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₹5 Lakh Personal Loan: Compare Rates & Apply Online

A ₹5 Lakh loan comes with affordable interest rates starting as low as 10% p.a. helping you manage key financial goals with ease. The sum can help meet significant expenses like financing a wedding, paying for specialised medical care, renovating your house, or consolidating current debts.

Your Personal Loan EMI

₹ 10,624

Total Interest Amount

₹ 137,411

Principal Amount

₹ 5,00,000

Total Payable Amount

₹ 6,37,411

Loan Amount

Min Max

Interest Rate

- +

Tenure

- +

Apply for ₹5 Lakh Loan

Bajaj Markets helps you compare ₹5 Lakh personal loans from different lenders. You can also review the total interest and overall repayment amount, helping you plan your budget and manage your finances more effectively.

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Year	EMI	Principal	Interest	Balance

₹5 Lakh Personal Loan Monthly Payment Plan

A ₹5 Lakh personal loan can help cover expenses such as medical emergencies, education, home renovation or other planned financial needs without requiring collateral. Through Bajaj Markets, eligible borrowers can compare personal loan options from lending partners based on factors such as interest rates, tenure and eligibility.

Loan amounts available through lending partners may range from ₹1,000 to ₹55 Lakhs, subject to the lender’s terms and the applicant’s profile. The approval and disbursal timeline may be as quick as 24 hours, depending on the lender’s verification and approval process. Documentation requirements may also vary by lender.

For example, a ₹5 Lakh personal loan at 10% p.a. for 3 years would result in an estimated EMI of ₹16,133 per month. The actual EMI may vary based on the interest rate, tenure and other loan terms offered by the lender.

Compare ₹5 Lakh Personal Loan Offers on Bajaj Markets

Provided below is a comprehensive list of all lenders that offer a personal loan of ₹5 Lakhs on Bajaj Markets:

Available Offerings	Max. Loan Amount	Min. Interest Rate	Max. Tenure	Processing Fees
Bajaj Finance Personal Loan	₹55 Lakhs	10% p.a.	108 months	Up to 4.13% of the loan amount + taxes (if applicable)
Kotak Mahindra Bank Personal Loan	₹40 Lakhs	10.99% p.a.	72 months	Up to 1.5% of the loan amount + taxes (if applicable)
Federal Bank Personal Loan	₹5 Lakhs	12.75% p.a.	48 months	Up to 2-3% of the loan amount + taxes (if applicable)
SMFG India Credit Personal Loan	₹25 Lakhs	12% p.a.	60 months	Up to 6% of the loan amount + taxes (if applicable)
L&T Finance Personal Loan	₹15 Lakhs	12% p.a.	48 months	Up to 3% of the loan amount + taxes (if applicable)
Fibe Personal Loan	₹5 Lakhs	14% p.a.	36 months	Up to 2% of the loan amount + taxes (if applicable)
Kissht Personal Loan	₹4 Lakhs	14% p.a.	24 months	3% to 5% of the loan amount + taxes (if applicable)
KreditBee Personal Loan	₹10 Lakhs	12% p.a.	60 months	Up to 5.1% + GST
PaySense Personal Loan	₹5 Lakhs	14% p.a.	60 months	Up to 2.75% of the loan amount + GST or ₹500 (whichever is higher)
Muthoot Finance Personal Loan	₹10 Lakhs	14.5% p.a.	60 months	Up to 4% of the loan amount + taxes (if applicable)
Finnable Personal Loan	₹10 Lakhs	15.95% p.a.	60 months	Up to 3% of the loan amount + taxes (if applicable)
InCred Personal Loan	₹10 Lakhs	13.99% p.a.	60 months	Up to 5% of the loan amount + taxes (if applicable)
Moneyview Personal Loan	₹10 Lakhs	1.33% p.m.	60 months	Starting from 2% of the loan amount + taxes (if applicable)
Piramal Finance Personal Loan	₹6 Lakhs	17.25% p.a.	60 months	1.50% to 4.50% of the loan amount
Freo Personal Loan	₹5 Lakhs	12% p.a.	36 months	1% onwards
Zype Personal Loan	₹5 Lakhs	18% p.a.	12 months	2% to 6% of the loan amount
Unity SFB Personal Loan	₹5 Lakhs	16% p.a.	36 months	3% of the loan amount
Poonawalla Fincorp Personal Loan	₹5 Lakhs	16% p.a.	36 months	Up to 5% of the loan amount plus applicable taxes
Prefr Personal Loan	₹5 Lakhs	17.99% p.a.	48 months	3% to 5%
PayU Finance Personal Loan	₹5 Lakhs	23% p.a.	36 months	2.5% to 4% of the loan amount
mPokket Personal Loan	₹2 Lakhs	18.96% p.a.	24 months	₹50 to ₹200 + 18% GST (maximum APR of 48%)
Olyv Personal Loan	₹1 Lakh	18% p.a.	12 months	2% - 12% of the loan amount
Ram Fincorp Personal Loan	₹1.5 Lakhs	6% p.m.	90 days	3%-10%
Branch Personal Loan	₹2 Lakhs	16% p.a.	36 months	3.50%
FatakPay Personal Loan	₹5 Lakhs	18% p.a.	48 months	2% – 6%

Disclaimer: The mentioned details are subject to change at the lender's discretion.

