5 Lakh Personal Loan

The interest rate for 5 lakh loan for 5 years vary depending on the borrower’s loan amount requirement, age, occupation, credit score and other factors.

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

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.

• The interest rates are starts from 10.49% p.a. onwards.
• The repayment tenure for 5 lakh loan is usually up to 5 years.
• The processing fee usually range up to 3.5% of the sanctioned loan amount plus applicable GST. Some lenders also offer processing fee waiver during festive offers.
• Personal loan upto 5 lakhs can be utilised for personal purposes, except for speculation.

To get a personal loan up to Rs. 5 Lakhs, you have to meet some basic 5 lakhs personal loan 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 Rs. 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 Rs. 500000 loan for self-employed individuals as well.
• Income: The minimum monthly income should be at least Rs. 15,000 to to get instant 5 lakh 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 CIBIL score of 750 or above. 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: 500000 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 personal loan upto 5 lakhs:

• KYC documents: PAN Card, passport, driving license, aadhar card, voter's ID card, or any other Government-issued photo identity document.
• Address proof: Aadhar card, driving license, voter's ID card, passport, or any other Government-issued address proof document.
• Income proof: Last 2 months’ salary slips or salary certificate issued by the current employer, Form 16, income tax returns, and bank statement of salary account for the past 6 months. Self-employed persons can produce their trade licenses, GSR registration certificate, and income tax returns along with their financial statements.
• Photograph: Every applicant has to submit 2 recent passport size photographs along with the duly filled and signed loan application form when applying for a loan of 500000 rupees.

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.

Various banks and financial institutions allow you to apply for an instant loan upto 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.

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