A financial emergency can strike anytime without any prior warning. For example, you might have to deal with a medical situation where you could require immediate funds to meet your financial needs. Personal loan is an ideal credit facility during these times.
If you need a short-term personal loan upto 5 lakhs urgently, you would not even require an extensive list of documents and strict criteria to be fulfilled. Personal loans are unsecured in nature and can be obtained online at affordable interest rates to meet all sorts of financial needs in a short time span.
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:
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:
|SBI Personal loan||9.60% to 15.65%|
|PNB Personal Loan||8.95% to 14.50%|
|ICICI Bank Personal Loan||10.50% to 19.00%|
|HDFC Personal Loan||10.25% to 21.00%|
|Kotak Personal Loan||10.99%- 18.75%|
|Bajaj Finserv Personal Loan||13% onwards|
The personal loan interest rates vary depending on the borrower’s loan amount requirement, age, occupation, credit score and other factors.
If you are looking for a 5 lakh loan without interest, you can take help from your friends or family members.
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: Also know about Debt Consolidation loan.
A Rs. 5,00,000 Personal Loan can be utilised for a variety of purposes. Some of these include:
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 amortisation schedule in no time.
|Banks||Interest Rates||5 Lakh Loan EMI for 5 Years||5 Lakh Loan EMI for 10 Years|
|SBI Personal loan||9.60% to 15.65%||₹ 10,525||₹ 6,497|
|PNB Personal Loan||8.95% to 14.50%||₹ 10,367||₹ 6,320|
|ICICI Bank Personal Loan||10.50% to 19.00%||₹ 10,747||₹ 6,747|
|HDFC Personal Loan||10.50% to 21.00%||₹ 10,747||₹ 6,747|
|Kotak Personal Loan||10.25%- 24%||₹ 10,685||₹ 6,677|
|Bajaj Finserv Personal Loan||13% onwards||₹ 11,377||₹ 7,466|
The state-owned banks are the best for availing personal loans of ₹ 5 lakhs because of the low-interest rates. However, the loan procedure can appear tedious at times because it could take longer for approval. The private sector banks fare better in this regard because the loan approval procedure is faster. Private institutions like Tata Capital and Bajaj Finserv have comparatively higher interest rates. The ideal banks for a personal loan are SBI, PNB, ICICI Bank, HDFC Bank, and so on.
The best way to get 5 lakhs immediately is to apply for a 5 lakh loan online. You should keep your documents ready for uploading. Access our website and follow the application procedure. On approval, your loan gets credited to your bank account immediately.
If you are wondering how to get 5 lakhs immediately with the lowest interest rate, let us tell you that the interest rate on a 5 lakh loan can vary from one borrower to another, depending on their employment, income, and credit rating. While you cannot do much about your employment, you can enhance your income by including your other sources of income like rent, bank interest, spouse's income, and so on. In addition, you can close your existing loans to increase your net take-home pay. The ideal way to get the lowest interest rate on a ₹ 5 lakh personal loan is to maintain an excellent credit rating. You can achieve it by maintaining an excellent repayment record.
No, generally you cannot apply for a Rs. 5 lakh loan without any income proof. This is because banks seek income proof to ensure that you have the repayment capacity.
The interest rate for SBI Rs. 5 lakh loan ranges from 9.60% and goes up to 15.65%, depending on your employment, income, and credit rating.
The factors that affect the ₹ 5 lakh personal loan EMI are the loan amount, interest rate, and repayment tenure. The higher the interest rate, the bigger the EMI. Similarly, the more extended the tenure, the lower is the EMI.
The EMI for a ₹ 5 lakh personal loan depends on the interest rate and the tenure. Therefore, we shall assume the loan repayment tenure as 60 months and calculate the EMI for a 5 lakh loan of a couple of our partner banks.
|Name of Bank||Rate of Interest||EMI Amount|
|State Bank of India||9.60% to 15.65%||Rs. 10,525 to Rs. 12,066|
|ICICI Bank||10.50% to 19%||Rs. 10,747 to Rs. 12,970|
|HDFC Bank||10.50% to 21%||Rs. 10,747 to Rs. 13,527|
|Bajaj Finserv||13% onwards||Rs. 11,377 onwards|
No, you cannot apply for a Rs. 5 lakh loan without documents. All applicants must submit the appropriate documents to prove their identity, residential address, and income-generating capacity. In addition, the banks require documents to determine your repaying capacity.