Personal Loan of ₹50,000

When applying for a personal loan of any loan amount, it is important to compare loan offers from multiple lenders. You need to assess the interest rates and the maximum tenures offered by each lender to make an informed decision.

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

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. Consider that you have taken a loan urgent loan of ₹50,000 at an interest rate of 10% p.a. 

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

Disclaimer: Note that these are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

In addition to interest rates, there are various other costs associated with borrowing. Fees and charges are incurred over the total repayment tenure. Here are some charges you need to be aware of:

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

Here is how you can calculate your personal loan EMI:

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

Where:

• P = 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 ₹50,000 loan amount at an interest rate starting at 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.

The amortisation schedule outlines your payment 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: 

Disclaimer: These are approximate values and are meant for illustration only. For actual EMI values, reach out to the lender.

Here is how borrowing an instant personal loan impacts your credit health: 

• Pre-approval Impact

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

• Post-repayment 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. 

• Impromptu Travel

If you have any last-minute travel plans, then ₹50,000 should be enough to cover the cost. This amount may not be enough to fund your international trip, but it can help you travel all across India comfortably. 

• Gadget Shopping 

But any new high-end smartphone or laptop with these funds can be repaid comfortably over a long tenure.

• Medical Bills

Manage any medical emergency without any stress so you can focus on providing your family with financial and monetary support. 

• Renovation and Refurbishing

Investing in upgrading your home with a quick loan. Get personal 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.