How Can I Get an Instant 50000 Loan?
Last updated: Sep 11, 2020, 06:31 AM IST
An instant loan is a type of small cash personal loan approved on an instant basis via personal loan apps online. It is an unsecured mini loan where a borrower can avail of small cash instant loans from 10,000 up to 2 lakhs. Being a multipurpose loan type, an instant 50,000 loan can be of great help to support a sudden medical condition, unplanned travel, home repair, etc. Sudden cash requirements or balancing shortage of funds are primary reasons why borrowers rely on instant loans.
When instant loans for 50,000 or more did not exist and the approval time-stretched up to a week, supporting a financial emergency became impossible. But, as digitization increased and fintech companies emerged, many financial institutions and NBFCs launched instant loan apps for the convenience of the masses to avail of an instant loan on the same day. The advantage of an instant cash loan is that it is immediately approved and disbursed within a working day after verification of the submitted documents in a paperless format.
What are the Features & Benefits of Instant Loans?
An instant loan of 50,000 is an accessible credit service that carries several features and benefits, attracting borrowers to download the loan app:
Digital Loan ProcessingBorrowers can access the app anytime, anywhere, and apply for instant cash loans in minutes. Through online verification bound by a real-time digital process, the disbursal is quick within a working day.
Instant loan application does not involve a long procedure. Registration via an online form requires minimum details. Ensure you fill out the form correctly for moving on to the next step.
Hassle-free DocumentationCollating all the required documents and handling them till the loan procedure is done is a tedious task. If you go the digital way of a loan application, documentation is paperless, and verification is done in real-time.
Collateral FreeInstant cash loan requires no security in the form of a property or an asset, against the loan amount.
Good Credit ScoreHigher the credit score, the chances of loan approval increase. Though it is not mandatory to submit a credit score, but a good credit score increases the borrower’s credibility and helps in faster loan approval.
Affordable Interest RateUnlike home loans, the rate of interest charged is fixed and does not fluctuate. Also, payment of EMIs becomes easier thanks to the affordable rate of interest.
Flexible Repayment TenureUse the EMI calculator for a loan of 50,000 and adjust the EMI tenure as per your convenience. The facility to choose the loan tenure avoids delays in payments.
What are the eligibility criteria for an instant personal loan of Rs.50,000?
The eligibility criteria for an instant cash loan of 50,000 is decided based on your monthly income. Both salaried and self-employed individuals apply for instant cash loans. Consider the following to be eligible for an instant cash loan of 50,000:
Salaried or self-employed people should at least have a minimum monthly income of ₹ 15,000.
Minimum Monthly Income
Age LimitThe minimum age limit for an instant loan of 50,000 or more is 21 years and the maximum is up to 58 years.
Income ProofEarlier, the last 6 months of bank statements and recent salary slips were required as income proof. But, with instant loan apps going digital, verification of net banking details is sufficient.
What are the mandatory documents for an instant loan of 50,000?
The need for instant cash can arise anytime. So, the documents required are minimal and paperless. In this type of loan, the long procedure of documentation is averted to make loan disbursement faster.
Essential documents for a 50,000 instant cash loan:
- Aadhaar Card Number linked to your mobile number for one-time password verification
- Pan card Number
- Photo ID proof on a prompt basis via the in-built camera in the loan app
- Electronic signature
Check your eligibility for a 50,000-loan using the personal loan eligibility calculator
Digital instant loan apps feature an in-built personal loan eligibility calculator for borrowers to confirm whether they are eligible to apply for the loan or not. The personal loan calculator will determine several factors like your age, income, credit history, employment, and financial liabilities. This calculator is an analytical tool that has been developed to help a borrower to calculate their eligibility for a loan, and also to compare the various personal loan options available online.
Check your eligibility with one lender or multiple lenders in minutes, saves your time and energy. In case the loan calculator displays that you are not eligible, you can work on the loan requisites to achieve eligibility. This way, you can prevent getting the loan application rejected.
What will be EMI for a 50,000 instant personal loan?
