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Pre-loan Eligibility checker
Last updated on: July 22, 2025
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Reviewed by
Read BioEMI for 1-7 years Tenure*
Multiple Banks & NBFCs*
₹25K+ salary Required*
700+ Cibil Score Required*
Are you dreaming of renovating your home, planning a dream vacation, or consolidating your debts? Whatever your financial goals may be, a personal loan of Rs. 5 lakhs can be the key to making your dreams a reality. At Fincover, we understand the importance of easy access to credit, which is why we have enabled a platform with which you can find hassle-free personal loans of Rs. 5 Lakhs.
| Bank | Interest Rate | Loan Amount | Processing Fee | Processing Time | Apply |
|---|---|---|---|---|---|
| DBS Bank | 10.99% – 30.00% | ₹25,000 to ₹15 Lakhs | 1%–3% + GST | 24–48 hrs | Apply |
| HDFC Bank | 10.90% – 24.00% | ₹50,000 to ₹40 Lakhs | Up to ₹6,500 + GST (~1–3%) | 24–48 hrs | Apply |
| Axis Bank | From ~11.25% | ₹50,000 to ₹15 Lakhs | 1.5%–2% + GST | 24–72 hrs | Apply |
| ICICI Bank | 10.80% – 16.65% | Up to ₹50 Lakhs | 0.5%–2% + GST | 24–48 hrs | Apply |
| Bank of Baroda | 10.49% – 18.75% | ₹30,000 to ₹20 Lakhs | Up to 2% + GST | 48–72 hrs | Apply |
| SBI | 10.30% – 15.30% | ₹10,000 to ₹35 Lakhs | Up to 1.5% + GST | 2–3 working days | Apply |
| IndusInd Bank | From 10.49% | ₹30,000 to ₹50 Lakhs | Up to 3.5% (2% online) + GST | 24–48 hrs | Apply |
| Yes Bank | 10.99% – 21% | ₹100,000 to ₹40 Lakhs | Up to 2.5% + GST | 24–48 hrs | Apply |
| Standard Chartered | 11.49% – 17% | ₹1 Lakh to ₹50 Lakhs | Up to 2.25% + GST | 48–72 hrs | Apply |
| IDFC FIRST Bank | 9.99% – ~10.75% | ₹1 Lakh to ₹50 Lakhs | Up to 3.5% + GST | 24–48 hrs | Apply |
| Kotak Mahindra Bank | From 10.99% | ₹50,000 to ₹40 Lakhs | 1%–2.5% + GST | 24–48 hrs | Apply |
| Punjab National Bank | 11.50% – 17.05% | Up to ₹20 Lakhs | Up to 1% + GST | 2–3 days | Apply |
| Bandhan Bank | 10.50% – 12.55% | ₹50,000 to ₹25 Lakhs | Up to 3% + GST | 48–72 hrs | Apply |
| NBFC | Interest Rate | Loan Amount | Processing Fee | Processing Time | Apply |
|---|---|---|---|---|---|
| Piramal Finance | From 12.99% | Up to ₹35 Lakhs | 2%–3% + GST | 24–72 hrs | Apply |
| Shriram Finance | From 14% | Up to ₹35 Lakhs | Up to 3% + GST | 2–3 days | Apply |
| Tata Capital | From 10.99% | Up to ₹35 Lakhs | Up to 2.5% + GST | 24–48 hrs | Apply |
| InCred | From 18% | Up to ₹10 Lakhs | 2%–4% + GST | Instant to 24 hrs | Apply |
| Finnable | From 16% | Up to ₹10 Lakhs | Up to 3% + GST | 24–48 hrs | Apply |
| Poonawalla Fincorp | From 9.99% | Up to ₹30 Lakhs | 1%–2% + GST | 24–72 hrs | Apply |
| Fullerton India | From 11.99% | Up to ₹25 Lakhs | Up to 3% + GST | 1–2 working days | Apply |
| Axis Finance | From 13% | Up to ₹25 Lakhs | Up to 2.5% + GST | 1–2 days | Apply |
| Mahindra Finance | From 10.99% | Up to ₹10 Lakhs | Up to 3% + GST | 2–3 days | Apply |
| Aditya Birla Finance | From 11.99% | Up to ₹50 Lakhs | Up to 2.5% + GST | 48–72 hrs | Apply |
| Bajaj Finance | From 11% | Up to ₹50 Lakhs | Up to 4% + GST | 24–72 hrs | Apply |
Loan Amount: ₹5,00,000
Interest Rate: 10.49% per annum
*These values are approximate and calculated based on standard EMI formulas.
