4,80,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

₹ 50,000 Personal Loan

Apply for ₹ 50,000 Personal Loan

Last Updated 18th Oct 2021

  • A ₹ 50,000 personal loan helps with repaying small debts, paying for educational needs and buying electronic appliances as per need.
  • Banks across India generally charge variable interest rates, resulting in an affordable monthly ₹ 50,000 personal loan EMI amount.
Rates 10.25% p.a Check Best Offers
Profession Salaried employees and Self-employed professionals
Minimum Income ₹ 25,000 per month for professionals
Age 21 to 65 years
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Get ₹ 50,000 Personal Loan Online

A ₹ 50,000 personal loan will help you meet emergency cash requirements besides paying for course fees, buying electronic appliances and to consolidate small debts. The application process for a personal loan of ₹ 50,000 is quite a hassle-free task as most banks offer instant loan approval facilities. By applying with MyLoanCare, the entire process becomes even more seamless, owing to the detailed charts and ₹ 50,000 personal loan EMI calculator available online.

Eligibility Criteria for Personal Loan of ₹ 50,000

The following pointers will help you get a detailed view of the factors influencing a ₹ 50,000 loan scheme eligibility criteria:

  • Age: A ₹ 50,000 personal loan can be availed by you if your age lies between a minimum of 21 years to a maximum of 65 years. There are some banks, however, who offer personal loans to candidates who are minimum of 18 years.
  • Credit Score: 650 and above is an ideal credit score to get a ₹ 50,000 personal loan. Also, make sure to clear out pre-existing personal loan EMIs, to eliminate sudden cash crunch while repaying the loans.
  • Employment Type: While government employees are the most preferred applicants for a ₹ 50,000 instant personal loan, if you are working with private firms or self-employed you can easily get personal loan upto ₹ 50,000 approved by presenting proper documents.
  • Work Experience: To get a personal loan of ₹ 50,000 approved, banks generally prefer candidates with a total work experience of 3 years. While few approve of loans to applicants with 1 year of work experience in a particular organisation.

Best Interest Rates for ₹ 50,000 Personal Loan

Bank Name Interest rates
ICICI Bank 10.25%
HDFC Bank 10.25%
Kotak Bank 10.25%
Axis Bank 10.49%
IndusInd Bank 10.49%

Documents Required for ₹ 50,000 Personal Loan

You need to submit the following documents to get a ₹ 50,000 loan approved :

  • Income Proof: Bank account statement, salary slip (last three months), Form 16, Previous year P&L statements along with ITR (for self-employed applicants).
  • Address Proof: Voters ID card, Passport, Driving License and Mobile bill (not more than 3 months old)
  • Identity Proof: PAN card, Voters ID card, Driving License and Aadhar card can be presented as identity proof.

₹ 50,000 Personal Loan EMI Calculator

The EMI for ₹ 50,000 personal loan is generally within budget and is directly proportional to the selected tenure, your age and interest rate charged. You can use the EMI calculator available on the website of MyLoanCare to get an estimate of ₹ 50,000 loan EMI. The following table elaborates more on ₹ 50,000 personal loan EMI for 5 years at the lowest personal loan interest rate of 10.25%.

Bank Name Monthly EMI for 5 Years (₹)
ICICI Bank
Compare
₹ 1,069
HDFC Bank
Compare
₹ 1,069
Kotak Bank
Compare
₹ 1,069
Axis Bank
Compare
₹ 1,074
IndusInd Bank
Compare
₹ 1,074
Tata Capital
Compare
₹ 1,074
Federal Bank
Compare
₹ 1,074
IDFC First Bank
Compare
₹ 1,074
Yes Bank
Compare
₹ 1,080
Indian Overseas Bank
Compare
₹ 1,082

How to Apply for a ₹ 50,000 Personal Loan?

Applying for a ₹ 50,000 personal loan with with MyLoanCare is quite an easy task. Go through the following steps to get the process:

  • Step1: You can visit the website of MyLoanCare or download the app from playstore to fill in personal details like name, income, contact number, residence, existing loans if any and more.
  • Step 2: Once the details are submitted, the website will offer accurate charts for easy comparisons.
  • Step 3: A representative from MyLoanCare will reach out to you, to confirm the updated details and discuss other loan-related requirements. He/she will offer relevant suggestions related to appropriate banks besides explaining the complete procedure.
  • Step 4: In case you are eligible, the representative will schedule an appointment with the selected bank to pick up the required documents, or you can even update documents online on the website of MyLoanCare. A representative from the bank will get in touch with you to verify those.
  • Step 5: Bank officials will go through the credit history, updated documents and eligibility criteria before approving a ₹ 50,000 personal loan. If sanctioned they will forward a final sanction letter comprising loan-related details, processing fee, the interest rate charged and tenure.
  • Step 6: The approved amount will get disbursed in the registered bank account within one or two business dates.

FAQs

Which bank is best for a Personal Loan of ₹ 50,000?

Currently, ICICI Bank, HDFC Bank and Kotak Bank, are the best personal loan banks in India for a ₹ 50,000 loans as they offer personal loan at lowest rate of 10.25%, 10.25% and 10.25%. Apart from that, HDFC Bank is also good for customer service on ₹ 50,000 loan.

Can I get Lowest Interest Rate on a ₹ 50,000 Personal Loan?

You can get the lowest personal loan rate on a ₹ 50,000 personal loan, if you have a stable source of income with a good cibil score. Apart from that, opting for a personal loan from your existing bank will help you grab the best personal loan offer. You can also make a comparison between the banks offering comparative rates and choose the most affordable option at ₹ 50,000 loan. For this, you can go through the website of MyLoanCare and make a comparison.

Can I avail ₹ 50,000 Loan without Income Proof?

Banks generally avail ₹ 50,000 loan for personal use in a hassle-free manner. You must maintain a considerable CIBIL score besides holding a savings account with the particular lending institute. In addition to that, you can also bring in a co-applicant to apply for a ₹ 50,000 personal loan. However ensure that the co-applicant has valid sources of stable income, to improve your personal loan eligibility without income proof.

What is the interest rate for SBI ₹ 50,000 Loan?

The interest rate charged for SBI personal loan ₹ 50,000 starts from 9.60%. However, the rate may vary across personal loan schemes and is dependent on factors such as your cibil score, occupation and whether you are an existing or new customer. SBI usually offers low rates to salaried and existing customers at ₹ 50,000 personal loan.

What are the factors that can affect ₹ 50,000 Personal Loan EMI?

Selected tenure, loan amount opted for and the interest rate charged influences the payable emi for personal loan of ₹ 50,000. It is better to calculate personal loan EMI in advance, to plan your loan repayment accurately. However the EMI in case of ₹50,000 will be lower, because of lower loan amount.

What will be the EMI for a ₹ 50,000 Personal Loan?

Selected tenure and interest rate charged by individual banks determine ₹ 50,000 personal loan EMI amounts. The EMI calculation on a ₹ 50,000 personal loan for a period of 5 years from top five banks is listed as follows:

BankLowest EMI
ICICI Bank₹ 1,069
HDFC Bank₹ 1,069
Kotak Bank₹ 1,069
Axis Bank₹ 1,074
IndusInd Bank₹ 1,074

MyLoanCare Assurance

Bank Neutral Advice
No Unsolicited Call
Free Service and
Quality Response
Digital Doorstep Services
Delivery in 1100+ Cities
Attractive Cashback

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
*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
Loader
Please wait while your information is being processed...