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. 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 10.49% 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.
Banks | Interest Rates |
Yes Bank | 10.99% |
IndusInd Bank | 10.5% |
Axis Bank | 10.49% |
ICICI Bank Personal Loan | 10.50% |
HDFC Personal Loan | 10.75% - 25% |
IDFC First Bank | 10.49% |
Kotak Personal Loan | 10.50% till 24th Oct |
Bajaj Finserv Personal Loan | 13.25% |
Tata | 10.99% |
Banks | Interest Rates |
Finnable | 16.99% p.a. onwards |
InCred | 13.99% - 42% p.a. |
Faircent | 14.1% p.a. onwards |
Aditya Birla Capital | 13% - 28% p.a. |
KreditBee | 1.02% - 2.49% p.m. |
L&T Finance | 12% p.a. onwards |
MoneyView | 1.33% p.m. onwards |
IIFL Finance | 12.75% - 44% p.a. |
Prefr | 18% - 36% p.a. |
CASHe | 2.50% p.m. onwards |
Fibe | Rs. 9 per day onwards |
FlexSalary | 18% - 54% p.a. |
PaySense | 16% - 36% p.a. |
MoneyTap | 13% p.a. onwards |
Stashfin | 11.99% - 59.99% p.a. |
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.
Interest Rates | Loan Amount | Tenure | EMI |
10.49% | Rs. 5 Lakhs | 1 Year | ₹ 44,072 |
10.49% | Rs. 5 Lakhs | 2 Years | ₹ 23,186 |
10.49% | Rs. 5 Lakhs | 3 Years | ₹16,249 |
10.49% | Rs. 5 Lakhs | 4 Years | ₹12,799 |
10.49% | Rs. 5 Lakhs | 5 Years | ₹ 10,744 |
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.
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:
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:
Rate of interest | 9.9% p.a. onwards |
Processing fees | Up to 2.5% of the loan amount + GST |
Interest rate on overdue EMIs | 2% per month on the overdue EMI/Principal loan amount |
Cheque bounce charges | Rs. 500 per instance |
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.
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 Best 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 starts from 11.05%. The interest rate may vary 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.
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. Therefore, it is impossible to get a 5 lakh loan without income proof.
Tip: Check Free Credit Score before applying for a loan
No. Most lenders offer up to 5 year personal loan tenure, so you cannot get 5 lakh loan for 10 years.