✓Minimal Documentation ✓Collateral Free Loans ✓Instant Loan Disbursal | Apply for Personal Loan Now! Apply Now

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.  

 

A personal loan of ₹5 Lakhs is offered by various banks and NBFCs like Bajaj Finance, Axis Bank, PaySense, Muthoot Finance, Fullerton India and Yes Bank. 

Why Do You Need a ₹5 Lakh Loan?

With rising inflation and burdensome cost of living, there is always a real need for some extra money to meet your personal expenses. Be it a wedding, some expensive purchases, or just taking some time off for yourself and your family and going on a vacation, ₹5 Lakh loan is instantly available if you fulfil the eligibility criteria and have all your documents in place and ready. 

 

This loan can help you in solving your problems, and it comes with an easy repayment schedule where you can choose the amount and tenure for your ₹5 Lakh personal loan EMI. 

Interest Rates for ₹5 Lakh Personal Loan

Our Partners
Maximum Loan Tenure
Maximum Loan Amount
Minimum Interest Rate
Image

Bajaj Finance Limited

6 years

₹35 Lakhs

12% p.a.

4.7
Image

Fibe

3 years

₹5 Lakhs

14% p.a.

4
Image

Finnable

5 years

₹10 Lakhs

15.95% p.a.

4
Image

IIFL Finance

3.5 years

₹5 Lakhs

18% p.a.

4.1
Image

InCred

6 years

₹10 Lakhs

16% p.a.

4.3
Image

Kotak Mahindra Bank

5 years

₹25 Lakhs

10.99% p.a.

4.2
Image

L&T Finance

4 years

₹15 Lakhs

11% p.a.

4.6
Image

moneyview

5 years

₹5 Lakhs

16% p.a.

4.2
Image

Muthoot Finance

5 years

₹15 Lakhs

14.50% p.a.

4
Image

PaySense Partners

5 years

₹5 Lakhs

15% p.a.

4.3
Image

Privo

5 years

₹5 Lakhs

9.99% p.a.

4.5
Image

Olyv

12 months

₹5 Lakhs

1.5% p.m.

4.1
Image

SMFG India Credit

5 years

₹25 Lakhs

12% p.a.

4.2
Image

Upwards

3 years

₹5 Lakhs

1.5% p.m.

4.3
Image

YES BANK

6 years

₹50 Lakhs

10.99% p.a.

4.2
Image

Zype

1 Year

₹5 Lakhs

18% p.a.

4
View More

How to Apply for ₹5 Lakh Personal Loan Online?

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.

Documents Required for ₹5 Lakh Personal Loan

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

FAQs on ₹5 Lakh Personal Loan

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.

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. 

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.

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.

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.

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.

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.

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.

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.

Home
active_tab
Loan Offer
active_tab
Download App
active_tab
Credit Score
active_tab