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 9.9% p.a.
Rs.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 | 9.9% - 30% p.a |
| Processing Fee | 0.5% - 2.5% |
| Foreclosure Fee | 2% - 4% |
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 |
| Fullerton India | 12.00% p.a onwards |
| Muthoot Finance | 14.50% p.a onwards |
| Tata Capital | 10.99% p.a onwards |
| KreditBee | 15.00% p.a onwards |
| Yes Bank | 10.99% p.a onwards |
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Note: The above mentioned rates are subject to change with the finance market and differ marginally with respect to individual banks.Rs.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.
₹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 |
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.
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:
Buddy Loan provides an easy way for you to apply for a personal loan. Here are the step-by-step process to apply for a ₹15 lakh personal loan on Buddy Loan:
Step 1 - Visit - buddyloan.com or Download the Buddy Loan app
Step 2 - Fill out the application form, including the loan amount, the tenure months, and contact details.
Step 3 - Fill out the following personal details where required:
- Email Address
- employment type: Salaried/ self-employed
- Company Type
- Industry Type
- Current Company Name
- Company Address
- Year of Employment
- Net Income
- Mode of Salary
- PAN Card Details
- Full Name (As Per Pan Card)
- Current Address with PIN Code
- Mobile Number
Step 4 - Cross verify the given information and submit the application.
Ready to take next step ?
| Also Check Other Instant Personal Loan Options | |
|---|---|
| 50,000 Personal Loan | 1 Lakh Personal Loan |
| 2 Lakh Personal Loan | 3 Lakh Personal Loan |
| 5 Lakh Personal Loan | 10 Lakh Personal Loan |
| 15 Lakh Personal Loan | 20 Lakh Personal Loan |
| 30 Lakh Personal Loan | Small Cash Loans |
Frequently Asked Questions on 50 lakh personal loan
The EMI for a 50 lakh personal loan will depend on factors such as interest rate and loan tenure.
Yes, you can get a personal loanof 50 lakh if you meet the eligibility requirement provided by the bank or NBFC.
The monthly interest rate on a 50 lakh loan is determined based on your credit history, tenure, and other factors.
Yes, you can take an unsecured 50 lakh loan. However, the interest rate might be higher.
You can visit the Buddy Loan website or download the App to apply for a 50 lakh personal loan for business purposes.
The EMI for a 50 lakh loan for 5 years will be determined based on various factors like interest rate, credit score and more.
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