Personal Loan of ₹55,000

Get a personal loan of ₹55,000 on Bajaj Markets to meet your financial needs quickly, with interest rates starting from 10% p.a. The loan amount can be used for various purposes, such as medical emergencies, travel, weddings, your child's education, debt repayment, and more.

Your Personal Loan EMI

₹ 1,168

Total Interest Amount

₹ 15,099

Principal Amount

₹ 55,000

Total Payable Amount

₹ 70,099

Loan Amount

Interest Rate

- +

Tenure

- +

Instant Approval

You can also make instant comparisons between loan offers from over 20 personal loan providers on Bajaj Markets.

Lenders Offering Personal Loans of ₹55,000 on Bajaj Markets

Lenders such as Bajaj Finance Limited, Kotak Mahindra Bank, Fibe, and others offer personal loans of ₹55,000 on this platform. Compare personal loan interest rates and other details to identify the best option for you:

Lender	Max. Tenure	Min. Interest Rate
Bajaj Finance Limited	96 months	10% p.a.
Kotak Mahindra Bank	72 months	10.99% p.a.
Federal Bank	48 months	11% p.a.
L&T Finance	48 months	12% p.a.
SMFG India Credit	60 months	12% p.a.
Kissht	24 months	14% p.a.
Fibe	36 months	14% p.a.
KreditBee	24 months	14% p.a.
Muthoot Finance	60 months	14.50% p.a.
PaySense Partners	60 months	15% p.a.
Finnable	60 months	15.95% p.a.
InCred	60 months	16% p.a.
Moneyview	60 months	16% p.a.
Upwards	36 months	18% p.a.
MoneyTap	36 months	18% p.a.
Olyv	12 months	18% p.a.
Zype	12 months	18% p.a.
CASHe (Bhanix Finance)	18 months	2.79% p.m.

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

EMI for a Personal Loan of ₹55,000 Over Varying Tenures

If you take a personal loan of ₹55,000 at a 10% annual interest rate, your repayment details will vary depending on the repayment period you select. Here is an overview:

Tenure	EMI Amount	Total Interest Payable	Total Repayment Cost
1 Year (12 Months)	₹4,835	₹3,024	₹58,024
3 Years (36 Months)	₹1,775	₹8,889	₹63,889
5 Years (60 Months)	₹1,169	₹15,115	₹70,115
8 Years (96 Months)	₹835	₹25,120	₹80,120

Disclaimer: These are approximate values and are meant for illustration only. For actual EMI values, reach out to the lender.

Fees and Charges for a Personal Loan of ₹55,000 Available on Bajaj Markets

Additional charges may apply when taking an instant personal loan. Here are the details:

Fees and Charges	Details
Processing Fees	Up to 12% of the loan amount
Foreclosure Charges	Up to 6% of the loan amount
Part-payment Charges	Up to 20% of the loan amount

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

How to Calculate Your Personal Loan EMI

You can calculate your Personal Loan EMI using this formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

P = Loan amount
R = Monthly interest rate (Annual interest rate/12/100)
N = Loan tenure in months

For example, borrowing ₹55,000 from Bajaj Markets at a 10% annual interest rate for 60 months will result in an EMI of ₹1,169. The total interest paid will amount to ₹15,115, making the total repayment ₹70,115.

Amortisation Table for a Personal Loan of ₹55,000

Suppose you take a loan of ₹55,000 at an interest rate of 10% with a tenure of 6 months. Below is the amortisation breakdown:

Month	Payable Amount	Principal	Interest	Balance
Month 1	₹9,436	₹8,978	₹458	₹46,022
Month 2	₹9,436	₹9,052	₹384	₹36,970
Month 3	₹9,436	₹9,128	₹308	₹27,842
Month 4	₹9,436	₹9,204	₹232	₹18,638
Month 5	₹9,436	₹9,281	₹155	₹9,358
Month 6	₹9,436	₹9,358	₹78	₹0

Disclaimer: These are approximate values and are meant for illustration only. For actual EMI values, reach out to the lender.

