Interest Rate of Rs 50,000 Personal Loan
Interest rates for personal loans for Rs 50,000 usually start from 10.49% p.a. onwards and tenures can go up to 5 years. But some public sector undertaking banks may offer personal loans at lower interest rates and for longer tenures. The final interest rates offered on personal loans of Rs 50,000 would depend on the credit score, monthly income, employer’s profile, job profile, etc. Moreover, it is always better to compare the personal loan interest rates offered by different lenders to choose the most suitable personal loan offer.
Interest Rates offered by Different Lenders on Personal Loans of Rs 50,000
|Axis Bank||10.49% onwards||Apply Now|
|IndusInd Bank||10.49% onwards||Apply Now|
|IDFC First Bank||10.49% onwards||Apply Now|
|HDFC Bank||10.50% onwards||Apply Now|
|ICICI Bank||10.65% onwards||Apply Now|
|Kotak Mahindra Bank||10.99% onwards||Apply Now|
|Tata Capital||10.99% onwards||Apply Now|
|Bajaj Finserv||11.00% onwards||Apply Now|
|Federal Bank||11.49% onwards||Apply Now|
|DMI Finance||12.00% - 40.00%||Apply Now|
|L&T Finance||12.00% onwards||Apply Now|
|Kreditbee||12.25% - 30.00%||Apply Now|
|MoneyTap||13.00% onwards||Apply Now|
|Piramal Finance||12.99% onwards||Apply Now|
|Aditya Birla||13.00% onwards||Apply Now|
|Moneyview||15.96% onwards||Apply Now|
|Cashe||27.00% onwards||Apply Now|
Note: Interest rates as on 29th November 2023
EMI Calculator for Rs 50,000 Personal Loan
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
EMI for Rs 50,000 Personal Loan for Tenures of 1-5 Years
|Loan amount (Rs)||Tenure (years)||Interest rate (% p.a.)||EMI (Rs)|
Factors Considered by Banks/NBFCs For Evaluating Rs 50,000 Personal Loans
Personal loan applicants who have credit scores of 750 and above are considered more creditworthy and have higher chances of availing personal loans at lower interest rates. Some banks/NBFCs also offer personal loans to applicants having lower credit scores, but at higher interest rates due to the high credit risk.
Minimum Monthly Income
Most banks/NBFCs usually offer personal loans to applicants with a minimum monthly income of at least Rs 15,000. A higher income indicates a higher loan repayment capacity, which further leads to lower credit risk for the lenders. As a result, many lenders offer personal loans at lower interest rates to applicants with high income.
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. Lower EMI/NMI ratio results in inadequate disposable income, which increases the chances of timely loan repayments.
Thus, those planning to avail personal loans should use Personal Loan EMI Calculator to find out the optimum EMIs and loan tenures for their personal loan based on their repayment capacity while ensuring that their total EMIs remain within 50% of their net monthly income.
Personal loan applicants who are employed with private sector companies and public sector undertakings, and self-employed individuals who have at least 1 year of business vintage are usually considered eligible for availing personal loans by many banks/NBFCs. Lenders usually prefer applicants with higher job stability and income certainty as they have higher capacity to timely repay the personal loans.
Most banks/NBFCs have set the minimum age criteria of 21 years for their personal loan applicants. The maximum age criteria for personal loan applicants at the time of loan maturity is set around 67 years by many lenders. Along with this, many lenders offer personal loans only to Indian residents, but some banks may offer personal loans for NRI applicants as well.
Important Features of Personal Loans
- Personal loan interest rates usually start from 10.49% p.a. onwards. Some PSU banks may also offer personal loans at lower interest rates.
- Personal loan tenure is usually up to 5 years, but some banks may offer personal loans for longer tenures.
- Personal loans can be used for any personal purposes such as wedding, travel, higher education, home renovation, etc., except for speculation.
- Personal loan applicants are not required to submit any collateral to the banks/NBFCs.
- Processing fees for personal loans can go up to 4% (of the loan amount).
Documents required for Availing Personal Loans
Common Documents for all applicants:
- Duly filled application form with passport size photograph
- Identity Proof: PAN Card/Voter ID Card/Adhaar Card/Driving License
- Signature Proof
- Address Proof
Additional Documents for Salaried Applicants:
- Last 3 months’ salary slips
- ITR/Form 16
Additional Documents for Self-employed Applicants:
- ITR for last 2 years along with P&L account, balance sheet and income computation for last 2 years
- Business Proof Form 26 AS, Income Tax Challan or TDS certificate (Form 16A) for income tax declared
1. What is the interest rate for a Rs 50,000 personal loan?
Ans: Interest rate for Rs 50,000 personal loan starts from 10.49% p.a. However, some PSU banks may offer lower interest rates for Rs 50,000 personal loans.
2. What is the processing time for a Rs 50,000 personal loan?
Ans: Most banks disburse Rs 50,000 personal loan within 24 hours of approval.
3. How to get a 50,000 personal loan on aadhar card?
Ans. Lenders do not offer personal loans on the basis of Aadhar Card. Lenders use Aadhar Card as one of the KYC documents for identity and address proofs. The use of Aadhar Number as KYC documents allows many lenders to offer quicker loan processing and approval. However, applicants should note that even if one submits his Aadhar Card as a KYC document, the lender would still approve his personal loan application on the basis of his income, credit score, occupation profile and other aspects of his credit profile.
4. Can I avail Rs 50000 Personal Loan without documents?
Ans. Yes, you can avail personal loan of Rs 50,000 without submitting documents from lenders with whom you have an existing banking relationship as they already have your documents. As many lenders have also implemented end-to-end digital processing of personal loan applications, their loan applicants may not have to submit hard copies of the required documents. All they have to do is to upload the documents online during the loan application process.
5. How do I get a Rs 50,000 personal loan urgently?
Ans. To avail a personal loan of Rs 50,000 with quick disbursal, you should first check for pre-approved personal loan offers from lenders you already have an existing relationship with. Next, you should visit online financial marketplaces as many of their partner lenders have implemented end-to-end digital processing of loan applications and thereby, can offer personal loans with quick disbursal.