How Difficult Is It To Get A 50000-personal Loan?

By Author: Ankit Verma
Total Articles: 23
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In the recent past, instant personal loans have become one of the most sought after and most easily procured loans amongst all other financial borrowings. And, if the loan amount is as low as INR 50,000, then the task of procuring a personal loan is further simplified and the probability of getting a 50000 personal loan is pushed higher.

A 50000 personal loan can be used to upgrade your phone to the latest model, or to remodel your kitchen to the finest design, or for going on that much-awaited abroad trip, or to gift a precious jewel to a loved one, etc. A 50,000 loan amount can have numerous reasons for spending but only one easiest way to obtain – through instant personal lone apps.

Getting a 50000 personal loan is as simple as following few quick steps: Determining a lender, finding out the eligibility, checking for credit score, calculating the tentative EMI amount, collating your E-documents, uploading these documents, and applying for a loan.

Lenders: ...
... With the advent of many private financial institutions, the customer has many options to choose a lender from. Choose a lender with good credibility and brand value and preferably someone who provides an online loan application service, so you can apply for a loan from the comforts of your home. SimplyCash from the house of Hero Fincorp is one such lender that provides the option of applying for a personal loan through their instant loan app.

Eligibility: To take a 50,000-personal loan, the borrower needs to be above the age group of 18 years and should have a source of stable income. This source of income can be from a monthly salary or regular profits from a business. So, you either need to be a salaried person or a self-employed person to avail of a loan.

Credit score: Even for a loan of Rs 50,000, lenders seek a stable credit score as it reflects the borrower’s financial history and repayment ability.

EMI amount: Most lenders provide an EMI calculator on their website. Using this facility, one can find out the tentative amount that you may need to pay back every month once you determine the amount of loan, the interest rates, and the loan term (6 months, 1 year, etc.). It is also advisable to check for the processing fee and interest rates that vary from lender to lender.

Documents: The three categories of documents that are required for loan verification purposes:
1. Identity Proof – This includes your Aadhar card/PAN card/Smartcard driving license

2. Address Proof – This includes your Aadhar card/Utility bills/Smartcard driving license

3. Income proof – Both salaried and self-employed individuals are required to submit their last 6 months of bank statement as income proof for loan approval.

Being a short-term loan and a minimum loan amount, the chances of getting a 50000 personal loan is quite high.