₹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:

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:

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:

• You must be an Indian citizen

• You must be salaried or self-employed

• You must be at least 18 years old

• Earn a minimum monthly income of ₹10,000

• Have at least 1 year of work experience

• Maintain a CIBIL score of 600 or above

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

Identity Proof (Any one of the following):

• Aadhaar card

• PAN card

• Passport

• Voter ID

• Driving licence

Address Proof (Any one of the following):

• Aadhaar card

• Passport

• Utility bills (Water/electricity/gas bills)

• Ration card

• Driving licence

• Property documents

Income Proof (Any one of the following):

• Salary slips from the last 3 months

• Bank statements from the last 3 months

Get the required fund by following these simple steps online:

1. Click here to apply for a personal loan

2. Provide your basic personal information in the online application form

3. Specify the desired loan amount and choose your preferred repayment tenure

4. Submit the form for verification

Once your application is submitted, a representative will contact you to proceed with the next 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.