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Apply for a ₹50,000 personal loan with FIRSTmoney

With IDFC FIRST Bank's FIRSTmoney, applying for a ₹50,000 personal loan is now a breeze. This loan can be used for various needs such as covering medical expenses, funding education, or managing unexpected financial requirements. A FIRSTmoney smart personal loan offers competitive interest rates and zero foreclosure charges, ensuring that your borrowing remains affordable and meets your financial requirements.

Features and benefits of ₹50,000 personal loan

100% Digital Journey 100% Digital Journey

100% Digital Journey

FIRSTmoney offers a complete digital journey with zero paperwork. You can customise your loan as per your financial requirement along the application process. Simply scan the QR code and get going. Competitive Interest Rates with FIRSTmoney, you enjoy one of the most affordable interest rates starting at just 10.99% per annum. Lower interest rates help you keep your overall loan cost within your budget and meet your financial needs without hassles.

Foreclosure benefits Foreclosure benefits

Foreclosure benefits

Want to pay off your loan before the tenure ends? You can repay the drawn amount in full anytime without incurring any foreclosure charges.

Flexible loan repayment options Flexible loan repayment options

Flexible loan repayment options

Get the flexibility to choose a customisable loan EMI plan that suits your requirements. Opt for any tenure ranging between 9 months to 60 months to repay your loan without incurring any additional charges.

Greater flexibility Greater flexibility

Greater flexibility

Need extra money? Get unmatched flexibility to obtain more funds easily to meet additional cash requirements without starting the loan application from scratch.

Swift disbursal Swift disbursal

Swift disbursal

Enjoy a completely paperless application process. The advanced technology behind FIRSTmoney makes it easy to access a ₹50,000 personal loan instantly with a completely online process.

Eligibility criteria for ₹50,000 personal loan

FIRSTmoney smart personal loans are available to individuals with a good credit score. Here are the basic eligibility requirements.

CIBIL score CIBIL score

CIBIL score: To apply for a FIRSTmoney loan, applicants need to have a good credit record and a CIBIL score of 730 and above.

Employment Employment

Employment: FIRSTmoney loans are available to salaried and self-employed individuals.

Age Age

Age: Anyone aged between 21 to 60 years can apply for this loan.

* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

Documents required for a ₹ 50,000 personal loan

Video KYC Video KYC

You do not have to worry about the hassles of lengthy documentation with FIRSTmoney smart loans. To apply for a ₹ 50,000 personal loan from FIRSTmoney, all you need is to present your physical PAN card at the time of completing the video KYC process.

You do not have to worry about the hassles of lengthy documentation with FIRSTmoney smart loans. To apply for a ₹ 50,000 personal loan from FIRSTmoney, all you need is to present your physical PAN card at the time of completing the video KYC process.

How can you calculate your personal loan EMI?

The reducing balance calculation method is employed to calculate the EMI for a ₹50,000 personal loan. This technique determines the interest based on the remaining loan balance. While the EMI remains constant throughout repayment, the portion allotted to the principal repayment grows while the interest component diminishes over time.

How to apply for ₹ 50,000 personal loan using FIRSTmoney?

Scan the QR code to apply for a personal loan.

Step 1

Start by scanning the QR code or clicking loan from your smartphone.

Register with your mobile number.

Step 2

Register using your mobile number and confirm basic/personal details to check your eligibility.

Confirm basic details to check your eligibility.

Step 3

Choose your loan preferences, including the tenure and repayment terms.

Choose your loan preferences and link your bank account

Step 4

Link your bank account where you wish the funds to be disbursed.

Once verified, receive the loan amount in your account within 24 hours

Step 5

Complete the video KYC verification process with your physical PAN card.

After your loan offer is approved, you can start using the funds as per your needs and avail of more funds on-demand.
 

Get FIRSTmoney Smart Personal Loan of Different Amounts

₹5 lakh Personal Loan
₹5 lakh Personal Loan Arrow Right
₹4 lakh Personal Loan
₹4 lakh Personal Loan Arrow Right
₹3 lakh Personal Loan
₹3 lakh Personal Loan Arrow Right
₹2 lakh Personal Loan
₹2 lakh Personal Loan Arrow Right
₹80000 Personal Loan
₹80000 Personal Loan Arrow Right
₹70000 Personal Loan
₹70000 Personal Loan Arrow Right
₹60000 Personal Loan
₹60000 Personal Loan Arrow Right

Frequently asked questions

How can I check my eligibility for a ₹50,000 personal loan?

You can check your eligibility for a ₹50,000 personal loan in the eligibility section of the official portal. For FIRSTmoney, basic eligibility requirements are a credit score of 730 or above, a stable income through salary or self-employment, and the age bracket between 21 to 60 years.

How is the interest rate for a ₹50,000 personal loan determined?

Interest rates for a ₹50,000 personal loan are determined based on factors such as your credit score, income stability, employment history, and the policies of the bank.

Which documents are required for a ₹50,000 personal loan application?

With FIRSTmoney, you can apply for a ₹50,000 loan only using your PAN card during the video KYC process.

Can I get loan amounts above ₹50,000 with FIRSTmoney?

Yes, FIRSTmoney offers personal loans of up to ₹10 lakh, subject to the eligibility criteria. Contact IDFC FIRST Bank for specific details on loan amounts and eligibility requirements.

How to get a ₹50,000 loan in one day?

IDFC FIRST Bank offers instant loan approvals within the same day for FIRSTmoney loans. In case you need quick funds to meet your urgent requirements, it is one of the most easily accessible personal loan options.

What is considered a good CIBIL score to apply for a ₹50,000 personal loan?

A CIBIL score of 730 and above is generally considered to be good when applying for a ₹50,000 personal loan. However, a higher score typically increases the likelihood of a loan approval and favourable interest rate.

What is the monthly interest on ₹ 50,000 personal loans?

The monthly interest on a ₹50,000 personal loan depends on the applicable interest rate and the loan tenure. You can use the online IDFC FIRST Bank EMI calculator to estimate the monthly interest component based on the chosen interest rate and loan duration.

What does foreclosure charge mean?

Foreclosure charge refers to the fee charged by a bank if you choose to repay the entire loan amount before the end of the loan tenure. This charge is typically expressed as a percentage of the outstanding loan amount and may vary among lenders. However, the FIRSTmoney smart loan gives you the flexibility to repay the amount in full before maturity without any foreclosure charges. This, in turn, helps you close your loan and eliminate financial liabilities early.

What is the interest for a 50000 Personal Loan?

The personal loan interest rate for a ₹50,000 loan at IDFC FIRST Bank starts at 10.99% per annum. The specific rate will depend on factors like your credit score, income, and the loan tenure chosen.

What is EMI of a ₹50000 Loan?

To calculate the EMI for a ₹50000 Loan, you can use a personal loan EMI calculator. 

What is the processing fee on a ₹50,000 personal loan?

At IDFC FIRST Bank, the personal loan processing fees for a ₹50,000 loan usually start from 2%, with transparent and flexible options.

More FAQs

Instant Personal Loan Fees and Charges Instant Personal Loan Fees and Charges

Fees & Charges

Enjoy pocket-friendly interest rates