A personal loan of 50,000 can help fulfil both planned and urgent financial needs. But this amount is usually too small for most traditional lenders. Digital lending apps are trying to fill this gap. Most of them approve and disburse a 50,000 personal loan within the same day for eligible applicants. The entire application and document submission process happens online. Hence, applicants don’t need to visit the branch.
But the interest rates can vary across lenders, which will also affect the EMIs. And once the processing fees and others are factored in, the borrowing costs can increase significantly. Read on to know about some digital apps from where you can apply for a 50000 personal loan with low EMIs and quick approval:
Finnable
Finnable offers personal loans starting from ₹50,000 at interest rates of 16% p.a. onwards. The lender offers a maximum amount of ₹10 Lakhs for tenures ranging from 6 to 60 months. The lender prefers salaried applicants with a CIBIL score of 675 and above. But first-time borrowers with zero credit history can also apply for the loan. The lender will evaluate them based on income stability and employer profile.
The lender offers loan disbursal in 60 minutes for eligible applicants. It is an RBI-licensed NBFC with 100% online process and quick approval. Applicants can adjust the EMI for the loan by changing the tenure. Opting for longer tenures can reduce the EMIs but increase interest costs.
Fibe
Fibe, formerly EarlySalary, offers a personal loan starting at 18% p.a. The repayment tenure is between 6 and 36 months. The lender considers both credit scores and past financial behaviour while evaluating loan applications. First time borrowers with no credit history but stable income and good employer profile have a chance. They can get loan approval for ₹50,000 if they have consistent monthly income even without any credit history.
KreditBee
KreditBee offers personal loans of up to ₹10 Lakhs. But applicants can also avail loans for ₹50,000 as well. Most first-time salaried applicants can be eligible for small loan amounts if they have a high income, high work experience, and work in a reputed company. Salaried applicants with a CIBIL score above 700 are likely to get preferential rates and loan terms. Existing users with a clean repayment history can see better loan terms, quick loan approval, and disbursal.
MoneyView
MoneyView personal loans can range between ₹5,000 to ₹10 Lakhs. The lender offers rates of 14% p.a. onwards. The entire loan process, from application to approval, is entirely paperless. Eligible applicants can get loan disbursal typically within 24 hours. The lender offers flexible loan tenures of up to 5 years. This helps applicants to repay the loan in easy installments. MoneyView also does well with Tier 2 or 3 city applicants. This is an audience that some bigger apps quietly underserve.
mPokket
mPokket offers loans from ₹1,000 up to ₹2 lakhs. So, a ₹50,000 personal loan is within the mid-range for this app. But the interest rates run higher for this platform, usually from 19% to 36% p.a. With a 100% online process, loan application and document submission is straightforward. Applicants can use the loan for travel, medical emergencies, vehicle repair, etc. Applicants without any credit history can also avail this loan. But the lender will check their income and other details to evaluate loan eligibility. Loan applicants should also check the processing fee and other charges as it adds to the borrowing costs.
CASHe
CASHe specifically caters to salaried working professionals. The lender offers loan amounts between ₹45,000 to ₹3 lakhs. Its loan tenures are shorter than usual, between 9 and 18 months. Applicants can use this loan for specific needs like paying medical bills, gadget purchase, travel, etc. As the tenure is shorter than other apps, it can lead to higher EMIs for the same amount. Hence, applicants should check these pointers before applying for the loan.
Navi
Navi offers personal loans for up to ₹20 lakh. Its repayment tenure extends up to 84 months. This means that applicants looking for a 50,000 personal loan can choose higher tenures to reduce their EMI burden. Borrowers with a CIBIL score of 750 or above are likely to get better loan rates and terms. The lender claims to offer loans with 100% online process and instant disbursal.
Bajaj Finserv
Bajaj Finserv offers personal loans at competitive interest rates. It’s flexi-loan product lets a borrower use a part of a sanctioned limit at a time. He has to pay interest only on the borrowed, and not sanctioned, amount. This option is useful for someone who might need ₹50,000 now and another ₹50,000 next month. Existing customers with pre-approved offers may get faster loan disbursal timelines.
How to Compare Personal Loan Lenders
Most applicants make the mistake of only looking at interest rates alone. Interest rates have a major role in the total borrowing costs for a loan. But there are other fee components that applicants should consider. The processing fee for a loan usually goes up to 5% of the loan amount, plus GST. Lenders may also levy additional charges like prepayment charges. Adding up all of these can increase the borrowing costs significantly for a ₹50,000 personal loan. Comparing interest rates and charges across multiple lenders will help applicants make an informed decision.
As CIBIL scores play an important role in loan approval, applicants should check it before applying for a loan. If an individual has a lower score than the lender’s minimum threshold, it will help him avoid loan rejection. A loan rejection leaves a negative mark on the applicant’s credit profile.
Applicants should also avoid applying for multiple loans in short durations. Each loan application leads to a hard inquiry. Multiple hard inquiries within a short time can lead to reduction in CIBIL score. It can also signal to lenders that the applicant is under financial stress. This makes it more difficult for them to get loan approval.
Speed of loan approval and disbursal matters for some borrowers. An applicant who needs urgent cash cares more about the advertised disbursal timeline. But for others, the total cost of a loan matters more. Hence, applicants should consider all the above factors while comparing digital loan apps. It helps determine whether the final loan offer is as per their requirements or not.