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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. This article will tell you all about a ₹5 Lakh personal loan.

Interest Rates for ₹5 Lakh Personal Loan

Compare the interest rates at which all the lending partners of Bajaj MARKETS are offering a personal loan of ₹5 Lakh and decide for yourself right here.

Lending Partner Name

Starting Interest Rate

Bajaj Finance Limited

14% p.a onwards

Fullerton India

12% p.a onwards

PaySense

14% p.a onwards

Axis Bank

10.49% p.a onwards

Muthoot Finance

13.75% p.a onwards

SBFC Finance Pvt Ltd

14% p.a. onwards

CASHe

27% p.a onwards

Prefr Partners

21% p.a onwards

EarlySalary

24% p.a onwards

KreditBee

14% p.a onwards

YES BANK

10.70% p.a onwards

InCred

18% p.a onwards

Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. Additionally, the final interest rate applicable to you will depend on factors such as your repayment tenure, your age, your monthly income, and your CIBIL score.

₹5 Lakh Personal Loan Eligibility Criteria

To qualify for a ₹5 Lakh personal loan, you will need to satisfy the following conditions

Nationality

You must be an Indian national.

Nature of Employment

You should either be a salaried professional working with a public/private company of repute or you must be a self-employed individual.

Age:

You must at least be 21 years of age or above.

Minimum Net Monthly Income:

You must earn a minimum of ₹25,000 on a monthly basis, Note that the minimum income criteria can differ depending upon your geographical location.

Work Experience:

You should either have 2-3 years of work/business experience.

Credit Score:

You should have a CIBIL score of at least 750.

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 into 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

  • ✔️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.