5 Lakh Personal Loan

Short-term personal loan up to Rs. 5 Lakhs are offered by almost every lender in India. The interest rate for Rs. 5 Lakh personal loan starts from as low as 10.50% p.a. If you have an existing relationship with the lender, you might also be eligible for a pre-approved personal loan offer with instant disbursal. Calculate your monthly EMI using a 5 lakh loan EMI calculator to fit your budget. If you need a 5 lakh personal loan urgently, you can opt for an instant 5 lakh loan, even without income proof or documents.


Rs. 5 Lakh Personal Loan Interest Rates of Top Banks

BankInterest Rate
Axis Bank10.99%
HDFC Bank10.75%
Kotak Mahindra Bank10.99%
ICICI Bank10.80%
Indusind Bank10.49%
IDFC First Bank10.75%
Yes Bank10.99%

Rs. 5 Lakh Personal Loan Interest Rates of NBFCs

NBFCInterest Rate
TATA Capital11.75%
Bajaj Finserv11%
Stashfin11.99% p.a.
L&T Finance11%-20% p.a. onwards
IIFL12.75% onwards
MoneyTap13% p.a. onwards
moneyview1.33% p.m.
PaySense16% p.a.
KreditBee17% p.a.
FlexSalary18% p.a. onwards
Prefr18% p.a.
Cashe2.50% p.m.

Rs. 5 Lakh Personal Loan EMI for 1-5 Years

This table shows the monthly EMI for a Rs 5 lakh personal loan at a 10.50% interest rate, across different loan tenures ranging from 1 to 5 years.

Here's the EMI information for a personal loan of Rs 5 lakh for a loan tenure of 1 to 5 years presented in a tabular format:

Loan AmountLoan Tenure (Months)Interest Rate (p.a.)EMI (₹)Total Amount Payable
5 lakh1210.50%₹44,074₹5,28,864
5 lakh2410.50%₹23,188₹5,56,464
5 lakh3610.50%₹16,251₹5,84,964
5 lakh4810.50%₹12,804₹6,14,352
5 lakh6010.50%₹10,747₹6,44,640

5 Lakh Personal Loan EMI Calculation

Calculating the 5 lakh personal loan EMI involves a specific formula. The EMI depends on three main factors: the loan amount (principal), the interest rate, and the tenure of the loan.

Here's a breakdown of how EMI is calculated, using the formula:

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

  • P is the principal amount (the loan amount), which is Rs 5,00,000 in this case.
  • N is the tenure of the loan in months. For instance, a 5-year tenure would be 60 months.
  • R is the monthly interest rate. If the annual interest rate is 10.50%, then the monthly interest rate is 10.50%/12

For example, if you take a 5 lakh loan at a 10.50% annual interest rate for different tenures, the EMI would be calculated as follows:

  • For a 1-year tenure (12 months):
  • EMI = Rs 44,074 (approximately)
  • For a 2-year tenure (24 months):
  • EMI = Rs 23,188 (approximately)
  • For a 3-year tenure (36 months):
  • EMI = Rs 16,251 (approximately)
  • For a 4-year tenure (48 months):
  • EMI = Rs 12,802(approximately)
  • For a 5-year tenure (60 months):
  • EMI = Rs 10,747 (approximately)

This calculation gives you an estimate of your monthly outgo towards the loan repayment, which is crucial for financial planning and ensuring that the loan is affordable based on your monthly income and expenses.

How can a Personal Loan of 5 lakhs benefit you?

A personal loan of 5 lakhs can offer numerous advantages, tailored to meet various financial needs and goals:

  • Emergency Fund: It acts as a safety net during emergencies, providing immediate financial assistance for unforeseen circumstances like medical emergencies, urgent home repairs, or other unexpected expenses.
  • Debt Consolidation: This loan can be instrumental in consolidating multiple debts into one. By paying off high-interest debts, you streamline your finances into a single, more manageable, and often lower-interest payment.
  • Education & Skill Development: Investing in education or skill enhancement courses is made easier. This can lead to better job opportunities and potentially higher income, making it a sound investment in your future.
  • Home Renovation & Upgrades: Whether it’s renovating your home or upgrading to better appliances, a personal loan can provide the necessary funds without straining your savings.
  • Wedding Expenses: A 5 lakh loan can help cover the costs of a wedding, allowing you to celebrate your special day without financial stress.
  • Business Investments: For budding entrepreneurs, this loan can serve as seed money for starting or expanding a small business.
  • No Collateral Required: As an unsecured loan, it doesn’t require any assets as collateral, making it accessible even to those who don’t own assets like property or vehicles.
  • Flexibility & Control: You have the discretion to use the loan as per your needs, without any restriction on its end-use, offering flexibility and control over your financial planning.

So, a personal loan of 5 lakhs is a versatile financial tool, enabling you to handle emergencies, consolidate debt, invest in personal growth, and finance significant life events or purchases.

