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Personal Loan of ₹ 50 Lakh

Apply Personal Loan of ₹ 50 Lakh Online

Last Updated 26th Sep 2021

Minimum Rate10.25% Check Offers
Minimum Income
  • ₹ 12,500 for self-employed
  • ₹ 12,500 for professionals
Age18 to 65 years
Processing FeeUp to 3% of the loan amount
Pre-Closure ChargesNil to 5% of the outstanding balance
Required CIBIL Score650 and above
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Get ₹ 50 Lakhs Personal Loan Online

A personal loan upto ₹ 50 Lakhs is an unsecured loan that you can avail of to meet various expenses such as medical emergencies, travel, wedding, home renovation etc. You can avail ₹ 50 Lakh personal loan without submitting any security or collateral at best rates starting at 10.25% . Top Banks & NBFCs provide personal loans for a maximum tenure of up to 84 years based on an assessment of your income, employment and credit score.

Eligibility Criteria for Personal Loan of ₹ 50 Lakh

To avail a personal loan of upto ₹ 50 Lakhs, you need to fulfil the following eligibility criteria related to age, income & credit score etc.

  • Age: To avail of a personal loan, you must fulfil the age criteria of banks and NBFCs. Generally, you can apply for a personal loan up to ₹ 50 lakh if you fall within the age range of 18 years to 65 years.
  • Minimum Income: The income criteria to avail of the best offers with top banks varies based on your occupation. Most banks prefer that your monthly take-home salary is 10000 if you are a salaried individual or professional. Also, the self-employed applicants must have a gross annual income of upto ₹ 10,000 to get the ₹ 50 lakh personal loan approved quickly.
  • Credit Score: A credit score is a significant factor that helps to determine your eligibility for a ₹ 50 lakh personal loan three-digit number. Banks require you to have a good credit score of 650 or above to apply for a ₹ 50 lakh personal loan.
  • Work Experience: The minimum work experience to avail ₹ 50 lakh personal loan may vary in banks. However, banks prefer individuals with job stability with at least three years of total experience and 6-12 months of current work experience.

Interest Rates & Processing Fee for ₹ 50 Lakh Personal Loan

BankInterest RateProcessing Fee
SBI
Compare
9.60%1.00%
ICICI Bank
Compare
10.25%Upto 2.25% of Loan Amount
Bajaj Finserv
Compare
12.99%Starting from 1.50%, Up to 3%
IDFC First Bank
Compare
10.49%Upto 2.00%
Axis Bank
Compare
10.49%Rs.4,999
Tata Capital
Compare
10.49%Upto 2.50% of Loan Amount
Fullerton India
Compare
11.99%2%
IndusInd Bank
Compare
10.49%Min 0.75% to Max 1.75%
Kotak Bank
Compare
10.25%Starting from Rs.3999
RBL Bank
Compare
14.00%Upto 3.5%
IIFL
Compare
24.00%2%
HDB Financial
Compare
30.00%Upto 3% of Loan Amount
IDBI Bank
Compare
12.00%1.00%
Karur Vysya Bank
Compare
9.40%0.40%
Muthoot
Compare
14.00%2.5-3.5%
Yes Bank
Compare
10.70%Upto 2.50%
Standard Chartered Bank
Compare
11.50%1.00%
Union Bank of India
Compare
8.90%0.5%, Min Rs. 500
Canara Bank
Compare
12.40%0.50%
Bank of Maharashtra
Compare
9.55%1.00%, Min Rs. 1,000
Andhra Bank
Compare
8.90%Case to Case
Allahabad Bank
Compare
9.05%1.06%, Min Rs. 1068
Federal Bank
Compare
10.49%0.5%, Min Rs. 500
Syndicate Bank
Compare
12.40%0.5%, Min Rs. 500
Bank of Baroda
Compare
10.00%2%, Min Rs. 250
PNB
Compare
8.70%1.8% + Taxes
Indian Overseas Bank
Compare
10.80%upto 3% of the loan amount
Indian Bank
Compare
9.05%N.A
Corporation Bank
Compare
8.90%1.5%, Min Rs. 500
Axis Finance
Compare
13.00%2%

Documents Required to Apply Personal Loan of 50 Lakh Rupees

To avail of a ₹ 50 lakh personal loan, you need to submit the following documents:

  • Duly Signed Personal Loan Application Form
  • Identity Proof - PAN Card, Aadhaar Card, Voter ID, Passport
  • Address Proof - Passport, Driving License, Election ID card, Utility bills
  • Income Proof - Salary Slip, Bank Account Statement, Form 16
  • Self-employed professionals are also required to submit last year's ITR and Bank Account Statement.

₹ 50 Lakh Personal Loan EMI with Different Tenors

You can use the MyLoanCare Personal Loan EMI calculator to calculate the EMI of top banks for loan amounts up to ₹ 50 lakh. It is an online calculator that helps you estimate your personal loan EMI at minimum rates by entering values like rate of interest and loan tenure. For example, the following table presents the EMI for an amount of ₹ 50 lakh for five years.

BankInterest RateEMI Per Month For
5 Years In ₹
EMI Per Month For
6 Years In ₹
EMI Per Month For
7 Years In ₹
PNB
Compare
8.70%₹ 1,03,065₹ 89,385₹ 79,686
Corporation Bank
Compare
8.90%₹ 1,03,549₹ 89,880₹ 80,192
Andhra Bank
Compare
8.90%₹ 1,03,549₹ 89,880₹ 80,192
Union Bank of India
Compare
8.90%₹ 1,03,549₹ 89,880₹ 80,192
Indian Bank
Compare
9.05%₹ 1,03,913₹ 90,252₹ 80,572
Allahabad Bank
Compare
9.05%₹ 1,03,913₹ 90,252₹ 80,572
Karur Vysya Bank
Compare
9.40%₹ 1,04,765₹ 91,124₹ 81,464
Bank of Maharashtra
Compare
9.55%₹ 1,05,132₹ 91,499₹ 81,848
SBI
Compare
9.60%₹ 1,05,254₹ 91,624₹ 81,976
Bank of Baroda
Compare
10.00%₹ 1,06,235₹ 92,629₹ 83,006

How can MyLoanCare Help You to Get ₹ 50 Lakhs Personal Loan at Lowest Rates?