Impact of Pre and Post-Personal Loan Approval on CIBIL Score

Personal loans can affect your CIBIL score and financial profile in various ways. Here is how:

Pre-approval Impact

When you apply, the lender reviews your credit report. This is known as a hard inquiry and may slightly reduce your CIBIL score for a short period.

Post-repayment Impact

Timely payment of your EMIs can improve your credit score. It demonstrates to lenders that you manage your finances responsibly, making it easier to obtain loans in the future.

Uses of a Personal Loan of ₹55,000

A personal loan of up to ₹55,000 can help you manage various expenses, whether they arise unexpectedly or as part of your plans. Here is how you can use it:

Medical Emergencies

Sudden health issues can be overwhelming, and medical treatments can be expensive. A personal loan provides the funds needed for the necessary care without immediate financial concerns.

Wedding Expenses

Weddings can incur significant costs, from venue bookings and decorations to outfits and catering. A personal loan can assist in managing these expenses, reducing pressure on your savings.

Travel Plans

Whether it is a long-awaited vacation or an urgent trip, travel costs can quickly accumulate. A loan can cover flights, accommodation, and other related expenses, allowing you to enjoy the trip without financial stress.

Home Renovation or Moving Out

Renovating your home, purchasing new furniture, or relocating to a new city can be expensive. A personal loan can provide the necessary funds, making the process more convenient and manageable.

Other Instant Personal Loan Options

1,000 Personal Loan	2,000 Personal Loan	3,000 Personal Loan	5,000 Personal Loan
10,000 Personal Loan	15,000 Personal Loan	20,000 Personal Loan	25,000 Personal Loan
30,000 Personal Loan	40,000 Personal Loan	45,000 Personal Loan	50,000 Personal Loan
60,000 Personal Loan	65,000 Personal Loan	70,000 Personal Loan	75,000 Personal Loan
80,000 Personal Loan	85,000 Personal Loan	90,000 Personal Loan	95,000 Personal Loan
1 Lakh Personal Loan	2 Lakh Personal Loan	3 Lakh Personal Loan	4 Lakh Personal Loan
5 Lakh Personal Loan	6 Lakh Personal Loan	7 Lakh Personal Loan	8 Lakh Personal Loan
9 Lakh Personal Loan	10 Lakh Personal Loan	15 Lakh Personal Loan	20 Lakh Personal Loan
25 Lakh Personal Loan	30 Lakh Personal Loan	50 Lakh Personal Loan

Frequently Asked Questions

How can I apply for a personal loan of ₹55,000?

To apply for a personal loan on Bajaj Markets, you need to open the personal loan page and then follow these steps:

Click on ‘CHECK OFFER’
Fill in your personal details
Select a lender from the available options
Choose your loan amount and repayment period
Review your details and submit the application
A representative will contact you for the next steps

Can I secure a loan of ₹55,000 without providing any collateral?

Yes, you can obtain an instant personal loan without the need for collateral. These loans are typically unsecured, meaning you are not required to pledge any assets.

Can I get a loan of ₹55,000 from Bajaj Markets?

Bajaj Markets is partnered with multiple lenders that provide personal loans without requiring collateral. Ensure that you meet the eligibility criteria, such as income, credit score, and employment status, before applying.

Can I use the amount I borrow with a personal loan to fund my higher education?

Personal loans come with no restrictions on usage. You can utilise the loan amount for any financial need, including paying tuition fees and other educational expenses.

What is the minimum and maximum tenure for a loan of ₹55,000?

A ₹55,000 loan offers flexible repayment options on Bajaj Markets. The tenure can range from a few months to up to 96 months (8 years), depending on your lender and eligibility. You can select a tenure that aligns with your financial situation and repayment capacity.

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Personal Loan of ₹55,000

Lenders Offering Personal Loans of ₹55,000 on Bajaj Markets

EMI for a Personal Loan of ₹55,000 Over Varying Tenures

Fees and Charges for a Personal Loan of ₹55,000 Available on Bajaj Markets

How to Calculate Your Personal Loan EMI

Amortisation Table for a Personal Loan of ₹55,000

Impact of Pre and Post-Personal Loan Approval on CIBIL Score

Uses of a Personal Loan of ₹55,000

Other Instant Personal Loan Options

Frequently Asked Questions

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