How To Get A Personal Loan Up To Rs 50,000 Instantly For Urgent Needs

A personal loan is a popular form of borrowing to meet any small or big expense. A personal loan can be taken for various reasons, right from funding a luxurious foreign trip to paying off all existing loans. Getting such as loan is easier if the applicant has a stable income and a good credit score.

But what if one requires instant cash within two-three hours? It must be kept in mind that personal loans can be applied for bigger amount like Rs 20-30 lakh as well as for small amounts like Rs 5,000 to Rs 50,000.

Eligibility Criteria For Personal Loan Of 50,000

The eligibility criteria to avail a Rs 50,000 personal loan is as follows:

• The applicant must be a citizen of India
• He/ she should be between 21 and 60 years
• Employment history of a few years
• A minimum income that usually varies from lender to lender
• A good credit score

Individuals willing to borrow the money must also have a personal bank account where the money will be disbursed by the lender.

Features Of Personal Loan Of Rs 50,000

Usually, a personal loan of Rs 50,000 is a short-term loan with a loan tenor of maximum five years. The interest rate applied on Rs 50,000 personal loan varies from lender to lender. Also, it depends on factors like credit score, income, repayment capacity, etc.

The interest rate on this loan is slightly higher than other loans, but since the loan amount is very less, higher interest rate does have a significant impact. Some of the features of a personal loan are:

• No Need For Collateral:

A personal loan of Rs 50,000 is ideal for borrowers who do not have any tangible asset to be pledged as collateral.

• Fast Approval and Disbursal Process:

Borrowers who want to avoid the trouble of visiting a local branch of the bank physically can apply for the loan online. However, the online loan application process requires the borrower to upload a digital copy of the documents for verification purposes.

• Emergency Loan:

The loan amount can be used to meet any financial requirements.

How To Apply For A Loan Of Rs 50,000

The loan application process can be done both online and offline. The online process of loan application involves a few easy steps that are listed below:

• Step 1:

First, the borrower must log in to the bank's website. Next in the ‘Personal Loan’ section, the borrower must fill up the application form with correct details as asked.

• Step 2:

Next the borrower must submit the loan amount and the loan repayment tenor.

• Step 3:

The last step is to submit copies of all the documents required with the application form.

After the documents are verified and the lender is satisfied with the repayment ability of the borrower, the bank will forward a letter stating all loan-related details. The loan amount is directly credited into the borrower’s bank account in less than 24 hours.

Conclusion

Sometimes, borrowing an amount as small as Rs 50,000 can help people handle unfortunate situations like paying a child’s school fees and paying off hospitalisation bills.

The biggest advantage of this type of loan is that lenders approve the loan request in just a few minutes. The process becomes easier if the loan is applied online.

IIFL Finance offers personal loans ranging from as low as Rs 5,000 to as much as Rs 5 lakh with tenors that vary from three months to three-and-a-half years. These loans help borrowers to plan all financial emergencies with comfort. Since there are no restrictions on how the money from the personal loan should be used, the loan of Rs 50,000 can also be used to make a down payment for purchasing a two-wheeler, buy a gadget or any other purpose.

IIFL loan application process is pretty simple, involving minimal documentation. What benefits the borrowers the most is that the loan approval takes a few hours, helping them to manage their immediate needs.