₹5,000 Personal Loan

Facing a small urgent financial need or a sudden expense may require a personal loan of ₹5,000 as a quick and convenient solution. This unsecured loan offers competitive interest rates starting from 14% p.a.

For example, taking a ₹5,000 loan for a 5-month tenure at an interest rate of 14% p.a. results in an EMI of ₹1,035. This will entail a total interest payout of approximately ₹176 over the tenure. Opting for a shorter 1-month tenure increases the EMI to about ₹5,058. However, the total interest reduces to approximately ₹58.

A personal loan of ₹5,000 provides easy access to funds with minimal documentation and flexible repayment options. You can select a tenure that fits your budget and repay without disturbing your existing savings.

Several NBFCs offer personal loans of ₹5,000 with flexible tenure. You can select a lender based on your preferred repayment tenure and interest rate. Here are some popular options available on Bajaj Markets:

When you opt for a personal loan of ₹5,000 at an interest rate of 14%, the repayment amount varies based on the selected tenure. Below is a breakdown of EMIs for a ₹5,000 personal loan across different tenures:

Additional costs beyond the interest payable may apply when you secure a ₹5,000 loan on Bajaj Markets. These include:

You can either calculate your personal loan EMI using an online calculator or apply the manual formula. Here is how you can calculate it manually:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Loan amount

• R = Monthly interest rate (Annual interest rate/12/100)

• N = Loan tenure in months

A personal loan of ₹5,000 at an interest rate of 14% p.a. for 12 months results in a monthly EMI of ₹448. The total interest payable amounts to ₹387, and the overall payable sum will be ₹5,387.

Take a look at the eligibility criteria before you start to fill out the application for a personal loan of ₹5,000:

• Nationality: Indian

• Age: 18 years and above

• Nature of Employment: Self-employed or salaried individual

• Minimum Work Experience: 2-3 years

• Credit Score: 600 or higher

Submit the following documents to get a personal loan of ₹5,000 on Bajaj Markets.

Identity Proof (Any one of the following): 

• PAN card

• Aadhaar card

• Voter ID

• Passport

• Driving licence

Address Proof (Any one of the following): 

• Voter ID

• Aadhaar card

• Passport

• Driving licence

• Electricity bill

• Telephone bill

Income Proof (Any one of the following):

• Bank statement

• Salary slips of the last 3 months

Document requirements may vary depending on the financial institution. It is important to confirm the exact list of required documents with your chosen lender before submitting your application.

If you have all the documents ready, here are the steps to apply for a loan online. 

1. Generate your offer by clicking here

2. Fill up the application form 

3. Select the loan amount 

4. Select a preferred tenure 

5. Submit the form for verification

Shortly, a representative will contact you with your offer. 

For a personal loan of ₹5,000 at an interest rate of 14% p.a. over a 6-month term, the amortisation breakdown will be as follows.

Your CIBIL score reflects your creditworthiness and financial health. Here is how a personal loan affects it:

• Pre-approval Impact

When you apply for a loan, the lender performs a hard inquiry to review your credit report. This inquiry is recorded on your credit history and may cause a slight, temporary reduction in your credit score.

• Post-approval Impact

Paying your EMIs on time helps improve your credit score. Consistent and timely repayments demonstrate responsible debt management, making it easier to secure loan approvals in the future.

A ₹5,000 personal loan can provide essential financial support in various situations. Below are some common uses for such a loan:

• Emergency Medical Expenses

Medical emergencies are often unexpected, and a ₹5,000 loan can help cover urgent medical bills, doctor consultations, or minor treatments. It offers quick relief without causing financial strain.

• Utility Bill Payments

Delaying utility bill payments can result in service interruptions. This personal loan can settle overdue bills, ensuring uninterrupted access to essential services such as electricity, water, or internet.

• Education Expenses

Whether for tuition fees, study materials, or online courses, a ₹5,000 personal loan can help manage educational expenses. It enables you to continue your studies without delay.

• Travel Expenses

A ₹5,000 loan can cover urgent travel costs, including transportation or accommodation. It ensures you can attend family emergencies, job interviews, or other important commitments without financial stress.

• Vehicle Repairs

Unexpected vehicle issues can disrupt daily routines. The loan can cover minor repair costs, ensuring your vehicle is roadworthy again.

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.