Emergency – the word itself is very treacherous; we can only imagine a person encountering any urgent situation and his fear of dealing with that. No matter medical or financial, emergencies are uncertain and can knock on your door anytime. Meanwhile, you pass from any financial crunches – you can consider a 50,000 personal loan applyscheme, which is a beneficial yet affordable solution for any mediocre family to meet urgent expenses or emergency financial needs.
Since a family requires back-to-back a small amount of investment to live, it can invariably scorch your pocket. Undeniably, sometimes, paying monthly bills, credit card debts or EMIs can be dreadful for any individual; hence, they need an extra dose of money to cover them from the back! The 50,000 small personal loan scheme is a great alternative that can help any borrower pay all bills, debts or other personal obligations.
Borrowers will have easy access to the primary loan amount from leading Indian banks whenever they require it. Interesting!
Before we jump directly to the eligibility and interest rate section of the personal loan, let us comprehend the small personal loan concept and how it can help you in emergencies.
Small/ 50,000 personal loan: An overview
A small personal loan is an intriguing and beneficial tool for individuals, from salaried to self-employed, which fund them with instant capital. Under this loan, you can avail of Rs. 50,000 of immediate money. However, it is an unsecured loan type, which is specially designed to fulfil the requirements of households, i.e., medical emergencies, tour plans, house renovation or repairing, festive enjoyment, gadget purchase and more.
You can get this versatile loan at very reasonable personal loan interest ratesand an easy application process with utmost assistance from banking agents. Needless to say, that this scheme is truly a life saviour for many people during difficult times.
Benefits of Small Personal Loan
Many of you might think that an instant 50,000 cash subsidy possibly come with several catches – well, it does not! The small personal loan application fetches extensive benefits for an individual looking for financial support in tough times. The following are some:
- Flexible Repayment Term: Several banks and NBFCs offer small personal loans at a flexible pay off contract, specially customised based on applicant profile. Since the primary loan value can range between Rs. 10,000 to 50,000, the tenure period can also vary from 6 months to 5 years. So, you can effortlessly get this loan at 60 months of fund repayment option, too.
- Bottom-level documents required: In terms of personal loans, an applicant needs to submit some basic KYC and minimal documents like a bank statement and residential proof to match the eligibility parameters designed by the lender bank.
- Reasonable Interest Rates: While considering personal loan apply, you will be grateful to know that small personal loans come with an affordable rate of interest. A salaried employee can easily afford it. However, the percentage depends on the borrower’s profile, credit score and other vital factors according to the lending bank’s standard.
- Stretchy Loan Value: The dose of funding under a small personal loan can be stretched after evaluating your eligibility criteria. The agent will decide whether you fit for 10,000 amount, 50,000 or Rs. 10 lakhs of value.
- Easy Application and Disbursal Process: The application process of a small personal loan is far easier than applying for a home loan or business loan. You merely need to follow easy application guidelines online and submit the form. However, this process is available in offline mode as well. Also, the disbursal process is pretty fast.
How to obtain a personal loan with simple steps?
To avail of the affordable personal loan interest rates, you need to follow some grounded factors to have a comfortable experience.
- You must maintain a sound CIBIL score.
- Your employment should be regular with a reputable company.
- Avoid applying with multiple lenders; otherwise, your application might get rejected.
- Browse online and keep checking the rate of interest to keep yourself updated. The ratio varies from lender to lender.
- Read the contract thoroughly to avoid any hidden charges.
- Determine the exact amount beforehand and design your repayment method carefully.
- Make sure you use the EMI calculator before applying for the loan to know the exact details.
The last few words:
Personal loans are handy for every situation, whether there is an emergency. Even the personal loan apply process is far easier than one could ever think – and the application gets through easy disbursal as well. If you are a salaried person, the small personal loan will give you a slight sense of security to plan and organise your emergency obligations with immediate funds. So, do not wait and apply for your very first personal loan!