5 Lakh Personal Loan

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.


Rs. 5 Lakh Personal Loan Interest Rates of Top Bank

BanksInterest Rates
Yes Bank10.99%
IndusInd Bank10.5%
Axis Bank10.49%
ICICI Bank Personal Loan10.50%
HDFC Personal Loan10.75% - 25%
IDFC First Bank10.49%
Kotak Personal Loan10.50% till 24th Oct
Bajaj Finserv Personal Loan13.25%

Rs. 5 Lakh Personal Loan Interest Rates of NBFC

BanksInterest Rates
Finnable16.99% p.a. onwards
InCred13.99% - 42% p.a.
Faircent14.1% p.a. onwards
Aditya Birla Capital13% - 28% p.a.
KreditBee1.02% - 2.49% p.m.
L&T Finance12% p.a. onwards
MoneyView1.33% p.m. onwards
IIFL Finance12.75% - 44% p.a.
Prefr18% - 36% p.a.
CASHe2.50% p.m. onwards
FibeRs. 9 per day onwards
FlexSalary18% - 54% p.a.
PaySense16% - 36% p.a.
MoneyTap13% p.a. onwards
Stashfin11.99% - 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.

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

Interest RatesLoan AmountTenureEMI
10.49%Rs. 5 Lakhs1 Year₹ 44,072
10.49%Rs. 5 Lakhs2 Years₹ 23,186
10.49%Rs. 5 Lakhs3 Years₹16,249
10.49%Rs. 5 Lakhs4 Years₹12,799
10.49%Rs. 5 Lakhs5 Years₹ 10,744

₹ 5 Lakh Personal Loan EMI Calculation

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.

Key Features of ₹ 5 Lakh Personal Loan

  • 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.

Eligibility Criteria for Personal Loan of Rs. 5 Lakhs

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.

Documents Required for Personal Loan of Rs. 5 Lakhs

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.

Fees & Charges for ₹ 5 Lakh Personal Loan

Rate of interest9.9% 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?

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.

5 Lakhs Personal Loan FAQs

✅Which bank is best for a Personal Loan of ₹ 5 Lakh?


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.

✅I need 5 lakhs urgently, how to get it?


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.

✅Can I get lowest interest rate on a ₹ 5 Lakh Personal Loan?


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.

✅How to get 5 lakh loan without income proof?


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.

✅What is the interest rate for SBI ₹ 5 Lakh Loan?


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

✅What are the factors that can affect ₹ 5 Lakh Personal Loan EMI?


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.

✅Can I avail 5 lakh loan without documents?


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

✅Can I get Rs. 5 Lakh personal loan for 10 year?


No. Most lenders offer up to 5 year personal loan tenure, so you cannot get 5 lakh loan for 10 years.