| Tenure | EMI Amount |
|---|---|
| 1 Year | ₹44,205 |
| 2 Years | ₹23,206 |
| 3 Years | ₹16,256 |
| 4 Years | ₹12,811 |
| 5 Years | ₹10,747 |
| 6 Years | ₹9,451 |
| 7 Years | ₹8,538 |
| Fee Type | Charges |
|---|---|
| Interest Rate | 10.49% to 30% p.a. |
| Processing Fee | 1% to 4% of the loan amount |
| Loan Tenure | 12 to 84 months |
| Prepayment Charges | 2% to 5% of the outstanding loan amount |
| Late Payment Fee | ₹500 to ₹1,500 + applicable taxes |
| Loan Cancellation Fee | ₹3,000 to ₹5,000 (if applicable) |
| Cheque Bounce Charges | ₹500 per instance |
| Foreclosure Charges | 2% to 5% of the outstanding loan amount |
| Criteria | Details |
|---|---|
| Minimum Age | 21 years |
| Maximum Age | 60 years (varies by lender) |
| Minimum Salary | ₹25,000 per month |
| Employment Type | Salaried* |
| Work Experience | Minimum 1 year (salaried) |
| Credit Score | 700+ |
| Citizenship | Indian Resident |
| Loan Tenure | Up to 7 years |
| Document Type | Details |
|---|---|
| Identity Proof | Aadhaar Card, PAN Card, Passport, Voter ID, Driving License |
| Address Proof | Utility Bills (Electricity, Water, Gas), Aadhaar Card, Passport, Rent Agreement |
| Income Proof | Latest Salary Slips (last 3 months) |
| Bank Statements | Bank Statements (last 3-6 months) |
| Employment Proof | Offer Letter, Employment Certificate |
| Photographs | Recent Passport-sized photographs |
1. Who is eligible for a ₹5 lakh personal loan?
Salaried and self-employed individuals with a stable income and a good credit score (typically 700 or above) are eligible.
2. What is the interest rate for a ₹5 lakh loan? Interest rates vary based on the lender and applicant’s credit profile, typically ranging from 10.49% to 30% p.a.
3. Can I apply for a ₹5 lakh loan without a salary slip? Yes, some lenders offer loans based on alternative income proof such as bank statements or Form 16.
5. How to apply for a ₹5 lakh loan? Visit Fincover.com, enter your details, upload documents, complete verification, and get instant loan approval.
Don’t wait any longer; apply for your personal loan today and turn your dreams into reality!
Written by Prem Anand, a content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors.
Prem Anand is a seasoned content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors. He has a strong command of industry-specific language and compliance regulations. He specializes in writing insightful blog posts, detailed articles, and content that educates and engages the Indian audience.
The content is prepared by thoroughly researching multiple trustworthy sources such as official websites, financial portals, customer reviews, policy documents and IRDAI guidelines. The goal is to bring accurate and reader-friendly insights.
This content is created to help readers make informed decisions. It aims to simplify complex insurance and finance topics so that you can understand your options clearly and take the right steps with confidence. Every article is written keeping transparency, clarity, and trust in mind.
Based on Google's Helpful Content System, this article emphasizes user value, transparency, and accuracy. It incorporates principles of E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness).
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