Personal Loan of ₹50 Lakh

A personal loan is undoubtedly the most versatile type of funding instrument. You can easily apply for a ₹50 lakh loan for a tenure of five years or more. The loan amount can be spent on your marriage, urgent unplanned expenses, marriage, unexpected medical expenses, or debt consolidation. You need not worry about replaying your personal loan as you can easily repay through affordable EMIs that too at marginal interest rates.

Taking care of emergency fund requirements has become highly seamless today with the help of personal loans. People borrow loans for different purposes. The decline in lending rates and exclusive offers on interest rates and EMIs have made it more comfortable to borrow funds as per your requirements. With the help of personal loans, you can take care of your educational expenses, urgent medical emergencies, marriage, big-ticket purchases, or home renovation. You can easily avail of a ₹50 lakh personal loan at a low-interest rate starting from 10.30% p.a. onwards for an extended tenure of up to 5 to 10 years.

Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. Additionally, the final interest rate applicable to you will depend on factors such as your repayment tenure, your age, your monthly income, and your CIBIL score.

The eligibility criteria for a ₹50 lakh personal loan varies depending on the lender. You can easily apply for a personal loan if you meet the following eligibility criteria. Once this is met you just need to submit the required documents to complete your application process for the ₹50 lakh personal loan. Major eligibility criteria include:-

• You should be an Indian national.

• You should be between 21 years to 67 years old.

• Employees of MNCs or Public or private sector are eligible.

• Your CIBIL score should be 750 or higher.

• Your minimum monthly salary should be ₹22,000; this criterion might vary based on the city of residence.

The loan disbursal process is normally quick and mostly digital. When you wish to apply, you should first arrange all the required documents and keep them handy. During the online application process, you might be required to upload them after filling in the personal details. After the application form for a ₹50 lakh personal loan is submitted, representatives from the bank will get in touch with you to collect the physical copies of the submitted documents based on your convenience.

To begin the personal loan application process follow these steps-

• Step 1: Select a Bank from where you wish to obtain a ₹50 Lakh Personal Loan

• Step 2: Browse its website or download the app.

• Step 3: Click on the ‘Personal Loan’ section.

• Step 4: Fill in the application form carefully and accurately.

• Step 5: Finally, submit the form with required documents.

The major documents required to apply for a ₹50 lakh personal loan are:-

• KYC documents comprising of Aadhaar card/ PAN card/voter's ID/passport

• Proof of employment, like an employee ID card

• Salary statement of the last 3 to 6 months

• Bank account statements for the last 3 months

The ₹50 lakh personal loan EMI is would different based on the tenure opted and the interest rate offered by the bank/lender. You can check EMI for a ₹50 lakh personal loan for different tenures at a low personal loan interest rate of 8.10% p.a.