Small expenses back to back can eat away at your pocketbook. You may need extra cash to pay for unexpected expenses like medical bills or credit card debts. A personal loan of 50,000 can be used to pay for urgent expenses or all bills. LoanTap makes it easy for borrowers to access the loan amount whenever needed.
What is a Small Personal Loan?
A short-term loan for Rs. A short-term loan of Rs.50,000 is available to salary or self-employed individuals who need immediate funds. This unsecured loan can be used to pay for home repairs, travel, medical emergencies, gadget purchases, holiday events, and many other needs. It is flexible and simple to apply online for personal loans within 24 hours. People who feel helpless in difficult times can use it as a lifesaver.
Rs 50,000 Personal loan eligibility criteria
If you’re looking for a reliable lender, LoanTap might be an option. Before applying, you must meet the minimum eligibility requirements. This is why this product is so popular with the younger generation. These conditions should be followed:
- For salaried professionals, you should be between 21 and 60 years old. Self-employed/business people should be between 23 and 65 years.
- Minimum net income of Rs. 30,000.
- Indian citizens or residents are required.
- Valid Bank Statements should be available for the past six months.
Apply for small personal loans in India
To get a personal loan, you must meet the requirements. It is easy to apply. Applying online without leaving your desk or spending hours in the bank is easy. You need to fill out an online application and upload your basic documents. To verify your account, you will need the following documents:
- PAN Card
- Aadhaar Card/Driving License/Passport
- Salary slips in the last three months
- Statements from banks for the past six months
You must submit the details of your self-employed business.
- Income Tax Returns from the Last Two Years
- Statements from Income Account banks
- Profit and Loss Account and Balance sheet
You can now relax and enjoy the process. The LoanTap team will review your online loan application. If your CIBIL score and all documents are in order, your loan application will likely be approved. The whole process takes 24-36 hours.
Benefits of Personal Loans of Rs. 50,000
Personal loans offer great options for short amounts and flexible repayments. Anybody can choose how much money they need to finance a specific expense. LoanTap offers flexibility in terms of both loan amount and repayment term. These loans offer the following benefits:
Flexible Loan Amount – After meeting the eligibility requirements, you can borrow any amount you choose. Borrowers have the option to choose between Rs. Fifty thousand to Rs. 10 lakhs. LoanTap makes it easy to obtain a small loan in just a few clicks.
Flexible Repayment Terms: Borrowers at LoanTap can get small personal loans from 10,000 to INR 50,000. Tendencies range from 6 months up to 60 months. Flexible repayment terms of up to 5 years are possible.
Affordable Interest Rates A small loan that you can get instantly is much cheaper than the balance on your credit card. While credit cards can charge 24-36% for unpaid balances, personal loans are only charged 18% per year. Salaried individuals can pay interest rates on the principal balance of the loan.
Instant Loan Disbursal Online – Borrowers must follow an easy online procedure to get a loan sanction. The loan will be disbursed if all documents are current and valid. The credit amount can be used immediately to cover small expenses.
Minimum Documents – Small Loans require only basic documents like identity and resident proof to be eligible for personal loans.
No Hidden Fees LoanTap believes that transparent lending is possible. If the loan is repaid within six months, there is no penalty for prepayment. This loan is ideal for those with a steady income.
Why would you need a Personal Loan of Rs 50,000?
A Personal Loan of Rs 50000 can be used to meet urgent needs or personal expenses. These include:
- Travel – Are you tired of your busy life? You desire to travel the world and escape the hustle and bustle in your daily life. Personal loans are available to help you afford a luxury vacation.
- Home Renovation The cost of small home repairs can take a large chunk of your monthly salary. Personal loans can be used to pay for small renovations like painting walls or repairing ceilings. Fintech lenders such as LoanTap can help you get loans from thousands up to several lakhs.
- Fees If you have to pay fees for an educational course for your child or yourself and the deadline is near; you can apply for an emergency personal loan.
- Consolidation of Debt: You have too many credit card bills and not enough money. You can get short-term loans to pay high-cost credit card bills without having to submit any security.
- Rent deposit Millennials are moving to new cities daily in search of better jobs. It is common to pay 50,000 as a deposit to rent an apartment or house. Personal loans can be used to deposit rent.
- Medical – Medical emergencies are not always obvious. For those facing such an emergency, personal loans can be a great option. A personal loan can be a great way to save yourself from major financial problems.
Guidelines for obtaining small loans
It would help if you considered these factors before applying for small loans.
- A regular job in a well-respected company is a must.
- A good CIBIL score is essential.
- You should not apply to multiple lenders, which could lead to rejection.
- It would help to compare interest rates between money lenders to see how they differ.
- Some lenders are opaque, so read the fine print and look out for hidden fees.
- Before signing the agreement, you should carefully read the foreclosure clause.
- Knowing the exact amount of your loan and plan for repayment is important.
- Use an EMI calculator to calculate the EMI amount and tenure of a personal loan.
