How To Apply For A ₹50,000 Personal Loan Online In Minutes!

Quick access to credit can be a lifesaver during financial emergencies—whether it’s for medical bills, unexpected expenses, or an essential purchase. If you need a small personal loan of ₹50,000, you can now apply online from the comfort of your home and get approval within minutes! The days of lengthy, cumbersome bank visits are long gone. In this article, we’ll walk you through the simple steps to apply for a ₹50,000 personal loan online.

Why choose a personal loan?

A personal loan should be the preferred choice if you need urgent funds for a few reasons. First, a personal loan is an unsecured loan, so you do not have to provide any collateral to the bank or lender to secure the loan. Unlike other types of loans like home loans or automobile loans, personal loans can be used for a variety of purposes, including medical expenses, new purchases, wedding expenses, home repairs and renovation, travel, consolidating debt, etc.

Moreover, personal loans are offered based on the income and creditworthiness (credit score/credit history) of the borrower. If you are looking for a small loan of ₹50,000, most of the leading banks will offer you quick online approvals, especially if you have a good credit score and qualifying income.

Why should you opt for online personal loans?

Online personal loans are highly convenient and time-saving. You do not need to physically visit a bank to apply for a personal loan or fill out complex paperwork and wait for days or weeks to get your loan approved. Also, you can apply for a loan 24/7, even on weekends and holidays.

With online loans, the whole application to approval process happens digitally and takes just a matter of minutes. You can apply for an online loan while sitting comfortably at your home or office. Online applications are paperless, so you need to upload only necessary documents. 

For a relatively smaller loan amount of ₹50,000, many lenders may approve your loan applications almost instantaneously, given that you pass all the bank’s eligibility criteria and submit the required documents. 

How to apply for a ₹50,000 personal loan online 

Here are the simple steps that you can follow to apply for a ₹50,000 loan online and get instant approval: 

Choosing the right lender: The first step you need to take to apply for a personal loan is to identify the right bank/lender for your needs. There are a huge number of banks and financial institutions offering personal loans to individuals at varying interest rates and tenures. To choose the right lender for your needs, compare the loan amount offered, interest rates charged, as well as loan tenures available to repay the loan. 

Check eligibility: Once you have selected which lender you wish to apply for a personal loan with, the next step involves checking their eligibility criteria. It is important that you fulfil the bank’s eligibility criteria, otherwise securing a loan could prove difficult. Some key factors that banks consider when checking eligibility criteria include: 

- Age: Most banks require borrowers to be between the ages of 21 and 60 years. 

- Income: Many banks also require borrowers to present proof of income, like salary slips or bank statements. They may also impose a minimum monthly income requirement (e.g., ₹15,000 to ₹25,000 per month). Freelancers/business owners may have higher minimum monthly income requirements.

- Credit score: A good credit score/CIBIL score is important to get approved for a personal loan. It is good to have a CIBIL score of above 700. However, a credit score above 750 maximises your chances of getting the loan approved. 

- Employment status: Most banks require borrowers to have been employed at their current organisation for six months or more. 

Gather necessary documents: The next step involves collecting the soft copies of necessary documents that you will submit during your application, such as proof of identity (Aadhaar, PAN, passport, voter ID, etc.), proof of address (utility bill, rental agreement, etc.), and proof of income (salary slips and bank statement). Make sure you have updated and accurate digital copies of all these documents for a smooth verification process.

Apply online: Now that you have chosen your preferred lender and collected necessary documents, you can apply online through the lender’s app or website. Fill out a form by entering the required details, such as your name, date of birth, address, income, employment details, etc. After entering all the details, you will need to upload the necessary documents listed above. Finally, you will be asked to enter the loan amount, where you can put ₹50,000. Make sure all the information you enter is accurate. 

Approval and loan disbursal: Once you have submitted the loan application and fulfilled all the eligibility criteria, the lender will successfully process your loan amount. You should receive the loan amount in your bank account soon after the loan has been approved and processed.

In case you need a 50,000 personal loan, consider applying for an IndusInd Bank Instant Personal Loan. This loan offers a variety of benefits, such as: 

- Loan amount between ₹30,000 to ₹5,00,000

- Quick online/app-based loan application process and swift approval through video KYC

- Loan amount disbursed into your bank account instantly after approval

- Flexible loan tenure between 1 to 4 years 

- Competitive interest rates for affordable borrowing

To conclude

Applying for a personal loan online is now quicker and more convenient than ever. If you need a ₹50,000 loan, simply visit the lender’s website or mobile app, fill in the required details, and upload necessary documents. Once approved, the amount will be credited to your account within minutes or a few hours. However, it’s essential to compare interest rates, loan tenures, and features across lenders to ensure you make the best choice for your financial needs.

(Articles under 'Fortune India Exchange' are either advertorials or advertisements. Fortune India's editorial team or journalists are not involved in writing or producing these pieces.)