₹ 5 Lakhs 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. 
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. 

Apply for ₹ 5 Lakh Personal Loan Online

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.

Eligibility Criteria for Rs. 5 Lakhs Personal Loan 

To get a personal loan upto 5 Lakhs, you have to meet some basic 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 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 5 lakhs loan for unemployed or self-employed individuals as well.
  • Income – For salaried employees, the minimum monthly salary is generally Rs. 25,000. Self-employed individuals need to show an annual income of Rs. 5 lakhs to be eligible for a personal 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 minimum credit score of around 750 (CIBIL Score). 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: 5 lakhs personal loan eligibility factors, such as the age, income, and credit score requirements may vary from lender to lender.

Documents Required for 5 Lakh Loan

On meeting the eligibility criteria mentioned above, you will require the following documents to support your eligibility for a Rs. 5 lac loan:

  • KYC Documents – Your identity proof documents include any Government- issued photo identity document, including PAN Card, passport, driving license, aadhar card, voter's ID card, and so on.
  • Address Proof – The address proof could include any one of aadhar card, driving license, voter's ID card, passport, and so on.
  • Income Proof – Your last 2 months’ salary slips or salary certificate issued by your employer, Form 16, income tax returns, and bank statement of your salary account for the past 6 months constitute income proof. In addition, self-employed persons can produce their trade licenses, GSR registration certificate, and income tax returns along with their financial statements.
  • Photograph - Every applicant should submit 2 recent passport size photographs along with the application form when applying for a loan of 500000 rupees.

Top Banks For Rs. 5 Lakhs Personal Loan 

BanksInterest Rates
SBI Personal loan9.60% to 15.65%
PNB Personal Loan8.95% to 14.50%
ICICI Bank Personal Loan10.50% to 19.00%
HDFC Personal Loan10.50% to 21.00%
Kotak Personal Loan10.25%- 24%
Bajaj Finserv Personal Loan13% 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.

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.

What to Do with a Rs. 5 Lakh Personal Loan?

A Rs. 5,00,000 Personal Loan can be utilised for a variety of purposes. Some of these include:

  • Travel: If traveling across the ocean is your dream, you can apply for a personal loan. Personal loans can be used for vacation related expenses, including flight tickets, accomodation, local transportation, activities on your tour, and so on.
  • Marriage: Weddings in India can cost a lot and it is not easy for common people to arrange for such funds immediately. Personal loans can be used to bear wedding related expenses like venue booking, gifts, shopping, jewelry purchase, catering, and so on.
  • Home Improvement: Personal loans can be used for home improvement related expenses like paint, small repairs, remodeling, buying household equipment, and so on. Rs. 5 Lakh personal loan is usually sufficient to meet such needs.
  • Balance Transfer: Most banks and NBFCs offer the facility to transfer a high interest personal loan from another lender to their institutions at a lower rate of interest. These balance transfers provide a respite to borrowers by reducing interest rate or the tenure of the loan.
  • Debt Consolidation: Debt consolidation helps bring all obligations (existing loans and credit card dues) together under a single loan.
  • Medical Emergency: Personal loans are a good option to cater to  unexpected medical emergencies. It is easy to get a few lakhs for financing serious treatments to a few thousands for cosmetic procedures.

How Do I Calculate My ₹ 5 Lakh Personal Loan EMI?

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.

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 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 ranges from 9.60% and goes up to 15.65%, 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.

✅What will be the EMI for a ₹ 5 Lakh Personal Loan?

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 BankRate of InterestEMI Amount
State Bank of India9.60% to 15.65%Rs. 10,525 to Rs. 12,066
ICICI Bank10.50% to 19%Rs. 10,747 to Rs. 12,970
HDFC Bank10.50% to 21%Rs. 10,747 to Rs. 13,527
Bajaj Finserv13% onwardsRs. 11,377 onwards

✅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.