Enter Your OTP
Need to take care of some unforeseen expenses immediately? Want to go on that vacation that has been on your mind for long? Or are you just thinking about getting some renovations done around the house? A personal loan of ₹5 Lakhs can come to your rescue. If you meet the simple eligibility criteria that has been laid out and follow a handful of simple steps, you can avail a ₹5 Lakh personal loan instantly and use it as you like.
Interest Rates for ₹5 Lakh Personal Loan
|
Our Partners
|
Minimum Interest Rate
|
Maximum Loan Amount
|
Maximum Loan Tenure
|
|
|---|---|---|---|---|
.png)
Bajaj Finance Limited |
11% p.a. |
₹35 Lakhs |
72 months |
|
Federal Bank |
11% p.a. |
₹5 Lakhs |
48 months |
|
Fibe |
14% p.a. |
₹5 Lakhs |
36 months |
|
Finnable |
15.95% p.a. |
₹10 Lakhs |
60 months |
|
IIFL Finance |
18% p.a. |
₹5 Lakhs |
42 months |
|
InCred |
16% p.a. |
₹10 Lakhs |
60 months |
|
Kotak Mahindra Bank |
10.99% p.a. |
₹40 Lakhs |
72 months |
|
KreditBee |
15% p.a. |
₹5 Lakhs |
24 months |
|
L&T Finance |
12% p.a. |
₹7 Lakhs |
48 months |
|
moneyview |
1.33% p.m. |
₹10 Lakhs |
60 months |
|
Muthoot Finance |
14.50% p.a. |
₹15 Lakhs |
60 months |
|
PaySense Partners |
15% p.a. |
₹5 Lakhs |
60 months |
|
Privo |
9.99% p.a. |
₹5 Lakhs |
60 months |
|
SMFG India Credit |
12% p.a. |
₹25 Lakhs |
60 months |
|
Upwards |
1.5% p.m. |
₹5 Lakhs |
36 months |
|
YES BANK |
10.99% p.a. |
₹50 Lakhs |
72 months |
|
The documents that you will need to acquire a ₹5 Lakh personal loan are as follows:
Proof of Identity |
Aadhaar card/PAN card, driving licence, passport, voter’s ID |
Residence Proof |
Aadhaar card, voter’s ID, passport, electricity bill, driving licence, telephone bill |
Proof of Income: |
Bank statement going back 3 months |
Photographs: |
2 passport-size photographs |
You can apply for a personal loan of ₹5 Lakh through Bajaj Markets by following the below-mentioned steps:
Step 1: First, help yourself to the ‘Apply Now’ section on the personal loan page and fill in your basic details in addition to your contact number on the following page.
Step 2: Choose your loan amount from the lending partner of your choice. Note that the maximum amount you can avail will depend on your eligibility.
- Step 3: After that, you must share all the required documents in addition to the application form for the purpose of verification.
Once your loan application has been approved and your documents have been verified, your personal loan amount will be credited to your bank account.
Also Check Other Instant Personal Loan Options |
|
FAQs on ₹5 Lakh Personal Loan
Can I Get a ₹5 Lakh Loan Without Income Proof?
If you fulfil the eligibility criteria, you can avail an instant loan of ₹5 Lakhs in just a few minutes without providing proof of income. However, in such a case, you will have to provide collateral or apply jointly with a co-applicant who can provide income proof. Among the criteria for availing a ₹5 Lakh loan, it is important that you must be between 21 and 60 years of age.
Also, if you cannot submit your income proof, you can still improve your chances of availing a loan by providing details of alternate income like interest income, parental or spousal income, or income generated from rent. A good CIBIL score, preferably 750 or above, will also strengthen your application for a loan without providing income proof.
What Will be the EMI for ₹5 Lakh Personal Loan?
You are at liberty to decide on a ₹5 Lakh personal loan EMI by making careful calculations about how much you can regularly pay without a miss. Most banks and NBFCs offer a repayment tenure of up to 5 years. The EMI on a personal loan of ₹5 Lakh will depend on several factors, including the repayment tenure you select and the interest rate at which you avail the loan.
To understand this better, if you avail a ₹5 Lakh loan at a 14% interest rate, here is a table of EMIs that you will have to pay for different repayment tenures.
Repayment tenure |
Interest Rate |
EMI |
2 Years |
14% |
₹24,006 |
3 Years |
14% |
₹17,089 |
4 Years |
14% |
₹13,663 |
5 Years |
14% |
₹11,634 |
You can calculate the EMI on a personal loan of ₹5 Lakh for different repayment tenures and interest rates by using EMI calculators. The EMI calculator available on Bajaj Markets is easy to use and will help you in making an informed decision.
How can I get a ₹5 Lakh instant personal loan?
You can get a ₹5 Lakh instant personal loan through Bajaj Markets by simply following a handful of steps. All you will need to do is fill in your basic details, check your eligibility, select a lending partner of your choice, fill up the application form, submit the required documents and agree to the repayment terms and conditions. If your loan application is approved, the lender will credit your money into your account within 24 hours.
What is the EMI on a ₹5 Lakh instant personal loan?
The EMI amount you will pay towards your ₹5 Lakhs personal loan will depend on your repayment tenor length as well as your interest rate. Note that you can repay the same over ₹5 years.
What is the interest rate levied on a ₹5 Lakh personal loan?
The interest rate your ₹5 Lakh personal loan will attract will depend on your loan repayment capability, your repayment tenor and your monthly income and your nature of employment. From Bajaj Markets, you can get a personal loan of ₹5 Lakhs at an interest rate starting from just 10.49% per annum.
What is the eligibility criteria for a ₹5 Lakh personal loan?
To be eligible for a ₹5 Lakh personal loan, you must be an Indian salaried or a self-employed national who is above 21 years of age and earns a minimum of ₹25,000 a month. Additionally, you must have at least 3 years of work experience and have a CIBIL score of 750 or above.
Can I get a ₹5 Lakh personal loan without any collateral?
Yes, you can get a ₹5 Lakh personal loan without any collateral. If you want more money than that, you can always apply for a Loan Against Property through Bajaj Markets.
Which is the best bank for a personal loan of ₹5 Lakh?
Axis Bank is one of the best banks to get a personal loan of ₹5 Lakhs due to their best in class services and the fact that their personal loans attract interest rates starting at just 10.49% per annum. You can apply for a ₹5 Lakh personal loan through Bajaj Markets itself.
What will happen if I default on a ₹5 Lakh personal loan?
If you default on a ₹5 Lakh personal loan, it will be recorded in your CIBIL report and your CIBIL score will take a major hit, which will cause other lenders to simply reject your loan. Additionally, you can even face legal charges from the lender in the event of a default.
