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Personal Loan of Rs. 5 Lakhs
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Looking for a loan of Rs. 5 Lakhs? Learn how to qualify, choose the right lender, and manage your repayment efficiently.


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Personal Loan of Rs.5 Lakhs

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.

Checklist to know before applying for a Personal Loan of 5 Lakhs

Assess Your Need and Repayment Capacity

Before applying for a personal loan, evaluate why you need the funds and whether it’s the best financial option. Consider your repayment capacity, taking into account your income, expenses, and existing financial commitments. Borrow only what you can comfortably repay.

Interest Rates and Fees

Compare interest rates and fees offered by different lenders. Even a slightly lower interest rate can lead to substantial savings over the loan tenure. Be aware of processing fees, prepayment charges, and any other hidden costs associated with the loan.

Credit Score and Eligibility

Your credit score plays a significant role in loan approval and the interest rate you receive. Check your credit report before applying and work on improving your score if necessary. Ensure you meet the eligibility criteria set by the lender, including age, income, and employment stability.

Loan Repayment Tenure

Choose a loan tenure that aligns with your financial goals and affordability. Longer tenures result in smaller monthly EMIs but may lead to higher overall interest payments. Conversely, shorter tenures mean larger EMIs but lower interest costs.

 Be familiar with the terms

Carefully read the loan agreement and terms and conditions provided by the lender. Understand the repayment schedule, prepayment options, processing fees and charges, and any penalties for defaulting on payments. Seek clarification on any clauses you don’t fully understand.

Bank Interest rates for 5 Lakh Personal Loan

InstitutionInterest ratesLoan amount
HDFCFrom 10.5%Upto 40 Lakhs
Axis BankFrom 10.49%`Upto 40 Lakhs
ICICI bank10.75%-19%Upto 40 Lakhs
Bank of Baroda10.75% – 18.5%Upto 5 Lakhs
SBIFrom 11%Upto 30 Lakhs
IndusIndFrom 10.49%Upto 50 Lakhs
Yes BankFrom 10.99%Upto 40 Lakhs
Standard CharteredFrom 11.5%Upto 50 lakhs
IDFCFrom 10.49%Upto 50 Lakhs
Kotak MahindraFrom 10.99%Upto 40 Lakhs
PNBFrom 11.40%Upto 20 Lakhs
Bandhan bankFrom 11.55%Upto 25 Lakhs

NBFCs Interest rates for 5 Lakh Personal Loan

Institution Interest rates Loan amount
Tata Capital From 10.99% Upto 35 Lakhs
InCred From 18% Upto 3 Lakhs
Finnable From 16% Upto 10 Lakhs
PaySense From 16.8% Upto  5 Lakhs
Poonawalla From 9.99% Upto 30 Lakhs
Fullerton From 11.99% Upto 25 Lakhs
LendingKart From 12% Upto 3 Lakhs
Axis Finance From 13% Upto 25 Lakhs
L&T Finance From 12% Upto 7 Lakhs
Mahindra Finance From 10.99% Upto 10 Lakhs
Aditya Birla From 11.99% Upto 50 Lakhs
Bajaj Finance From 11% Upto 50 Lakhs

Rs.5 Lakh Personal Loan EMI for up to 5 Years

Loan Amount: Rs.5 Lakh

ROI: 10.5%

TenureEMI amount at Interest rate of 10.5%
1 yearRs. 44074
2 yearsRs. 23188
3 yearsRs. 16251
4 yearsRs. 12801
5 yearsRs. 10746
6 yearsRs. 9389
7 yearsRs. 8430

Why Choose Fincover for applying for Personal loan of 5 Lakhs?

  • Flexible Usage: Unlike other loans, a personal loan of Rs. 5 Lakhs can be used for any purpose you desire. From funding your wedding to consolidating high-interest debt, the choice is yours.
  • Quick Approval: The application process is hassle-free, and with the right financial history, you can get approval in no time.
  • Affordable EMIs: Enjoy the convenience of repaying your loan in manageable monthly installments, making it easier on your wallet.
  • Competitive Interest Rates: Interest rates on personal loans are often more favourable than credit card rates, helping you save money in the long run.
  • No Collateral Required: Personal loans are unsecured, meaning you won’t need to pledge any assets as security.
  • Fast Disbursal: Once approved, the loan amount is disbursed quickly, helping you address your financial needs promptly.

Eligibility Criteria for Personal Loan of 5 Lakhs

The Borrower should be an Indian resident.

  • Age limit must be in the bracket of 21-65 years
  • Salaried/Self-Employed
  • Banks expect a credit score of 750 and above to sanction personal loan of Rs 5 lakhs

Documents Required for Personal Loan of 5 Lakhs

  • Identity Proof (Aadhaar, Passport, Voter ID)
  • Address Proof (Utility Bill, Passport, Aadhaar)
  • Income Proof (Salary Slips, ITR for self-employed)
  • Bank Statements (Last 3 to 6 months)
  • Passport-sized Photographs

Why Wait? Apply Today!

Don’t wait any longer; apply for your personal loan today and turn your dreams into reality!

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