5 Lakh Personal Loan

Various banks and financial institutions allow you to apply for the 5 lakh loan for 5 years tenure online as well as offline. While the offline procedure requires you to visit the branch or apply through the DSAs, the online procedure is simple. All you need to do is access our website and follow the instructions to understand how to get 5 lakhs immediately. 
The first step towards getting your ₹ 5 lakh loan is understanding your 5 lakhs personal loan eligibility.

Additional reading: Check Best Loan Apps for Students in India.

To get a personal loan upto 5 Lakhs, you have to meet some basic eligibility criteria as mentioned below: 

• Age – Any individual aged above 21 years and below 65 years can apply for a personal loan of up to 5 lakhs.
• Occupation – Most lenders offer personal loans to salaried individuals only as their income is more stable. However, you can still find some banks and financial institutions that offer 5 lakhs loan for unemployed or self-employed individuals as well.
• Income – For salaried employees, the minimum monthly salary is generally Rs. 25,000. Self-employed individuals need to show an annual income of Rs. 5 lakhs to be eligible for a personal loan.
• Credit Score – The credit rating or credit score determines your loan repayment eligibility and helps banks decide on your personal loan. Generally, banks look for a minimum credit score of around 750 (CIBIL Score). However, some banks allow personal loans to persons having a credit score of 700 and above. The higher your credit rating, the brighter are your chances of loan approval.

NOTE: 5 lakhs personal loan eligibility factors, such as the age, income, and credit score requirements may vary from lender to lender.

On meeting the eligibility criteria mentioned above, you will require the following documents to support your eligibility for a Rs. 5 lac loan:

• KYC Documents – Your identity proof documents include any Government- issued photo identity document, including PAN Card, passport, driving license, aadhar card, voter's ID card, and so on. ^{{Link aadhar to mobile number}}
• Address Proof – The address proof could include any one of aadhar card, driving license, voter's ID card, passport, and so on.
• Income Proof – Your last 2 months’ salary slips or salary certificate issued by your employer, Form 16, income tax returns, and bank statement of your salary account for the past 6 months constitute income proof. In addition, self-employed persons can produce their trade licenses, GSR registration certificate, and income tax returns along with their financial statements.
• Photograph - Every applicant should submit 2 recent passport size photographs along with the application form when applying for a loan of 500000 rupees.

Additional Info: Check Prefr Personal Loan in detail & apply.

The personal loan interest rates vary depending on the borrower’s loan amount requirement, age, occupation, credit score and other factors.

Below is the list of some popular short term personal loan providers that offer instant personal loan up to Rs. 5 Lakhs without any income proof:

If you need 5 lakhs loan urgently, you can follow the procedure described below. 

Step 1 – Access the website of the personal loan provider or any financial marketplace and enter the required details like your name, phone number, email address, income, loan amount, and so on.

Step 2 – Submit the required documents, such as KYC documents, income documents, etc.

Step 3 – Wait for the decision of the loan provider. The bank checks your documents and determines your credit score based on the information provided.

Step 4 – On approval, get the Rs. 500000 loan credited to your bank account.

Additional Info: Check Personal Loan in Bangalore & apply.

A Rs. 5,00,000 Personal Loan can be utilised for a variety of purposes. Some of these include:

• Travel: If traveling across the ocean is your dream, you can apply for a personal loan. Personal loans can be used for vacation related expenses, including flight tickets, accomodation, local transportation, activities on your tour, and so on.
• Marriage: Weddings in India can cost a lot and it is not easy for common people to arrange for such funds immediately. Personal loans can be used to bear wedding related expenses like venue booking, gifts, shopping, jewelry purchase, catering, and so on.
• Home Improvement: Personal loans can be used for home improvement related expenses like paint, small repairs, remodeling, buying household equipment, and so on. Rs. 5 Lakh personal loan is usually sufficient to meet such needs.
• Balance Transfer: Most banks and NBFCs offer the facility to transfer a high interest personal loan from another lender to their institutions at a lower rate of interest. These balance transfers provide a respite to borrowers by reducing interest rate or the tenure of the loan.
• Debt Consolidation: Debt consolidation helps bring all obligations (existing loans and credit card dues) together under a single loan.
• Medical Emergency: Personal loans are a good option to cater to  unexpected medical emergencies. It is easy to get a few lakhs for financing serious treatments to a few thousands for cosmetic procedures.

Calculating your 5 lakh personal loan EMI is easy with an online Personal Loan EMI Calculator. Here’s how to use it: 

Step 1 – Open the Personal Loan EMI Calculator available online. 

Step 2 – Enter the requirement loan amount.

Step 3 – Enter the rate of interest as applicable.

Step 4 – Provide information about the required loan tenure.

You get your personal loan EMI and the amortization schedule in no time.

5 Lakh Personal Loan EMI for 5 Years