₹50 Lakh Personal Loan

You can secure a personal loan of ₹50 Lakhs to fund major expenses without affecting your long-term savings. Whether you need financing for medical treatment, home renovation, higher education, or business expansion, this loan provides convenient funding without the need for collateral. 

For example, when you select a ₹50 Lakh personal loan at 10% p.a. with a tenure of 3 years, your approximate EMI comes to around ₹1,61,335. Over the full loan term, the total interest payable amounts to approximately ₹8,08,093, bringing the total repayment to ₹58,08,093. 

Opting for a 5 year tenure can reduce your EMIs. For a ₹50 Lakh personal loan at 10% p.a., EMI will be approximately ₹1,06,235. Total interest payable in this case will be around ₹13,74,113, bringing the total repayment to about ₹63,74,113.

For high-value financial needs, get a personal loan through Bajaj Markets. You can get the amount at minimum interest rates with flexible repayment tenures.

When you take a personal loan of ₹50 Lakhs at an interest rate of 10.00% p.a., your EMI and total repayment amount will depend on the loan tenure. Here is a breakdown of the EMI and repayment details for varying loan tenures:

There are additional charges you may need to pay along with the EMI and interest rate. The details are provided below:

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

To calculate it manually, assume the loan amount is ₹50 Lakhs with an interest rate of 10% per annum for 24 months. The EMI will be ₹ 2,30,724. The total interest paid will amount to ₹ 5,37,391, and the total repayment will be ₹ 55,37,391.

If you are planning to apply for a personal loan of ₹50 lakhs, here are the eligibility conditions you need to fulfil:

1. You must be an Indian citizen

2. Both salaried and self-employed individuals are eligible

3. You should be 18 years or above

4. Should have a monthly income of at least ₹10,000

5. A minimum of 1 year of continuous work experience is required

6. A recommended CIBIL score for ₹3 Lakh personal loan is usually 750 or more. Check your CIBIL score online instantly for updates.

Here is a list of documents you may need to submit when applying for a ₹50 Lakh personal loan:

Once you checked the eligibility criteria and have all documents, follow these steps to apply. 

1. Click here to visit the application page for the personal loan.

2. Choose your profession from the dropdown menu provided on the page.

3. Type your contact number and residential PIN code in the corresponding fields.

4. Review the terms and conditions carefully and accept them on the page

5. Click on ‘Proceed’ to head further 

6. Enter your personal and professional credentials such as your full name, email ID, gender, employer name and category, monthly salary, PAN number, and the mode of payment for your salary

7. Click ‘Submit’ to look through the offers available 

8. Select your offer of choice, input your repayment tenure and submit your loan application on the page

After submitting the application, wait for the representative to contact you regarding the next steps. As soon as you complete the steps, your loan will get disbursed shortly.

Suppose you take a loan of ₹50 Lakhs at an interest rate of 10% and a tenure of 6 months. Here is the amortisation breakdown:

Personal loans can impact your CIBIL score and financial standing before and post loan approval. Here is how:

Pre-Approval Impact

When you apply for a personal loan, the lender conducts a credit report check. It is known as a hard inquiry, and it can slightly reduce your CIBIL score for a brief period. 

Post-Repayment Impact

Repaying the loan promptly can enhance your credit score. It demonstrates your responsible approach to debt management, improving your creditworthiness over time.

A personal loan of ₹50 Lakhs can be used for various financial needs. It provides the necessary funds to achieve significant personal or professional goals. Below are common purposes:

Home Renovation or Purchase

This loan helps in renovating an existing home or purchasing a new one. It ensures financial flexibility for essential upgrades or property acquisition. 

Medical Expenses

It covers major medical treatments, surgeries, and emergencies. This ensures access to necessary healthcare without a financial burden. 

Education

A ₹50 Lakh loan can support higher education or skill development. It covers tuition fees, study materials, and other related expenses. 

Starting or Expanding a Business

Entrepreneurs can use this loan to start or grow their businesses. It helps in funding equipment, inventory, and operational costs. 

Debt Consolidation

This loan helps combine multiple high-interest debts into a single repayment. It simplifies financial management and reduces overall interest costs. 

Wedding Expenses

Managing wedding expenses becomes easier with this loan. It covers venue costs, catering, and other essential arrangements. 

Travel and Vacations

A personal loan can finance domestic or international travel. It helps cover flights, accommodation, and other trip-related expenses. 

Vehicle Purchase

This loan enables the purchase of a new or second-hand vehicle. It ensures financial stability by preserving personal savings.

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.