Personal Loan of Rs. 5 Lakh

Interest Rate for Rs 5 lakh Personal Loan?

The interest rate offered on your Rs 5 lakh personal loan will depend on the lender and the credit profile of the applicant. Personal loan interest rates offered by private sector banks usually start from 10.49% p.a. onwards with some public sector banks offering lower interest rates to their personal loan applicants.

Key Features & Benefits of ₹5 Lakh Personal Loan

Below-mentioned are the features of personal loan for applicants availing for Rs 5 lakh loan.

• The interest rates are usually offered @ 10.49% p.a. onwards.
• The repayment tenure is generally up to 5 years.
• The processing fee usually range up to 4%. Some lenders also waive off the processing fee during festive offers.
• The loan amount can be used only for personal purposes, except for speculation.

Banks & NBFCs Offering 5 Lakh Loan

*Applicable for selected customers

FAQs on 5 Lakh Loan

What are the interest rates and charges applicable for a personal loan of Rs 5 lakh?

Lenders usually offer personal loan at interest rates starting from 10.49% p.a. onwards depending on the credit profile of their loan applicants.

How to apply for a personal loan of Rs 5 lakh?

Applicants can contact banks and NBFCs to apply for Rs 5 lakh personal loans. However, the easiest way would be to apply through online financial marketplaces like Paisabazaar.com. These platforms allow prospective personal loan applicants to compare the interest rates and other personal loan features offered by multiple banks/NBFCs and choose the best personal loan option available on their credit score, monthly income, employment profile, etc.

Can I get a Rs 5 lakh personal loan without collateral?

Yes, you can get a Rs 5 lakh personal loan without collateral, provided you are eligible for it. Click here to check personal loan offers from our 30+ partner lenders based on your credit profile.

Can I avail Rs 5 Lakh Personal Loan without Income Proof?

No, you cannot avail Rs 5 lakh personal loan without submitting income proof. Lenders offer personal loan or any other credit facility on the basis of your income and repayment capacity. Hence, lenders ask the applicants to submit their salary slips, ITR, P&L account, balance sheet, Form 26 AS etc. to check the income quoted by the personal loan applicant.

What is the minimum salary required to get a Rs 5 lakh loan?

The minimum salary required for availing a Rs 5 lakh loan would be around Rs 25,000 to Rs 30,000, depending on the lender. Hence, you should contact the individual banks/NBFCs to know the exact requirements or click here to check your loan amount eligibility from various lenders based on your credit profile.

Can I get a Rs 5 lakh loan if I have a low credit score?

Having a low credit score reduces your chances of availing a personal loan. However, there are lenders that offer personal loans to those having lower credit scores but charge higher interest rates for it.

What is the age limit to apply for a Rs 5 lakh personal loan?

For most lenders, a personal loan applicant should be at least 18 years old and not more than 60 years (65 years for self-employed) at the time of loan maturity.

Is it possible to top up an existing Rs 5 lakh personal loan?

Many lenders offer top up loans to personal loan borrowers, depending on their repayment history and loan repayment capacity.

Can I use a Rs 5 lakh personal loan to fund my wedding expenses?

Yes, you can use Rs 5 lakh personal loan for funding your wedding expenses as well as for other personal requirements, except for any speculative or illegal activities.

How can I get Rs 5 lakh loan instantly?

Instant personal loans are usually pre-approved personal loans offered to select existing customers of a bank or NBFC having good credit profile. To avail an instant personal loan, you can check pre-approved personal loan offers offered by lenders with whom you already have deposits, credit card and/or loan accounts. Pre-approved personal loans require very little or no documentation and the loan amount is disbursed instantly. Then, you should also visit online financial marketplaces to compare personal loan offers from other lenders. Choose the personal loan lender that offers the best in terms of interest rates, processing fees and disbursal time.

What is the CIBIL Score required for availing personal loan of Rs 5 lakh?

Applicants having credit scores of 700 and above have higher chances of availing personal loan of Rs 5 lakh. However, some lenders also offer personal loans to applicants having lower CIBIL score but at higher interest rates.