One of the most popular loan offerings of all the prominent banks and NBFCs is a personal loan. Personal loans can cater to your financial needs without being a massive burden as they are collateral-free and offer competitive interest rates. Availing a Rs 5 lakh personal loan is an easy pie and requires minimal documentation.
Why avail Rs 5 Lakh Personal Loan?
A personal loan is an unsecured loan offered by financial institutions to individuals for various personal purposes like funding a wedding, medical expenses, house renovation, etc. A personal Loan of rs 5 Lakhs is given on the basis of the borrower’s creditworthiness. Typically the tenure for the loan is 5 years however, the interest rate and loan tenure on which the personal loan will be provided might vary from lender to lender.
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Rs 5 Lakh Personal Loan: EMI for 5-year Loan Tenure
The EMI for 5-year loan tenure is given below:
|Loan Amount (INR)||Loan Tenure||Interest Rate||EMI (INR)|
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Rs 5 Lakhs Personal Loan: Interest Rate, Processing Fee and Loan Tenure
- The interest rate usually starts from 10.49% per annum
- Rs. 5 Lakhs Personal Loan is generally provided for a repayment tenure of 5 years
- Typically the lenders charge a processing fee of up to 4% on the loan amount
Rs 5 Lakh Personal Loan Eligibility Criteria
- The applicant must be a resident of India
- The age range of loan applicants must be between 21 Years to 67 Years.
- The loan applicant can be a self-employed or a salaried individual with a minimum of one year of work experience.
- The salaried applicants must have a minimum income of INR 15,000 per month.
- The CIBIL score of the borrower must be 750 or above to avail for a personal loan upto 5 lakh.
Check More banks Emi Calculator
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Documents Required to avail Rs 5 Lakh Personal Loan
- Duly filled application form
- Passport sized photographs
- Identity proof
- Residence proof
- Last 6 months bank statement
- Latest salary slip (for salaried individuals only)
- Salary certificated with Form-16 (for salaried individuals only)
- Latest ITR or Form-16 (for self-employed individuals only)
- Form 26 AS, Income Tax Challan (for self-employed individuals only)
Rs 5 Lakh Personal Loan: Benefits and Features
- Simple online application process
- No need to pledge collateral
- Choose your repayment term
- Minimal documentation required
- Competitive interest rates
- Transparent terms and no hidden charges
- Utilise the loan without restrictions
Steps to Apply for Rs 5 Lakh Personal Loan
- Hop on to the Bank’s website from which you want to avail the personal loan or visit the nearby branch.
- Fill in the personal loan application form
- Provide your KYC details and other required documents
- Wait for application assessment and document verification
- After verification and loan approval, Sit back and await loan disbursal.
Suggested Read: Business Loan EMI Calculator
FAQs related to 5 Lakh Personal Loan
Q.1 How much CIBIL Score is required to get a personal loan of Rs 5 Lakhs?
A CIBIL Score of 700 or above is essential to get a personal loan of Rs 5 lakhs.
Q.2 What factors affect the interest rate charged on personal loans?
The factors that affect the interest rate charged by the lenders on personal loans are:
- Credit Score
- Repayment History
- Employment Nature
Q.3 What is the EMI of Rs 5 Lakh personal loan at an interest rate of 11% for 3 years?
The EMI Rs 5 Lakh personal loan at an interest rate of 11% for 3 years is INR 16,369.
Q.4 What is the repayment tenure of the personal loan offered by banks?
The repayment tenure of the Banks on Personal loans ranges from 12 months to 60 months
Last Updated on 2 months