Before we understand, how you can get the INR 50,000; you should first avoid any unknown sources or apps to get such loans as it can be fraud and you may loose on what you already have as well.
Most of untrusted source of fast loan have several consequences such as high interest rate upto 36% – 50% per annum, harassment to borrower or data leakage from your device.
Recently, google has also removed around 4500 such illegal loan apps from it’s platform.
When you’re in urgent need of a loan for INR 50,000, there are several reputable sources to consider:
Friends and Family:
It may seem daunting to request financial help from loved ones due to concerns about their perceptions. However, often they are more than willing to assist if they can, just as you would be for them.
New-Age Fin-tech Apps:
Credit Cards:
If your financial need is tied to a purchase, consider applying for a credit card with a limit of INR 50,000 to INR 75,000. This approach helps prevent overspending.
Traditional Banks:
For a more structured option, personal loans from banks are available. Interest rates may vary between 14% and 18%, influenced by your credit score and other factors.
From personal experience, when I need up to INR 50,000, I first turn to friends and family, then to my credit card if feasible.
Note: Avoid cash withdrawals on credit cards due to the high transaction costs.
I trust this blog has provided you with actionable insights for securing small, urgent loans.
Until the next post, take care.