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 Processing
Borrowers 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.
Simple Application
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 Documentation
Collating 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 Free
Instant cash loan requires no security in the form of a property or an asset, against the loan amount.
Good Credit Score
Higher 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 Rate
Unlike 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 Tenure
Use the EMI calculator for a loan of 50,000 and adjust the EMI tenure at your convenience. The facility to choose the loan tenure avoids delays in payments.
General Eligibility Criteria and Documentation for a 50,000 Rs Personal Loan
Borrowers applying for a loan of Rs 50,000 should abide by the lender’s rules and regulations:
- Borrower should be an Indian citizen
- Borrower should be either salaried or self-employed
- The borrower should have a stable income of at least Rs 15,000 per month
- The borrower should be in an age group between 21 to 58 years
- Borrower should submit Aadhar card and PAN card details for E-KYC verification
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 disbursem*nt 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, which 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 Hero FinCorp Instant Personal Loan app
Loan amount = ₹50,000
Tenure = 12 months
Interest Rate = 15% per annum
EMI = ₹4513 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 installment, without any errors. Hence, start with customizing your EMI amount while initiating the instant loan process of ₹50,000.
Why Hero FinCorp Instant Personal Loan?
Hero FinCorp Instant Personal 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 Hero FinCorp Instant Personal Loan to avail of short-term loans ranging from Rs 50,000 to 3 lakh.
The Hero FinCorp Instant Personal Loan advantage lies in its affordable rate of interest that starts at 11% per annum which makes repayments easy on monthly installments. It is a reliable digital platform launched by HeroFinCorp, one of the fastest-growing financial service companies in India. Download Hero FinCorp Instant Personal Loan available freely on Google Play Store.
Here are a few reasons why borrowers should use Hero FinCorp Instant Personal 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 Hero Fincorp Instant Personal Loan
Hero FinCorp Instant Personal Loan 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 Hero FinCorp Instant Personal Loan can avail of a variety of instant personal loans:
Unsecured Personal Loan
Personal loans suffice a variety of needs, right from managing wedding expenses to consolidating debts. Hero FinCorp Instant Personal Loans are an unsecured type as there is the involvement of collateral for loan approval.
Consumer Durable Loan
Upgrade to new home appliances and gadgets with instant consumer durable loans via Hero FinCorp Instant Personal Loan. The rate of interest is affordable, and repayment is not prolonged for many years.
Business Loan
A working capital loan proves to be useful in the daily functioning of the business. Hero FinCorp Instant 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, the financial shortage can be covered up with Hero FinCorp Instant Personal Loan. Whether it is repainting walls, fixing the ceiling, changing the furniture, etc. these can be covered under instant loans.
Education Loan
When 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 Hero FinCorp Instant Personal Loan and flexibly use them for your educational purpose.
Medical Loan
A medical emergency needs surplus funds on time. Instant loans cause no delay in approval and disbursal. Hence, Hero FinCorp Instant Personal 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:
Source of the Instant Loan App
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.
Calculate EMI
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.
Control the Borrowing Limit
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.
Know your CIBIL Score
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.
Compare the Market Interest Rate
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.
How to Apply for Hero Fincorp Instant Personal Loan 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 Hero FinCorp Instant Personal Loan app:
- First, get the Hero FinCorp Instant Personal Loan app on your phone. Download from Google Play Store.
- Register to create your account. Enter your 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 3lakh. 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 Gold: Investing 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 3 lakhs via Hero FinCorp Instant Personal Loan to design gold jewelry for future occasions.
Buy a Smart Home Appliance: Gift your kitchen an advanced technology product that makes your daily cooking/cleaning tasks simpler. It can be a food processor, a dishwasher, 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 Domestic Travel Package: 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.
Support Festival or Wedding Expenses: 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.
Down Payment of New Vehicle: 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.
Hence, whatever may be their financial need, borrowers can look up to instant personal loans for immediate financial relief.
Which Instant Loan Apps Help with an Instant Loan of Rs 50,000?
Hero FinCorp
instant loan app by Hero FinCorp is ideal for small cash loans up between Rs.50,000 to 3 lakh. No paperwork, and no lengthy procedures, download the loan app, complete the easy application and get money in your bank account.
KreditBee
KreditBee is great for young professionals to avail ofshort-term loansup to 10,000 to 4 lakhs. The loan application process is 100% online and easily approved within 15 minutes.
A Branch
is an all-new personal loan app, ideal to borrow, save, and improve your financial health all from the convenience of your phone. Personal Loans range from ₹500 to ₹ 300,000
True Balance
is a personal loan app that has been trusted by over5 Cr+ users across the country. Here, you may avail an online personal loan from ₹1,000 to ₹1,00,000 for a tenure of a minimum of 62 days to 6 months at a low processing fee.
Smart Coin
loan app is available in 18,000 pin codes across the country.Personal loans from ₹1,000 to ₹70,000 are available.
So, there are various instant loan apps online to avail of small cash loans in India. Download from an authentic source like Google Play Store to secure the loan application procedure.
An instant loan of Rs 50,000 can also be an emergency financial help to deal with unforeseen events. So, if you have a requirement for mini cash loans, an amount of Rs.50,000 is a good start to cope up with urgent financial needs. Moreover, being a no collateral loan, it speeds up the overall loan process of 50,000 loans and enables instant approval, relieving the borrower’s financial constraints.