If you want to avail of a personal loan at the best rates to meet your personal or business expenses, MyLoanCare can help you apply for a ₹50 lakh loan scheme online and get approval in a hassle-free manner. Here are some other benefits of availing of a personal loan from MyLoanCare.

  • Inbuilt EMI Calculator: With the personal loan EMI calculator, you can get an accurate estimate of the monthly EMI amounts, which helps decide the best tenure suitable for you. It can further help you plan your loan prepayment as per your budget.
  • Detailed charts: MyLoanCare runs a variety of algorithms that enables detailed comparison between the offers of different banks at applied loan amount and helps you choose the best loan tenure at comparative interest rates.
  • Excellent Support Team: Efficient support executives at MyLoanCare inform you about the most relevant solutions and explain each loan scheme in detail. Once you have finalized the scheme, they also help you to avail loan most efficiently.

Steps to Apply Personal Loan of ₹50 Lakh

You can apply for ₹50 lakh online on the bank's website or through an online marketplace like MyLoanCare. The process to apply for a personal loan through MyLoanCare is listed below:

  • Step 1: Visit the website of MyLoanCare or fill the form. Fill in required details like name, income, number, existing loan (if any) and residence.
  • Step 2: Go through the available loan rates and charges showcased by the portal based on your updated details.
  • Step 3: An executive from MyLoanCare will contact you to discuss loan requirements and cross-check updated details. The executive will then offer relevant suggestions besides explaining the entire loan process and essential documents required.
  • Step 4: If you are interested in a personal loan of ₹50 lakhs, the representative will schedule a document pick-up appointment with the bank. You can also opt for an online document uploading facility and get the process completed on MyLoanCare's website. A representative from the selected bank will get back to you for the further verification process.
  • Step 5: Once the bank has gone through the submitted documents and checked your credit score, the loan either gets approved or rejected. If approved, a final letter mentioning essential loan terms, interest rates, ₹50 lakh personal loan EMI, tenure, processing fees and prepayment charges are forwarded online.
  • Finally, the ₹50 lakh loan amount is disbursed to your bank account.

FAQs

Which bank is best for a Personal Loan of ₹ 50 Lakh?

ICICI Bank is the best bank for a personal loan of ₹ 50 lakh as it offers the lowest rates starting at 10.25%. PNB, Corporation Bank, Andhra Bank also provides personal loans with low-interest rates. As per customer experience, IIFL offers the best customer service on personal loans with the highest rating of 4.8/5.

Can I get Lowest Interest Rate on a ₹ 50 Lakh Personal Loan?

You can get the lowest interest on a ₹ 50 Lakh personal loan by comparing interest rate and other charges across top lenders on MyLoanCare. You must have a good CIBIL score, high-income sources, and work with a well-reputed organisation to get the lowest rates.

Can I avail ₹ 50 Lakh Loan without Income Proof?

Yes, you can avail of a ₹ 50 lac personal loan without Income Proof; however, the bank may ask you for security or collateral. Apart from that, you can also avail a ₹ 50 lakh personal loan from the bank where you maintain your salary or current account, so that the bank already holds your bank statements and does not require any further income proof.

What is the interest rate for SBI ₹ 50 Lakh Loan?

As per the current rates, SBI personal loan rates for ₹50 lakhs starts at 9.60%. The rate may, however, vary across different SBI personal loan schemes.

What are the factors that can affect ₹ 50 Lakh Personal Loan EMI?

Personal loan EMI on ₹ 50 Lakh depends upon factors such as loan amount, tenure and interest rate. The higher the loan amount, the higher will be the Personal loan EMI.

What will be the EMI for ₹ 50 Lakhs Personal Loan?

As mentioned above, the EMI for ₹ 50 Lakh Personal Loan depends on factors such as loan tenure and rate of interests. So, it may vary from bank to bank. However, as per the lowest interest rate of 10.25%, your EMI for 1 year, 2 year and 3 years will be ₹ 44,016, ₹ 23,130, ₹ 16,192 respectively.


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Personal Loan News - Sep 2021
  • 2021-09-24 : Bank of Baroda Revises Personal Loan Rates
    The lowest personal loan rates of Bank of Baroda starts at 10.00%. Earlier, the bank was providing a personal loan at a minimum rate of 10.50%.
  • 2021-09-24 : PNB Reduces Personal Lending Rates
    Punjab National Bank has decreased the personal loan rates by 25 points basis. The new personal loan rate now stands at 8.70%.
  • 2021-09-22 : Axis Bank Introduces Festive Offer on Personal Loan
    Axis Bank offers the lowest personal loan rate of 10.25% as a festive offer. The rates are applicable for a loan amount of 15 Lakhs and above.
  • 2021-09-20 : PNB Introduces Festival Bonanza Offer
    Punjab National Bank (PNB) has introduced a festival bonanza offer under which they reduced home loan interest to 6.80%. Also, the lender has waived off processing fees and documentation charges on all retail loans like home loans, personal loans, car loans, gold loans, property loans. These charges are valid till December 31, 2021.
  • 2021-09-09 : Gold Loan Soars High in 12 Months
    In the last 12 months, gold loans and credit cards have seen significant growth. Gold loans outstanding has increased by 77.4% and personal loans have jumped by 11.2% till July 2021.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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