Personal Loan for 5 Years

Loan tenure plays a significant role in financial planning, influencing your monthly EMI, total interest outgo, and other financial commitments. A 5-year loan proves beneficial, as it lowers your EMI and eases your monthly cash flow. 

You can apply for personal loans on Bajaj Markets and get up to ₹55 Lakhs at affordable interest rates with minimal documentation.

The Personal Loan EMI Calculator is an easy-to-use online tool that calculates your monthly instalments based on the loan amount, interest rate, and tenure. It allows you to plan repayment in advance and manage your budget effectively.

Steps to use the calculator:

1. Enter the loan amount

2. Add the interest rate (for example, 9.99% p.a.)

3. Select the tenure (such as 60 months or 5 years)

4. Now view the EMI, total interest, and total repayment amount

Example

For a loan of ₹25 Lakhs at an interest rate of 9.99% p.a. and a tenure of 5 years, the calculator gives the following results:

• EMI: ₹53,105

• Total Interest Payable: ₹6,86,318

• Total Repayment (Principal + Interest): ₹31,86,318

This helps you clearly understand your repayment commitments and make informed financial decisions.

To qualify for a personal loan, meet the basic terms set by lenders. These criteria include: 

• Citizenship: You must be an Indian citizen to apply

• Employment Type: Both salaried and self-employed individuals are eligible, depending on the lender

• Income Criteria: A minimum monthly income of ₹10,000 or more is required, depending on the lender and the place of residence 

• Work Experience: You should have at least 6 months of work experience

• Credit Score: A CIBIL score of 685 or above is necessary, depending on the lender

Some lenders may also require you to be an Android user or maintain a certain minimum balance in your bank account. Other terms may include:

• Having your Aadhaar card linked to your mobile number 

• Having a graduate degree as an application 

Ensure you read and meet the eligibility terms related to the specific lender before you apply.

Applying for a 5-year loan is simple and can be done online within minutes. By following a few quick steps, you can complete the process and await approval. 

1. Click on the ‘Apply For Loan’ option on this page 

2. Choose your profession from the dropdown options 

3. Enter your mobile number and PIN code 

4. Accept the terms and conditions after reading carefully 

5. Click on the ‘Proceed’ button

6. Enter or choose the following details as required, such as PAN, Name as per PAN card, Date of birth, Employer category, Employer/company name, Net monthly salary, Email ID, Gender, Salary credit mode (Bank or Cash)

7. Click on ‘Submit’ 

8. Review and select loan offers based on your eligibility 

9. Provide any additional details if requested  

Once your application is approved and you agree to the terms, the loan amount is directly credited to your bank account.