₹50,000 Personal Loan

A ₹50,000 personal loan can be an effective solution when you need quick access to funds for planned or unplanned expenses. You may require the funds for a short trip, paying fees, or handling car repairs. This loan allows you to manage immediate commitments without financial strain.

For example, a personal loan of ₹50,000 at a 10% interest rate with a 12-month tenure results in an EMI of approximately ₹4,392. The total interest payable would be around ₹1,704, making the overall repayment amount ₹51,704.

With competitive interest rates and convenient repayment options, you can manage your expenses efficiently. This option suits salaried individuals requiring urgent financial support. You need to have minimal paperwork and benefit from fast processing to receive the funds when required.

When applying for a personal loan on Bajaj Markets, you can compare and assess the interest rates and maximum tenures offered by multiple lenders. This way, you can make an informed decision and enjoy long-term benefits.

The tenure you choose has a major impact on your personal loan EMIs. Checking and comparing the various options available before selecting an offer is important. Suppose that you have taken a personal loan of ₹50,000 at an interest rate of 10% p.a. 

Here is how the instalment amount changes based on the loan tenure:

Here is how you can calculate your personal loan EMI using a simple formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Principal loan amount

• R = Monthly interest rate (Annual interest rate/12/100)

• N = Loan tenure in months

Using this formula, you can easily calculate the loan terms for a personal loan of ₹50,000. For instance, if you take the loan on Bajaj Markets at an annual interest rate of 10% for a tenure of 30 months. Based on these terms, your EMI will be ₹1,891 per month. 

Similarly, your total payable will be ₹56,717, and your total interest paid will be ₹6,717 over the tenure.

Applying for a personal loan of ₹50,000 requires you to meet a few basic eligibility conditions. Although these may vary depending on the lender, the following factors are generally taken into consideration:

1. You must be an Indian citizen

2. You must be salaried or self-employed

3. You must be at least 18 years old

4. Earn a minimum monthly income of ₹10,000

5. Have at least 1 year of work experience

6.  Ensure your CIBIL score for ₹50,000 personal loan is 650 or above, and routinely check your CIBIL score online for accurate updates

To apply for a ₹50,000 personal loan, below are the most commonly required documents:

You can apply online for a ₹50,000 personal loan effortlessly on Bajaj Markets by following these easy steps:

1. Visit the Bajaj Markets personal loan application page

2. Select your profession from the available dropdown options

3. Enter your valid mobile number and residential PIN code

4. Review and accept the provided terms and conditions

5. Click the ‘Proceed’ button to advance your loan application

6. Enter required details like PAN, full name, date of birth, monthly salary, employer information, email, gender, and salary payment mode

7. Submit your application details to view personalised loan offers instantly

8. Choose the loan offer that suits you best, select your preferred repayment tenure, and finalise your application

A representative from Bajaj Markets will soon reach out to assist you with further steps.

The amortisation schedule outlines your repayment breakdown for a year. Here is how it appears when you get a ₹50,000 loan at an interest rate of 10% p.a. for 6 months:

Here is how borrowing an amount through a personal loan impacts your credit health:

Pre-approval Impact

Lenders carry out a hard enquiry on your credit profile to assess your creditworthiness. This may temporarily lower your credit score. You can improve it by managing your payments efficiently.

Post-approval Impact

Paying your loan on time is an excellent solution to improve your credit history and build your credit score.

Borrowing ₹50,000 is easy as the loan amount is small yet sufficient enough to meet substantial needs. Here are some ways you can use the funds:

Last-minute Travel Plans

If you have to make any last-minute trips, a personal loan of ₹50,000 should be enough to cover the costs. This amount can help cover expenses like flight tickets, accommodation, and more.

Gadget Shopping

You can buy a new smartphone or laptop with these funds and repay it comfortably over a long tenure.

Medical Bills

A personal loan of ₹50,000 can help you manage any medical emergency. You can focus on providing your family with financial support and avoiding stress.

Renovation and Refurbishing

You can invest in upgrading your home with a quick loan. A personal loan of ₹50,000 can provide the financial support to redecorate, renovate or revamp your home and car.

Relocation Funds

If you are planning to move to a new city or locality, consider financing it with a personal loan of ₹50,000. This loan can help cover moving expenses and make the transition smoother. Take advantage of this option for a hassle-free relocation experience.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.