Get a ₹5 Lakhs loan and repay the amount over a period of up to 96 months
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With interest starting as low as 9.99% p.a., a personal loan of ₹5 Lakhs can be a great way to gain access to the required funds. You can apply for the ₹5 Lakh Personal Loan quite easily through the completely digital process. Furthermore, the documents required for the ₹5 Lakh loan are also minimal and can be submitted online. The amount once approved is usually disbursed to your account within minutes.
Provided below is a comprehensive list of all lenders that offer a personal loan of ₹5 Lakhs on Bajaj Markets:
Lenders |
Starting Interest Rate |
Bajaj Finance |
10% p.a. |
Federal Bank |
11% p.a. |
Fibe |
14% p.a. |
Finnable |
15.95% p.a. |
IIFL |
18% p.a. |
InCred |
16% p.a. |
Kotak Mahindra Bank |
10.99% p.a. |
KreditBee |
14% p.a. |
L&T Finance |
12% p.a. |
moneyview |
16% p.a. |
Muthoot Finance |
14.50% p.a. |
PaySense |
15% p.a. |
Privo |
9.99% p.a. |
SMFG India Credit |
12% p.a. |
Upwards |
18% p.a. |
YES BANK |
12.50% p.a. |
*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.
Consider you have taken a ₹5 Lakhs personal loan at a 9.99% p.a. interest rate. Over different tenures, here’s how the EMI amount will differ:
Tenure |
EMI Amount |
Total Interest Payable |
Total Repayment Cost |
1 year (12 months) |
₹43,955.62 |
₹27,467.42 |
₹5,27,467.42 |
2 years (24 months) |
₹23,070.16 |
₹53,683.73 |
₹5,53,683.73 |
3 years (36 months) |
₹16,131.25 |
₹80,724.86 |
₹5,80,724.86 |
4 years (48 months) |
₹12,678.89 |
₹1,08,586.75 |
₹6,08,586.75 |
5 years (60 months) |
₹10,621.06 |
₹1,37,263.74 |
₹6,37,263.74 |
6 years (72 months) |
₹9,260.4 |
₹1,66,748.63 |
₹6,66,748.63 |
7 years (84 months) |
₹8,298.01 |
₹1,97,032.74 |
₹6,97,032.74 |
8 years (96 months) |
₹7,584.44 |
₹2,28,105.92 |
₹7,28,105.92 |
*Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.
Here are some basic criteria you need to fulfil to be eligible for a personal loan of ₹5 Lakhs:
Age: 18 to 68 years
Nationality: Indian citizenship
Employment type: Salaried or self-employed
Minimum monthly income: ₹15,000
CIBIL score: 750 or more
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, driving licence, voter ID, passport, telephone bill, electricity bill
Proof of Income: Bank statement of the last 3 months
Photographs: 2 passport-size photographs
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.
Frequently Asked Questions
Can I get a ₹5 Lakh loan without income proof?
On Bajaj Markets, lenders like Zype are willing to offer ₹5 Lakh loan without you having to submit any income proof. You simply need to provide your PAN or Aadhaar number to apply for the loan.
How to get an instant ₹5 Lakh personal loan?
Here are the steps to help you apply for a personal loan on Bajaj Markets:
Click on the ‘Check Offer’ option
Enter your basic personal details like name, age, income, etc.
Choose a lender as per your preference
Select the required loan amount and preferred tenure
Check the details and submit the application
Following this, a loan representative shall contact you for further proceedings.
What is the interest rate charged on a personal loan of ₹5 Lakhs?
On Bajaj Markets, the interest charged on a ₹5 Lakh personal loan starts at 9.99% p.a. The rate offered to you may differ as it depends on your loan eligibility and the lender’s policies.
What are the eligibility criteria for a personal loan of ₹5 Lakhs?
You are usually required to fulfil the following criteria to qualify for a ₹5 Lakh personal loan:
Nationality: Indian citizenship
Age: 18 to 68 years
Minimum monthly income: ₹15,000
Employment type: Salaried or self-employed
CIBIL score: 750 or more
Do I need a co-applicant to apply for a personal loan of ₹5 Lakhs?
It is not mandatory to have a co-applicant when applying for a ₹5 Lakh loan. However, having a co-signer can improve your eligibility for the loan and help you get a lower interest rate and better repayment terms.
