureaus such as CIBIL Experian Equifax etc. Check Your Cibil Score in Free.
- Employment status: You should have a stable and secure employment status either with a reputed organization or a well-established business. The minimum work experience requirement may vary from lender to lender but it is usually around 2 years for salaried individuals and 3 years for self-employed individuals.
- Debt-to-income ratio: You should have a low debt-to-income ratio which is the percentage of your monthly income that goes towards paying your existing debts such as loans credit cards etc. A lower debt-to-income ratio indicates that you have enough surplus income to repay the new loan. The ideal debt-to-income ratio for a personal loan is below 40%.
How to Apply for a 50 Lakh Personal Loan
You can apply for a 50 lakh personal loan either online or offline depending on your convenience and preference. Here are the steps to apply for a 50 lakh personal loan:
- Compare and choose: You can compare the interest rates fees charges features and benefits of different lenders online and choose the best offer for yourself. You can also use online tools such as eligibility calculator EMI calculator and interest rate calculator to check your eligibility monthly payment and total interest cost for the loan.
- Fill and submit the application form: You can fill the online application form on the lender’s website or app or visit the nearest branch of the lender and fill the offline application form. You have to provide your personal professional and financial details such as your name age income loan amount tenure etc. in the application form.
- Submit the documents: You have to submit the required documents such as your identity proof address proof income proof and photograph along with the application form. You can upload the documents online or submit them physically at the branch.
- Get the verification and approval: The lender will verify your details and documents and check your credit score and repayment capacity. If everything is in order the lender will approve your loan application and send you a loan offer letter which contains the terms and conditions of the loan.
- Accept the loan offer and sign the agreement: You have to accept the loan offer and sign the loan agreement which is a legal contract between you and the lender. You can accept the loan offer and sign the agreement online or offline depending on the lender’s mode of operation.
- Get the loan amount disbursed: The lender will disburse the loan amount to your bank account within a few hours or days depending on the lender’s turnaround time. You can start using the loan amount as per your need and discretion.
Documents required to Avail ₹50 Lakh Personal Loan
The documents required for applying for a 50 lakh personal loan may vary from lender to lender but some of the common documents that you may have to submit are:
- Identity proof: You can submit any of the following documents as your identity proof: Aadhaar card PAN card passport voter ID card driving license etc.
- Address proof: You can submit any of the following documents as your address proof: Aadhaar card passport voter ID card driving license utility bill rent agreement etc.
- Income proof: If you are a salaried individual you can submit your salary slip bank statement and Form 16 as your income proof. If you are a self-employed individual you can submit your income tax return profit and loss statement balance sheet and bank statement as your income proof.
- Photograph: You can submit a recent passport-sized photograph of yourself along with the loan application form.
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₹50 Lakh Personal Loan EMI Calculator
A personal loan EMI calculator is an online tool that helps you calculate the monthly payment or EMI (equated monthly installment) for your personal loan. You can use the personal loan EMI calculator to plan your budget and repayment schedule for the loan. You can also use the personal loan EMI calculator to compare the EMIs of different lenders and choose the best offer for yourself.
To use the personal loan EMI calculator you have to enter the following inputs:
- Loan amount: The amount of money that you want to borrow from the lender.
- Interest rate: The annual percentage rate or APR that the lender charges you for the loan.
- Tenure: The duration or period for which you want to repay the loan.
The personal loan EMI calculator will then calculate and display the following outputs:
Comparison of 50 lakh personal loan EMI for 5 years, 10 Years and 20 Years
Bank/NBFC | Interest Rate | EMI for 5 Years | EMI for 10 Years | EMI for 20 Years |
Central Bank of India | 9.35% | ₹103791.78 | ₹49,091 | ₹38,269 |
State Bank of India | 9.50% | ₹104372.07 | ₹49,579 | ₹38,833 |
Bank of India | 9.50% | ₹104372.07 | ₹49,579 | ₹38,833 |
Bank of Maharashtra | 9.35% | ₹103791.78 | ₹49,091 | ₹38,269 |
HSBC | 9.35% | ₹103791.78 | ₹49,091 | ₹38,269 |
HDFC Bank | 10.50% | ₹107487.08 | ₹52,727 | ₹42,733 |
ICICI Bank | 10.50% | ₹107487.08 | ₹52727 | ₹42733 |
Bajaj Finserv | 10.99% | ₹109497.86 | ₹54530 | ₹44243 |
Fullerton India | 11.99% | ₹113282.95 | ₹58057 | ₹47693 |
IndusInd Bank | 11% | ₹110508.64 | ₹55333 | ₹45170 |
How Much salary is required for a 50 Lakh Personal Loan?
The salary requirement for a 50 lakh personal loan may be different from multiple lenders, but it is usually around 50000 per month. Salary requirements may also depend on other factors such as your credit score loan amount tenure debt-to-income ratio etc. Therefore it is advisable to check the eligibility criteria of the lender before applying for the loan.
Conclusion
Applying for a ₹50 lakh personal loan can be a convenient way to meet your financial needs. You will get quick approval, flexible repayment options, competitive interest rates and minimal documentation requirements.
To be eligible for a 50 lakh loan you should meet certain eligibility criteria. You should also be ready with the required documents for upload. You can apply for this loan online or offline but before applying for the loan, compare offers from different lenders.
Keep in mind that the salary requirement for a 50 lakh personal loan is usually around 50,000 per month but It’s essential to research and choose the best option that suits your financial situation.
FAQs
To get a 50 lakh personal loan typically your salary should be around 50,000 rupees per month. But normally salary requirements may be different from multiple lenders and other factors like your credit score, loan tenure, and debt-to-income ratio.
To borrow 50 lakh rupees you can use our article guide. In this borrowing process you should compare loan offers from different lenders, fill out an application form, provide the necessary documents and meet some eligibility criteria. The loan application can be submitted either online or offline, depending on your preference and the lender’s procedures.
The article provides an interest rate comparison for 50 lakh personal loans from various banks and NBFCs. This will give you the specific monthly EMI amount for a 50,000 rupee loan based on your chosen parameters.
You can choose a loan tenure ranging from 12 to 60 months, depending on your repayment capability and preferences. The article advises selecting a tenure that suits your budget.
Related Post
Bank Personal Loan Eligibility Criteria
Bank Personal Loan Interest Rate
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