If you need a 5 lakh personal loan urgently, you can opt for an instant 5 lakh loan, even without income proof or documents.
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.
Bank | Interest Rate | EMI (in ₹) |
---|---|---|
Axis Bank | 10.65% | ₹10,744 |
HDFC Bank | 10.65% | ₹10,747 |
Kotak Mahindra Bank | 10.50% | ₹10,747 |
ICICI Bank | 10.50% | ₹10,747 |
Indusind Bank | 10.5% | ₹10,747 |
IDFC First Bank | 10.75% | ₹10,809 |
Yes Bank | 10.99% | ₹10,869 |
NBFC | Interest Rate | EMI (in Rs.) |
---|---|---|
TATA Capital | 10.99% | Rs.10,869 |
Bajaj Finserv | 11% | Rs.10,871 |
Stashfin | 11.99% p.a. | Rs.11,029 |
L&T Finance | 11% p.a. onwards | Rs.11,122 |
IIFL | 12.75% onwards | Rs.11,313 |
MoneyTap | 13% p.a. onwards | Rs.11,377 |
moneyview | 1.33% p.m. | Rs.12,159 |
PaySense | 16% p.a. | Rs.12,159 |
KreditBee | 17% p.a. | Rs.12,426 |
FlexSalary | 18% p.a. onwards | Rs.12,697 |
Prefr | 18% p.a. | Rs.12,697 |
Cashe | 2.50% p.m. | Rs.16,177 |
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 Amount | Loan Tenure (Months) | Interest Rate (p.a.) | EMI (₹) | Total Amount Payable |
---|---|---|---|---|
5 lakh | 12 | 10.50% | ₹44,074 | ₹5,28,864 |
5 lakh | 24 | 10.50% | ₹23,188 | ₹5,56,464 |
5 lakh | 36 | 10.50% | ₹16,251 | ₹5,84,964 |
5 lakh | 48 | 10.50% | ₹12,804 | ₹6,14,352 |
5 lakh | 60 | 10.50% | ₹10,747 | ₹6,44,640 |
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]
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:
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.
A personal loan of 5 lakhs can offer numerous advantages, tailored to meet various financial needs and goals:
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.
To qualify for a swift personal loan of Rs. 5 Lakh from MoneyView, applicants must meet the following criteria:
Category | Minimum In-Hand Income | Area of Residence | CIBIL Credit Score Requirement |
---|---|---|---|
Salaried Individuals | Rs 13,500 | Any | CIBIL Score of 600 /Experian Score of 650 and above |
Rs 20,000 | Mumbai/Thane or the NCR region | New to Credit or CIBIL Score of 600 /Experian Score of 650 and above | |
Rs 15,000 | Metro City other than Mumbai and NCR | CIBIL Score of 600 /Experian Score of 650 and above | |
Self-Employed Individuals | Rs. 15,000 | Any | CIBIL Score of 600 /Experian Score of 650 and above |
To secure a Rs. 5 lakh loan, applicants are required to submit just three key documents:
Rate of interest | 10.50% 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 |
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
Step 3: Document Submission
Step 4: Loan Approval & Disbursal
To obtain a 5 lakh personal loan, follow these steps:
The personal loan EMI for 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.
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.
Getting a 5 lakh loan without income proof is challenging. Some lenders may consider your application if you have a strong credit history or offer a collateral. Alternatively, you might consider a joint loan with someone who has proof of income.
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.
Typically, the documents required include:
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.