Eligibility Criteria for a Rs. 5 Lakh Personal Loan

To qualify for a swift personal loan of Rs. 5 Lakh from MoneyView, applicants must meet the following criteria:

  • Age Requirements: Applicants should be aged between 21 and 57 years.
  • Income Threshold: A minimum monthly income of Rs. 13,500 is required. This income must be regularly credited directly into the applicant's bank account.
  • Credit Score Parameters: A minimum credit score is essential for eligibility, with a requisite CIBIL score of 600 or an Experian score of 650.
CategoryMinimum In-Hand IncomeArea of ResidenceCIBIL Credit Score Requirement


Salaried Individuals

Rs 13,500AnyCIBIL Score of 600 /Experian Score of 650 and above
Rs 20,000Mumbai/Thane or the NCR regionNew to Credit or CIBIL Score of 600 /Experian Score of 650 and above
Rs 15,000Metro City other than Mumbai and NCRCIBIL Score of 600 /Experian Score of 650 and above
Self-Employed IndividualsRs. 15,000AnyCIBIL Score of 600 /Experian Score of 650 and above

Documents Required for a 5 Lakh Personal Loan

To secure a Rs. 5 lakh loan, applicants are required to submit just three key documents:

ID Proof:

  • A government-issued original identity document displaying the date of birth.
  • Preferred document: PAN Card.
  • Alternatives (if PAN card is unavailable): Valid Voter ID, Aadhaar Card, or Driver’s License.

Address Proof:

  • An original document issued by the Government of India confirming the current residential address.
  • Acceptable documents include an Aadhaar card, utility bills (electricity, telephone, etc.), Ration Card, Voter ID, or Bank Statement.
  • Note: Utility bills and bank statements should be recent, and issued within the past 60 days.

Income Proof for 5 Lakh Personal Loan:

  • Documents Required for Salaried Individuals
    • Salary slips from the last three months, showing key details like employer name.
  • Documents Required for self-employed individuals
    • Bank statements in PDF format for the past three months, evidencing salary credits.
    • These documents are essential to process your loan application efficiently and verify your identity, address, and income.

Fees & Charges for Rs. 5 Lakh Personal Loan

Rate of interest10.50% p.a. onwards
Processing feesUp to 2.5% of the loan amount + GST
Interest rate on overdue EMIs2% per month on the overdue EMI/Principal loan amount
Cheque bounce chargesRs. 500 per instance

How to Apply for a ₹ 5 Lakh Personal Loan?

Securing a Rs. 5 lakh personal loan through MyMoneyMantra is streamlined and user-friendly. Simply follow these steps:

Step 1: Click on Apply Now button on this page

Step 2: Complete the Application Form

  • Fill out the online application form, providing accurate personal, professional, and financial details.
  • Ensure all information is complete and accurate to facilitate a smooth approval process.

Step 3: Document Submission

  • After your initial pre-assessment and eligibility confirmation by MyMoneyMantra, you'll be prompted to upload the necessary documents.
  • This step is completely digital, allowing you to upload documents conveniently online.

Step 4: Loan Approval & Disbursal

  • Once MyMoneyMantra receives and reviews your application, a representative will contact you to discuss further details.
  • This discussion will cover important aspects like securing the best interest rates, choosing a comfortable repayment tenure, and setting up easy installment plans.
  • Upon approval, the loan amount will be disbursed as per the agreed terms.

5 Lakhs Personal Loan FAQs

How to get 5 lakh personal loan?


To obtain a 5 lakh personal loan, follow these steps:

  • Choose a lender (banks, NBFCs, online lenders).
  • Check eligibility criteria (age, income, credit score).
  • Apply online or in person by filling out the application form.
  • Submit required documents (ID proof, address proof, income proof).
  • Await approval, which may involve a credit check and verification process.
  • Once approved, the loan amount will be disbursed to your account

What is the EMI for Rs. 5 lakh personal loan?


The personal loan EMI for Rs. 5 lakhs depend on the interest rate and loan tenure. For example, at a 10.49% interest rate, the EMI for 1 year would be approximately Rs 44,072, and 5 lakh personal loan EMI for 5 years would be around Rs 10,744.

How much salary is required for 5 lac personal loan?


The salary requirement varies by lender but generally, a minimum monthly income of Rs 15,000 to Rs 25,000 is expected for a 5 lakh loan. However, this can differ based on your credit score and the lender’s policy.

How to get 5 lakh personal loan without income proof?


If you don't have income proof, Prefr & L&T Finance may be able to offer you a 5 lakh personal loan.

Is it possible to take out a personal loan for 5 lakh without documents?


It is generally not possible to secure a 5 lakh loan without documents, as lenders require proof of identity, income, and residence to assess your creditworthiness. However, if you have a pre-approved offer from your bank, the documentation process might be simpler.

What documents are required for a 5 personal lakh loan?


Typically, the documents required include:

  • Identity proof (PAN card, Aadhaar card, passport, driver’s license).
  • Address proof (utility bills, Aadhaar card, voter ID).
  • Income proof (salary slips for salaried individuals, bank statements for self-employed).
  • Credit score report.

How to get 5 personal lakh loan without interest?


It's highly unlikely to get a personal loan without any interest, as interest is how lenders make a profit. However, you might look for special offers or schemes, like interest-free loans from employers or government subsidy schemes, although these are rare and come with specific conditions.