Features and benefits of personal loan of Rs. 5 lakhs
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High loan amount
Get approved for an instant personal loan of Rs. 5 lakh. Meet your financial obligations without any spending restrictions.
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Lengthy repayment plan
Choose a tenor that ranges up to 96 months to match your capabilities.
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Instant loan approval
By meeting the simple personal loan eligibility criteria and submitting the required documents, you can get approved for a personal loan within 5 minutes* of applying.
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Same-day loan disbursal
To complement quick approval, you get money in the bank within 24 hours*.
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Enjoy funding without needing to pledge any assets or securities.
Collateral-free funding
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Personalised loan deals
If you’re an existing customer, get a pre-approved personal loan offers to benefit from fast loan processing and quick disbursal.
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Online facilities
Use the online loan account to conveniently access loan Information, check your statements, or manage EMI payments.
Looking for quick funds? Apply for a Rs. 5 lakh personal loan from Bajaj Finance to manage expenses like weddings, medical emergencies, travel, or business growth. With simple eligibility terms, minimal paperwork, and an easy online process, securing a Rs. 5 lakh loan is hassle-free. Enjoy fast approval and quick disbursal to meet your financial needs on time.
Eligibility criteria of personal loan for Rs. 5 lakh
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Nationality
Indian
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Age
21 years to 80 years
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CIBIL score
650 or higher
To plan your loan efficiently and to ensure your EMIs are optimal, use the Personal Loan EMI Calculator. This free online tool is simple to use and displays accurate results within seconds.
Documents required for Rs. 5 lakh personal loan
To apply for a Rs. 5 lakh personal loan, you need to provide the following essential documents:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Real-time image / photograph
- Ration card
Know more about the personal loan documents requirement. Having these documents ready ensures a smooth application process and faster approval.
Rs. 5 lakh personal loan EMI for up to 6 years
When you apply for a personal loan, your monthly instalments vary based on the repayment tenure and interest rate. For instance, a Rs. 5 lakh personal loan EMI will differ depending on how long you choose to repay it. Use the example below to understand how the Rs. 5 lakh loan EMI changes with different tenures of up to 6 years, helping you plan your finances more effectively.
Tenure |
Approximate EMI at 10% Interest Rate |
1 Year |
Rs. 45,438 |
2 Years |
Rs. 23,440 |
3 Years |
Rs. 17,034 |
4 Years |
Rs. 13,331 |
5 Years |
Rs. 11,377 |
6 Years |
Rs. 10,124 |
How to apply for a Rs. 5 lakh personal loan online with Bajaj Finance
When you need funds quickly, applying for an instant personal loan is one of the fastest ways to get a Rs. 5 lakhs loan. With minimal documentation, quick approval, and flexible EMIs, you can access the required amount easily. Whether it’s for medical expenses, travel plans, or any urgent financial need, follow a few simple online steps to get the money you need without delays.
- 1 Click on 'APPLY ONLINE'
- 2 Fill in the simple application form and enter your phone number
- 3 Verify your identity with OTP authentication
- 4 Proceed by filling in basic KYC, employment, and income details
- 5 Upload the required documentation and complete the form
Our representative will contact you shortly with further instructions.
*Conditions apply
Rs. 5 lakh Personal loan fees and charges
Avail of an online personal loan at competitive personal loan interest rates with flexible repayment options. Bajaj Finserv offers attractive interest rates, making it easier to manage your finances. The loan comes with minimal processing fees, no hidden charges, and hassle-free approval. Interest rates depend on eligibility, income, and credit score.
Why opt for a Rs. 5 Lakh Personal Loan
- A personal loan up to Rs. 5 lakh can be ideal for handling major expenses like weddings, medical emergencies, travel, or home upgrades without using your savings.
- It offers fast approval and minimal paperwork, giving you quick access to funds when you need them most.
- You can repay in affordable instalments. For instance, a Rs. 5 lakh personal loan EMI for 5 years comes with attractive rates, making repayment easy and stress-free.
Also Read:
Frequently asked questions
You can avail of a personal loan of Rs. 5 lakh by following these easy steps:
- Fill up the loan application form with all the relevant personal and financial details.
- Select the loan amount and the repayment tenor.
- Submit the required documents to our representative.
- Post verification, the loan amount of Rs. 5 lakh will be credited to your account.
The processing time for a Rs. 5 lakh loan usually ranges within 24 hours*, depending on the lender and the document verification process.
You can get a Rs. 5 lakh personal loan instantly by applying online with Bajaj Finance. The process involves minimal documentation, and you can receive approval within minutes and disbursal in just 24 hours*, depending on eligibility.
The salary requirement for a Rs. 5 lakh personal loan depends on the lender's policies and eligibility criteria. Generally, lenders assess the applicant's income, financial stability, and repayment capacity to determine the minimum income needed.
You can calculate your personal loan EMI by using an EMI calculator. Input the loan amount, interest rate, and tenure into the tool, and it will instantly display your monthly instalment along with the interest breakdown.
The Rs. 5 lakh personal loan EMI for 5 years starts from approximately Rs. 10,700 per month, based on the applicable interest rate and lender's terms.
Monthly interest on personal loan of Rs. 5 lakh typically ranges between 10% and 31% per annum, depending on the lender.
Getting a Rs. 5 lakh loan without income proof may be possible if you have a strong credit score or existing relationship with the lender. Some lenders offer loans with minimal documentation, but basic verification is still required.
Need Rs. 5 lakhs urgently? A personal loan is an ideal choice since it’s unsecured—no collateral is required to get the funds.
Income proof is typically required to verify your repayment capacity. However, some lenders may offer loans based on your credit score and other factors.
To get a Rs. 5 lakh instant loan personal loan, you typically need a CIBIL Score of 650 or above, though requirements may vary by lender.
A low CIBIL score may require providing additional documentation or a co-applicant to apply for a personal loan of Rs. 5 lakh. Some lenders may still approve the loan with higher interest rates.
You may be eligible for a loan up to Rs. 5 lakh with a Rs. 20,000 salary, based on your credit score, existing liabilities, and the lender’s policies.