An EMI equals the principal loan amount and the rate of interest. It is normally fixed for the entire loan tenure with monthly repayments to be made over this fixed tenure.
Calculating the amount of EMIs can be tedious for a borrower. Even putting the details in excel could take time. To help calculate your eligible loan amount in a matter of seconds, thus eliminating the need for long manual loan EMI calculations, now many lenders offer an online loan EMI calculator.
Here is how you can use an Instant Loan EMI Calculator for a 50,000 Loan:
- Key in the loan amount needed, for instant 50,000
- Key in the applicable interest rate
- Key in the loan tenure, longer tenure has low EMI and vice versa
- Compare various loans
- Select the best-suited loan to fund immediate financial requirements
Here is a visual example of an instant EMI loan calculator in-built into the SimplyCash app, launched by HeroFinCorp.
Loan amount = ₹50,000
Tenure = 12 months
Interest Rate = 2.08% per month
EMI = ₹4,212 per month for a year
Many people depend on manual calculations assuming EMI calculators are complicated to use. This is absolutely false as the EMI calculator is the fastest way to equate the monthly instalment, without any errors. Hence, start with customizing your EMI amount while initiating the instant loan process of ₹50,000.
Why SimplyCash Instant Personal Loan?
SimplyCash instant loan app is built with intelligent technology to help borrowers with quick registrations, EMI calculation, paperless documentation, real-time verification, approval, and disbursal in 24 hours. It is best to choose SimplyCash to avail of short-term loans ranging from Rs 50,000 to 1.5 lakh.
The SimplyCash advantage lies in its affordable rate of interest that starts with 2.08% per month which makes repayments easy on monthly instalments. It is a reliable digital platform launched by HeroFinCorp, one of the fastest-growing financial service companies in India. Download SimplyCash available freely on Google Play Store.
Here are a few reasons why borrowers should use SimplyCash instant loan:
- EMIs can be cleared off soon in a couple of years. Repayment doesn’t linger around for a long time.
- Time taken for an instant personal loan is quick with minimal documentation
- Instant loan is available even to those borrowers having low credit scores as it doesn’t form a primary eligibility criterion
- Being an unsecured loan, no security or assets are required to be mortgaged against the loan
- Instant short-term finance involves paperless documentation and real-time verification
Various Types of Loans offered by SimplyCash
SimplyCash is a flexible loan app not restricted to a particular purpose of loan utilization. Borrowers applying for an instant loan of 50,000 or above via SimplyCash can avail of a variety of instant personal loans:
Unsecured Personal LoanPersonal loans suffice a variety of needs, right from managing wedding expenses to consolidating debts. SimplyCash instant loans are unsecured type as there is the involvement of collateral for loan approval.
Consumer Durable LoanUpgrade to new home appliances and gadgets with instant consumer durable loans via SimplyCash. The rate of interest is affordable, and repayment is not prolonged for many years.
Business LoanA working capital loan proves to be useful in the daily functioning of the business. SimplyCash personal loans can also be applied for business purposes – whether entrepreneurs need cash in hand, support expansion, buy new products, pay overheads, or manage miscellaneous expenses on the spot can be managed well with instant loans.
Home Renovation Loan:When house repairs and renovation become urgent, financial shortage can be covered up with SimplyCash instant personal loan. Whether it is repainting of walls, fixing the ceiling, changing the furniture etc. these can be covered under instant loans.
Education LoanWhen the last date for admissions is just around the corner, an instant personal loan can help to save your seat with the required payment just in time. Apply for instant loans at SimplyCash and flexibly use them for your educational purpose.
Medical LoanA medical emergency needs surplus funds on time. Instant loans cause no delay in approval and disbursal. Hence, SimplyCash instant loans are ideal to support medical emergencies.
Things to consider before you apply for an instant 50000 loan
Though instant loan apps are easy to use and freely available online to download on your devices, it is important to know some important things before taking a loan from any instant loan app for Rs 50,000:
As the instant loan app is for the public, it is openly available for download via websites and app stores. Be very cautious about the source from which you download the app. The reliable source is Google Play Store is safe to download and has many options for instant loan apps of various financial companies.