What Will My ₹5 Lakh Loan EMI Be

You can estimate your monthly repayments across different tenures using the Personal Loan EMI Calculator. Review the illustrative repayment table below:

Interest Rate	12 Months	36 Months	60 Months	96 Months
10% p.a.	₹ 43,957	₹ 16,133	₹ 10,623	₹ 7,587
12% p.a.	₹ 44,424	₹ 16,607	₹ 11,122	₹ 8,126
14% p.a.	₹ 44,893	₹ 17,088	₹ 11,634	₹ 8,685
16% p.a.	₹ 45,365	₹ 17,578	₹ 12,159	₹ 9,264

Disclaimer: The EMI figures above are illustrative and may vary depending on the lender, final interest rate, tenure, processing fees, and other applicable charges.

For reference, the total interest on a ₹5 Lakh loan at 10% p.a. over 3 years is approximately ₹80,809. Over 5 years, the total interest is approximately ₹1,37,411, taking the total repayment amount to around ₹6,37,411.

Is a ₹5 Lakh Loan Right for You

A ₹5 Lakh personal loan can help meet a range of planned or unexpected financial requirements without using your entire savings at once:

Situation	Why ₹5 Lakh Works
Debt Consolidation	Can help combine multiple eligible debts into a single repayment obligation.
Medical Expenses	Can help cover hospitalisation, treatment, surgery, or other healthcare-related costs.
Home Renovations	Can support expenses such as painting, kitchen upgrades, repairs, or minor structural improvements.
Education	Can help cover admission fees, professional courses, certifications, or higher education expenses.
Wedding Expenses	Can support venue bookings, catering, jewellery, and other event-related costs.
Travel and Holidays	Can help cover flight bookings, accommodation, tours, and related travel expenses.
Business Expansion	Can support working capital, inventory, equipment, or minor operational expansion.

Eligibility for a ₹5 Lakh Personal Loan

Eligibility requirements for a ₹5 Lakh personal loan vary across lenders. The following criteria may generally apply:

Parameter	Eligibility Requirement
Age	18 to 80 years
Employment	Salaried or self-employed individual
Minimum Monthly Income	₹10,000 to ₹30,000 per month, depending on the lender and city
CIBIL Score	750 or above may be preferred for competitive interest rates
Work Experience	Minimum 1 year of total work experience
Nationality	Indian

Disclaimer: Eligibility criteria vary by lender and applicant profile. Meeting these requirements does not guarantee loan approval, which remains subject to the lender's internal assessment and policies.

Can I Get a ₹5 Lakh Loan Without a CIBIL Score

Yes, you may be able to get a ₹5 Lakh personal loan without CIBIL score depending on the lender's eligibility criteria. Some lending partners may assess alternative factors such as income consistency, employment stability, bank account activity, and repayment capacity.

This may apply if you:

Have a CIBIL score below 750
Are a first-time borrower without an established credit history
Are self-employed and do not receive regular corporate salary slips

However, approval is not guaranteed and remains subject to the lender's internal credit assessment, eligibility requirements, and applicable terms.

Documents Required for a ₹5 Lakh Loan

For a ₹5 Lakh loan, lenders generally require basic identity, address, and income verification documents:

Income Proof (Any one of the following)	Address Proof (Any one)	Identity Proof (Any one)
Bank statements	Aadhaar card	Aadhaar card
Salary slips for the last 3 months	Voter ID	Voter ID
	Passport	PAN card
	Utility bills	Driving licence
	Driving licence	Passport

The exact documents required for a ₹5 Lakh loan may vary based on the lender, loan type, and applicant profile. Applicants should check the lender’s latest documentation requirements before submitting the application.

Features and Benefits of a ₹5 Lakh Loan

Quick Processing

Applications are reviewed swiftly, allowing you to receive funds without delay when urgent financial needs arise.

Flexible Repayment Options

Choose a loan tenure that fits comfortably within your monthly budget and financial planning.

Minimal Documentation

Only essential documents are needed, ensuring a seamless and stress‑free application process.

No Collateral Needed

As an unsecured loan, you can borrow the amount without pledging any assets.

Tips to Repay Your Personal Loan

Prioritise timely EMIs, avoid new debt, and maintain credit score.

