A 50 lakh personal loan is a versatile loan that can provide financial support to achieve your personal or business goals. A loan of 50 lakh is a significant amount that can be utilised for purchasing a home, medical expenses, debt consolidation, or even business expansion. With an unsecured 50 lakh loan, you can enjoy affordable EMIs and flexible repayment tenures. Work towards your goals with a 50 lakh loan for 5 years at low-interest rates of 11.99% p.a.
₹50 Lakh Personal Loan Interest Rates & Charges
Banks and NBFCs offer attractive interest rates with minimal charges for a personal loan. Different lenders will offer different rates and charges depending on factors such as your credit history, debt-to-income ratio, tenure of the loan, and more. Below is a table portraying the general interest rates and charges of banks and NBFCs:
| Interest rate | 11.99% – 30% p.a |
| Processing Fee | 0.5% – 2.5% |
| Foreclosure Fee | 2% – 4% |
Note: The interest rates are dynamic and subject to change based on your credit history and creditworthiness.
Eligibility to Get a Personal Loan of ₹50 Lakh
Getting a loan amount of 50 lakhs is a significant financial decision. Lenders look for borrowers who qualify for their specific eligibility criteria. Now that gives you easy access to a huge sum of money with flexible repayment options. The criteria will differ from one lender to another. However, the general 50 lakh loan eligibility criteria includes:
| Citizenship | Indian |
| Age | 21 – 67 years |
| Minimum Monthly Income | ₹ 20,000 – ₹30,000 |
| Credit score | 700 above |
|---|---|
| Employment status | Salaried or self-employed |
Bank-Wise Personal Loan for 50 Lakh
We encourage you to compare the interest rates given by a bracket of lenders for better loan term and flexibility. Doing so will help you get lower interest rates and better loan terms. Let’s take a look at the 50 lakh loan on annual interest rates by different banks and NBFCs in the table given below:
| Banks and NBFCs | Interest rate |
|---|---|
| Axis Bank | 10.49% onwards |
| IDFC Bank | 10.49% onwards |
| HDFC | 10.50% onwards |
| IndusInd Bank Ltd | 11.00% p.a onwards |
| Muthoot Finance | 14.50% p.a onwards |
| Tata Capital10.99% p.a onwards | |
| KreditBee | 15.00% p.a onwards |
| Yes Bank | 10.99% p.a onwards |
Note: The above mentioned rates are subject to change with the finance market and differ marginally with respect to individual banks.
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₹50 Lakh Personal Loan EMI Calculator
A 50 lakh loan EMI calculator is a tool that you can use to calculate your equated monthly instalment (EMI) for the disbursed loan amount. The EMI calculator will consider the principal amount, interest rate, and loan tenure to provide your EMI amount. Check out the calculator below to determine how much EMI you need to pay for your tenure.
Your Amortization Schedule (Yearly/Monthly)
₹50 Lakh Personal Loan EMI for up to 5 Years
Understanding the EMI amount you must pay according to different tenures will help you plan your finances effectively. While choosing the tenure that best fits your budget, keep in mind that the EMI amount of a 50 lakh loan for 5 years will be less than the EMI for 2 years. Refer to the table below for the different EMI amounts according to different tenures.
| Loan Amount | Interest Rate(p.a) | Loan Tenure | EMI |
|---|---|---|---|
| 50 lakhs | 10.49% | 1 year | ₹4,37,257 |
| 50 lakhs | 10.49% | 2 year | ₹2,28,428 |
| 50 lakhs | 10.49% | 3 year | ₹1,58,999 |
| 50 lakhs | 10.49% | 4 year | ₹1,24,425 |
| 50 lakhs | 10.49% | 5 year | ₹1,03,792 |
Note: The above rates are estimated and the actual EMI amount may vary depending on the lender and other factors.
Documents Required for ₹50,00,000 Personal Loan
For a 50 lakh loan, documents are required by the lender. These documents serve as proof of the borrower’s identity, residence, and repayment capability. Some of the documents required are:
- Identity Proof: Voter’s ID, Aadhaar card, PAN card or Passport.
- Proof of residence: Utility Bill, Electricity Bill or Rental agreement.
- Proof of income: 3 months salary slips, bank statements or income tax returns.
- Proof of employment: Employment letter or employment contract.
Features & Benefits of Rs 50 Lakh Personal Loan
A loan of 50 lakhs will have plenty of features and benefits that open the door to possibilities for borrowers. These features and benefits are:
- Ample funding: A ₹50 lakh loan will provide substantial funding for any purpose you may need.
- Streamlined approval: A personal loan offers swift loan processing that ensures timely access to the funds you need.
- Minimal documentation: Banks and NBFCs now ask for simplified paperwork, making the application process efficient and hassle-free.
- Unsecured or secured loan: With a 50 lakh personal loan, you can opt for a secured loan by providing collateral or an unsecured loan by not pledging any asset.
- Flexible repayment: You can choose any tenure that suits your financial capabilities.
- Credit score improvement: You can improve your credit score with a 50 lakh loan by making timely repayments and avoiding default. Timely repayment of the loan will boost your credit rating.
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Steps to Apply Online for Instant ₹1 Lakh Personal Loan with Buddy loan
Getting a personal loan of Rs. 50 lakhs has become a hassle-free process with the availability of online loan aggregators like Buddy Loan. Follow this step-by-step process to get a 50 lakh loan from the best lenders of Buddy Loan:
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
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