Source of the Instant Loan App
Using the loan EMI calculator, evaluate your EMI based on the loan amount and tenure. Get the results within seconds. This will give clarity on the EMIs to be paid every month and accordingly you can balance your monthly budget.
Lenders might lure borrowers with attractive personal loan offers if a large amount of loan is borrowed. However, if need of Rs.50,000 do not go ahead with borrowing a lakh just because the promotional offer looks appealing.
Control the Borrowing Limit
A CIBIL score evaluates the creditworthiness of a borrower and gives insight into their financial history. A low CIBIL score can lead to a loan rejection. So, try to improve your score before you apply for an instant loan to avoid any delays and rejections.
Know your CIBIL Score
Analyse the interest rates available with different loan providers. The figures are available on their credit portals online. There are also financial websites that list down interest rates of major financial companies in one place for ease of comparison.
Compare the Market Interest Rate
How to apply for SimplyCash 50000 instant personal loan online?
Over the years, technology has taken over tremendously and replaced the traditional loan application process with a more advanced and straightforward way via instant loan apps. The long procedures are cut short for convenience. Here is an elaborate user journey clearly defined for those willing to apply for a personal loan of Rs 50,000 via the SimplyCash loan app:
- First, get the SimplyCash loan app on your phone. Download from Google Play Store.
- Register to create your account. Enter your email id and mobile number. It is secured and verified using a one-time password.
- The next step will take you to the EMI calculator. Here, you can choose a preferred loan amount between 50,000 to 1.5 lakh. The calculator lets you choose the principal amount, interest, and tenure. Set an appropriate EMI, matching your budget. Manual EMI calculations are complex, this tool will give you 100% accurate results.
- Complete the loan prerequisites, enter the Aadhar card number, a mobile number linked to your Aadhaar card, and a PAN card number, and verify net banking details.
- Set up your repayment or e-mandate and create an electronic signature with a single click.
- It may take a while to process the approval status. Finally, the loan amount will be credited to your bank account within a working day.
Why should you opt for an instant personal loan?
Both credit cards and instant loans can give you quick access to the required money, but personal loans are considered to be a better option due to the following reasons:
- A personal loan incurs no bills like credit cards. Instalments are deducted every month to clear the loan
- EMIs are already decided beforehand with a fixed rate of interest which makes a planned repayment procedure
- Personal loans work well for a variety of reasons such as education, travel, wedding, medical emergency, home renovation, etc
- Instant loan interest rates can be negotiated if you have a cordial relationship with the lender
Uses of Instant 50000 personal loan
Borrowers can make use of instant personal loans for travel, education, medical emergency, home renovation, or simply for buying expensive products online. Here are some instances where you can make the most of 50,000 instant personal loans:
Buy GoldInvesting in gold is ideal when you have cash in hand. When the gold rates decrease, you can opt for a personal loan of 50,000 to 1.5 lakhs via SimplyCash to design gold jewellery for future occasions.
Gift your kitchen an advanced technology product that makes your daily cooking/cleaning tasks simpler. It can be a food processor, a dishwasher, or a modular kitchen set, etc. Besides the kitchen, an electronic product can also be bought for other rooms such as an air purifier, a security system, etc.
Buy a Smart Home Appliance
If you have not explored all of India, utilize the personal loan money for availing a complete travel package to a mesmerizing destination in India.
Buy a Domestic Travel Package
Whenever an auspicious occasion arrives, the expenses increase for a variety of reasons. Multiple small cash expenses can be managed during a wedding or a festival via instant cash loans.
Support Festival or Wedding Expenses
You can buy a two-wheeler using lakh rupees of the personal loan whereas for buying a four-wheeler, the same money of 1.5 lakh can be given as a down payment. The remaining balance can be paid easily in EMIs.
Down Payment of New Vehicle
Hence, whatever may be their financial need, borrowers can look up to instant personal loans for immediate financial relief.