₹5 Lakh Personal Loan EMI for Different Tenures

Here is a detailed breakdown of the EMI amounts, total interest payable, and total repayment cost for a ₹5 Lakh personal loan with a 10% interest rate across various tenures:

Tenure	EMI Amount	Interest Rate	Total Interest Payable	Total Repayment Cost
₹5 Lakh Loan for 1 year	₹43,957	10% p.a.	₹27,495	₹5,27,495
₹5 Lakh Loan for 2 years	₹23,072	10% p.a.	₹53,739	₹5,53,739
₹5 Lakh Loan for 3 years	₹16,133	10% p.a.	₹80,809	₹5,80,809
₹5 Lakh Loan for 4 years	₹12,681	10% p.a.	₹1,08,702	₹6,08,702
₹5 Lakh Loan for 5 years	₹10,623	10% p.a.	₹1,37,411	₹6,37,411
₹5 Lakh Loan for 6 years	₹9,262	10% p.a.	₹1,66,930	₹6,66,930
₹5 Lakh Loan for 7 years	₹8,300	10% p.a.	₹1,97,249	₹6,97,249
₹5 Lakh Loan for 8 years	₹7,587	10% p.a.	₹2,28,359	₹7,28,359

Disclaimer: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

₹5 Lakh Personal Loans: Fees and Charges

Here is an overview of the fees and charges associated with a ₹5 Lakh personal loan:

Fees and Charges	Details
Processing Fees	Up to 10% of the loan amount
Foreclosure Charges	Up to 7% of the outstanding principal

Disclaimer:The above-mentioned details are subject to change at the lender’s discretion.

How to Apply for a ₹5 Lakh Personal Loan

Here are some simple steps to apply on website and app for a ₹5 Lakh personal loan:

Click on 'Apply Now' to visit the application section
Select your profession from the dropdown options
Enter your mobile number and PIN code
Tick the box to accept the terms and conditions
Click on ‘Proceed’ to move to the next step
On the following page, provide the necessary details:
- PAN
- Full name (as per PAN)
- Date of birth
- Email address
- Gender
- Net monthly income
- Employer category
- Employer or company name
- Salary credit method (Bank or Cash)
Once complete, click on ‘Submit’
You’ll be shown eligible loan offers based on your inputs
Select a suitable offer, choose the repayment tenure, and submit your application

You’ll then be redirected to the lender’s website to complete steps like KYC, e-mandate, and disbursal.

Note: This process is only for salaried individuals. If you select self-employed under profession, you’ll be directed to a separate page to provide details such as monthly turnover. Please follow the on-screen instructions.

Explore Personal Loan Pages by Salary Range

Personal Loan for ₹20,000 Salary	Personal Loan for ₹23,000 Salary	Personal Loan for ₹25,000 Salary
Personal Loan for ₹30,000 Salary	Personal Loan for ₹35,000 Salary	Personal Loan for ₹40,000 Salary
Personal Loan for ₹45,000 Salary	Personal Loan for ₹50,000 Salary

Other Instant Personal Loan Options

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₹9 Lakh Personal Loan

Disclaimer

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.

Vatsal G

Financial Content Specialist

Reviewer

Aakash Jain

Frequently Asked Questions on ₹5 Lakh Personal Loan

Can I get a ₹5 Lakh loan without income proof?

Yes, it may be possible to get a ₹5 Lakh loan without income proof, especially if you have a strong credit score or are self‑employed with stable business earnings. However, approval for an instant loan up to ₹5 Lakhs ultimately depends on the lender’s internal policies.

How can I get an instant ₹5 Lakh personal loan?

You can get an instant ₹5 Lakh personal loan by applying online on Bajaj Markets with a reliable lender. Make sure your documents are ready, and your credit score is in good shape to speed up the approval process.

What is the interest rate charged on a personal loan of ₹5 Lakhs?

Interest rates for a ₹5 Lakh personal loan usually start from 10% p.a.. The rate of interest offered is based on your credit profile and lender’s terms.

What are the eligibility criteria for a personal loan of ₹5 Lakhs?

To qualify, you must be 18 years or older, have a stable monthly income (usually ₹20,000 or more), and maintain a good credit score, ideally above 750.

Do I need a co-applicant to apply for a personal loan of ₹5 Lakhs?

No, a co-applicant is not mandatory but may improve your chances of approval, especially if your credit score or income is lower than the lender’s requirements.

What is the processing time for a ₹5 Lakh personal loan?

The processing time for a ₹5 Lakh personal loan is typically 1 to 5 business days, depending on the lender’s internal verification process and document completion.

Can I get a personal loan of ₹5 Lakhs without collateral?

Yes, personal loans are generally unsecured, meaning you don’t need to pledge any asset or collateral to borrow ₹5 Lakhs from most lenders.

What credit score do I need for a ₹5 Lakh personal loan?

A credit score of 750 or above is typically required to get competitive interest rates for a ₹5 Lakh personal loan, though some lenders may accept lower scores.

What will my EMI be for a ₹5 Lakh loan?

Your EMI for ₹5 Lakhs depends on the interest rate and tenure. For example, at 14% interest for 5 years, the EMI will be around ₹11,634.

What CIBIL score is required for a ₹5 Lakh personal loan?

A CIBIL score of 750 or above is generally preferred for a personal loan of ₹5 Lakhs. If you haven’t checked your score recently, you can do so online in just a few minutes.

How to get a ₹5 Lakh loan without a salary slip?

You can get a ₹5 Lakh loan without a salary slip by providing strong credit history, bank statements, alternative income proof, or business income if self‑employed. However, the eligibility criteria varies by lender.

How to get a ₹5 Lakh loan using an Aadhaar card?

You can apply for a ₹5 Lakh loan using your Aadhaar card for e‑KYC. Submit basic financial documents, meet eligibility criteria, and complete verification for quick approval.

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