Personal loans provide a one-time cash injection for various needs, from travel adventures to medical bills. Unlike some loans, you typically do not need collateral (like your car or house) to qualify. The interest rate is based on your credit history and repayment timeline. This flexibility makes personal loans a convenient option for managing different financial situations. If you need a Rs. 5 lakh personal loan for a tenure of 3 years, look no further than the personal loan offered by Bajaj Finance Limited. Hassle-free application process and quick disbursal make it an ideal option when you need to manage your expenses.
Eligibility criteria for a Rs. 5 lakh personal loan
To get a Bajaj Finance Personal Loan, you need to meet the eligibility criteria mentioned below.
- Nationality: Indian
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL score: 685 or higher.
- Monthly salary: Starting Rs. 25,001, based on the city you live in.
*You should be 80 years* or younger, at the end of the loan tenure.
Read in detail the eligibility criteria and documents required for our personal loan.
Documents required for Rs. 5 lakh personal loan for 3 years
For a Bajaj Finance Personal Loan, below are the documents you may be asked to submit:
- 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
- Utility bill of electricity and piped gas
How to calculate the EMI for a personal loan of Rs. 5 lakh for 3 years?
To calculate the EMI for a Rs. 5 lakh personal loan over 3 years, you can use a personal loan EMI calculator. Input the loan amount, interest rate, and tenure into the calculator. For instance, with an interest rate of 12%, the EMI for a Rs. 5 lakh loan over 3 years would be approximately Rs. 16,607. Using an online EMI calculator simplifies the process and gives you instant EMI values.
Read the interest rates and charges carefully before proceeding with your loan application.
Why choose Bajaj Finance for a Rs. 5 lakh personal loan for 3 years?
Here are the features that make Bajaj Finance Personal Loan a great choice to manage your expenses:
No collateral: You do not need to provide any collateral to get our personal loan.
Quick approval: You can get the loan application approved in just 5 minutes.
Disbursal in 24 hours*: You get the funds in your bank account within as little as 24 hours*.
Flexible tenure: Repay the loan comfortably over a tenure ranging from 12 months to 96 months.
With Bajaj Finance Limited, you can get quick funds with a smooth borrowing experience tailored to your needs.
Apply for our Personal Loan
*Terms and conditions apply.
