₹55,000 Personal Loan

A personal loan of ₹55,000 may be a wise option when you need funds or plan to make a significant purchase. Unsecured loans can be used for various purposes such as emergencies, travel, home repairs, and education.

For example, the EMI for a ₹55,000 loan with a 2-year tenure at an annual interest rate of 10% would be approximately ₹2,537. The total interest payable would be around ₹5,911. On the other hand, for a 1-year tenure, the interest would be ₹3,024, but the EMI will increase to ₹4,835.

A personal loan offers flexible repayment terms and quick access to funds with minimal documentation. You need to select an EMI that suits your monthly budget and repay it over time without depleting your savings.

Lenders such as Bajaj Finance Limited, Kotak Mahindra Bank, Fibe, and others offer a personal loan of ₹55,000 on this platform. Compare personal loan interest rates and other details to identify the best option for you: 

If you take a personal loan of ₹55,000 at a 10% annual interest rate, your repayment details will vary depending on the repayment period you select. Here is an overview:

Additional charges may apply when taking an instant personal loan. Here are the details:

You can calculate your Personal Loan EMI using this 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

For example, borrowing ₹55,000 from  Bajaj Markets at a 10% annual interest rate for 60 months will result in an EMI of ₹1,169. The total interest paid will amount to ₹15,115, making the total repayment ₹70,115.

Here are some of the basic points to know about the eligibility criteria for a ₹55,000 personal loan are mentioned below:

1. You must be an Indian citizen

2. You must be salaried or self-employed

3. You must be between 18 years of age

4. You must have a minimum monthly salary of ₹10,000

5. Ensure a CIBIL score for ₹55,000 personal loan of at least 650 by regularly choosing to check your CIBIL score online

You will also need certain documents while applying for a ₹55,000 personal loan. Here are some documents to keep handy:

Please note that these document requirements can differ from lender to lender. So, it is best to check the precise list with your selected financial institution before applying.

Follow these easy steps to swiftly apply online for a ₹55,000 personal loan at  Bajaj Markets:

1.   Go to the  Bajaj Markets personal loan application page

2.   Select your occupation from the provided dropdown menu

3.   Enter your correct mobile number and residential PIN code

4.   Review carefully and agree to the terms and conditions listed

5.   Click ‘Proceed’ to advance to the next stage of your application

6.   Provide your personal and employment details such as PAN, name, date of birth, monthly income, employer information, email address, and salary payment mode

7.   Submit your details to instantly receive customised loan offers

8.   Select your preferred loan offer, enter the loan repayment tenure, and confirm your application

A representative will contact you shortly to assist with the remaining steps.

Suppose you take a loan of ₹55,000 at an interest rate of 10% with a tenure of 6 months. Below is the amortisation breakdown:

Personal loans can affect your CIBIL score and financial profile in various ways. Here is how:

• Pre-approval Impact

When you apply, the lender reviews your credit report. This is known as a hard inquiry and may slightly reduce your CIBIL score for a short period.

• Post-repayment Impact

Timely payment of your EMIs can improve your credit score. It demonstrates to lenders that you manage your finances responsibly, making it easier to obtain loans in the future.

A personal loan of up to ₹55,000 can help you manage various expenses, whether they arise unexpectedly or as part of your plans. Here is how you can use it:

• Medical Emergencies

Sudden health issues can be overwhelming, and medical treatments can be expensive. A personal loan provides the funds needed for the necessary care without immediate financial concerns.

• Wedding Expenses

Weddings can incur significant costs, from venue bookings and decorations to outfits and catering. A personal loan can assist in managing these expenses, reducing pressure on your savings.

• Travel Plans

Whether it is a long-awaited vacation or an urgent trip, travel costs can quickly accumulate. A loan can cover flights, accommodation, and other related expenses, allowing you to enjoy the trip without financial stress.

• Home Renovation or Moving Out

Renovating your home, purchasing new furniture, or relocating to a new city can be expensive. A personal loan can provide the necessary funds, making the process more convenient and manageable.

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