How to Get Instant Loan Online of Up to 50 Lakh?

Dec 11th 2023
Loan
How to Get Instant Loan Online of Up to 50 Lakh?

How to Get Instant Loan Online of Up to 50 Lakh? A personal loan is the biggest savior for a person who needs cash for any of his or her needs. In today times, due to the rapid advancements in technologies, it has become easier for people to borrow money with ease and in no time. But what if the asking amount is very high. Can you get the loan quickly, let’s say 50 lakh. Let’s find out how to get a quick personal loan of up tp 50 lakh online in this post.

Numerous lenders are running in the market that can provide a personal loan of up to 50 lakh to people with good credit scores. And, that too at reasonable interest rates. They have an online loan application process which means you can apply for the loan right from the comfort of your home or office and get the money right in your bank account without any difficulty.

Read More: How Much Personal Loan Can I Get on Salary?

How Much Amount is 50 Lakh?

A personal loan of up to Rs. 50 lakh is an adaptable loan that may help a person reach his commercial or personal objectives financially. A loan of Rs. 50 lakh is a substantial sum that may be used for house acquisition, healthcare costs, debt reduction, or even company growth. You may benefit from reasonable EMIs and flexible payback terms with an unsecured 50 lakh loan. Aim high and achieve your objectives with a five-year, fifty-lakh loan at a low annual percentage rate.

Read More: Personal Loan for Low CIBIL Score of 550

Interest Rates & Charges

For personal loans, banks and NBFCs provide competitive interest rates together with low fees. Depending on a variety of criteria, like your debt-to-income ratio, credit history, length of loan, and more, various lenders will offer varying rates and charges. The general interest rates and fees that banks and NBFCs charge are shown in the table below:

Interest rate 9.9% - 30% p.a.
Processing Charges 0.5% - 2.5%
Foreclosure Charges 2% - 4%

Eligibility Criteria For A Personal Loan of up to 50 lakh

Obtaining a 50 lakh loan is a big financial choice. Lenders search for borrowers who meet their particular requirements for eligibility. That now provides you with simple access to a substantial amount of money and adaptable payback terms. The requirements will vary depending on the lender. However the typical requirements for being eligible for a 50 lakh loan include: b

Citizenship Indian
Age 21-67 years
Minimum Monthly Income ₹ 20,000 - ₹30,000
Credit score 700+
Employment status Salaried or self-employed

Documents Required For A Personal Loan of up to 50 lakh

The lender requires documentation for a personal loan of Rs. 50 lakh. These records attest to the borrower's legal status, place of residence, and capacity for repayment. Among the paperwork needed are:

  • Identity Proof: Voter’s ID, Aadhaar card, PAN card or Passport.
  • Residence Proof: Utility Bill, Electricity Bill or Rental agreement.
  • Income Proof: 3 months’ salary slips, bank statements or income tax returns.
  • Employment Proof: Employment letter or employment contract.

Benefits of Taking A Loan of up to Rs. 50 lakh

A 50 lakh loan will come with a plethora of features and incentives that let borrowers explore new avenues. These attributes and advantages are:

  • Sufficient funding: A ₹50 lakh loan would give you a sizable amount of money for whatever demand you may have.
  • Simplified approval: A personal loan provides quick loan processing, guaranteeing that you will receive the money you want on schedule.
  • Minimal paperwork: In order to streamline and expedite the application process, banks and NBFCs increasingly need a reduced amount of paperwork.
  • Loan options for a 50 lakh personal loan are as follows: you can choose an unsecured loan by not pledging any assets, or you can choose an unsecured loan by offering security.
  • Repayment options are flexible; you may select any term that best fits your budget.
  • Credit score improvement: By repaying your loan on time and staying out of default, you may raise your credit score with a 50 lakh loan. Repaying the debt on time will improve your credit score.
  • Repayment options are flexible; you may select any term that best fits your budget.
  • Credit score improvement: By repaying your loan on time and staying out of default, you may raise your credit score with a 50 lakh loan. Repaying the debt on time will improve your credit score.

Read More: Personal Loan for Low CIBIL Score of 550

How to Apply for a Personal Loan of up to Rs. 50 lakh?

Online loan aggregators such as Investkraft have made it easier than ever to obtain a personal loan of Rs. 50 lakhs. To obtain a 50 lakh loan from Investkraft's top lenders, follow these easy steps:

Investkraft offers a simple application process for personal loans. The steps to apply for a ₹15 lakh personal loan on Investkraft are as follows:

Step 1: Download the Investkraft mobile app or go to Investkraft.com.

Step 2: Complete the application by entering the loan amount, the number of months for the term, and your contact information.

Step 3 - Fill out the following personal information when asked:

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

First name and Last name

Current Address with PIN Code

Mobile Number

Step 4 - Cross verify the given details and submit the application.

FAQs

What Is The Interest Rate Per Month For A Loan Of ₹50,000?

For a loan of Rs. 50 lakh, the monthly interest rate is decided by your credit history, loan length, and other factors.

Can I Apply for a ₹50 Lakh Loan Without Security?

You are able to apply for an unsecured loan of Rs. 50 lakh. The interest rate might be greater, though.

What Is The Five-Year Loan Amount With An EMI Of 50 Lakh?

A 50 lakh loan with a five-year amortization period would have an EMI that is influenced by several factors, including interest rate and credit score.

The Conclusion

Getting a personal loan of an amount of up to Rs. 50 lakh is not difficult if you take the right approach and have all the necessary documents required during the loan application. There are several banks and NBFCs available in the market that provide quick, reasonable, and affordable personal loans to needy people. You can choose the one that matches best to your needs and apply for the loan from there.

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