A Rs. 5 lakh loan for 5 years is a versatile financial product that provides borrowers with a lump sum amount without needing any collateral. Ideal for purposes like home renovation, medical emergencies, or travel, personal loans offer flexible repayment terms and competitive interest rates. If you’re wondering how to get Rs. 5 lakhs immediately, personal loans from banks and NBFCs are a quick and convenient option, subject to eligibility based on your income, credit score, and employment status.
Personal loan of Rs. 5 lakh
A Rs. 5 lakh personal loan is a convenient financing option for covering major expenses like weddings, medical emergencies, home renovations, or education. With flexible tenures and competitive interest rates, you can easily manage repayment. Check the Rs. 5 lakh loan EMI for 5 years to plan your finances better.
Eligibility criteria for a Rs. 5 lakh personal loan
To qualify for a Bajaj Finserv Personal Loan, you must satisfy the eligibility criteria outlined below.
- Nationality: Indian
- Age: 21 years to 80 years.
- Employed with: Public, private, or MNC.
- CIBIL score: 650 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.
Documents required for Rs. 5 lakh personal loan for 5 years
Below are the documents you may be asked to submit while applying for a Bajaj Finserv Personal Loan,
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
Calculating your EMI: Rs. 5 lakh personal loan for 5 years
Planning your monthly budget becomes easier when you calculate the EMI for a Rs. 5 lakh personal loan over 5 years. The EMI depends on the interest rate offered by your lender. You can use an online personal loan EMI calculator by entering the loan amount, tenure, and interest rate. This provides instant and accurate EMI values.
Here’s an estimated EMI table for a Rs. 5 lakh loan over 5 years at different interest rates:
Interest Rate (p.a.) |
EMI (Rs.) |
10% |
10,624 |
12% |
11,124 |
14% |
11,638 |
16% |
12,167 |
Using this calculation, you can effectively plan your finances and choose the right lender for your personal loan needs.
Interest Rate (p.a.) |
EMI (Approx.) |
Total Interest Payable |
Total Amount Payable |
10% |
Rs. 10,625 |
Rs. 1,37,500 |
Rs. 6,37,500 |
11% |
Rs. 10,849 |
Rs. 1,45,000 |
Rs. 6,45,000 |
12% |
Rs. 11,074 |
Rs. 1,52,500 |
Rs. 6,52,500 |
13% |
Rs. 11,300 |
Rs. 1,60,000 |
Rs. 6,60,000 |
14% |
Rs. 11,527 |
Rs. 1,67,500 |
Rs. 6,67,500 |
Read the interest on personal loan carefully before proceeding with your loan application.
How to apply for a Rs. 5 lakh personal loan for 5 years?
- Click on ‘APPLY’ at the top of this page to open our online personal loan application form.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
- Choose the repayment tenure – you can select tenure options of 12 months to 96 months and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents
Why choose Bajaj Finance for a Rs. 5 lakh personal loan for 5 years?
Below are the attributes that make Bajaj Finserv Personal Loan an excellent option for managing your unexpected expenses.
- Instant Approval – Your personal loan application can be approved in just 5 minutes*, saving you time and hassle compared to traditional loans.
- Quick Disbursal – Once approved, the loan amount is credited directly to your bank account, often within 24 hours*, so you can meet urgent financial needs immediately.
- Flexible Repayment Tenure – Choose a repayment period that suits your budget, ranging from 12 months up to 96 months, allowing manageable monthly EMIs.
- Minimal Documentation – With simplified KYC and fewer documents required, applying for the loan is hassle-free and convenient.
- Wide Usage – The loan can be used for multiple purposes, including medical emergencies, travel, education or home renovation.
- Competitive Interest Rates – Interest rates are designed to be affordable, making it easier to plan your finances without additional stress.
Conclusion
In conclusion, Bajaj Finserv Personal Loan stands out as a reliable financial solution due to its multiple advantages. With competitive interest rates, flexible repayment options, and a quick approval process, it ensures hassle-free borrowing. The straightforward eligibility and documents for personal loan criteria further simplify the process, making it accessible to a wide range of applicants. Additionally, borrowers can avail of substantial loan amounts tailored to their needs, whether for emergencies, home renovations, or personal aspirations. With a customer-centric approach and excellent support services, Bajaj Finserv provides a seamless and efficient loan experience.
Check eligibility and documents for a personal loan before applying.
Read in detail the online personal loan eligibility calculator
*Terms and conditions apply.
