Personal Loan of Rs. 5 lakh for 5 years

Looking for a personal loan of Rs 5 lakh for 5 years? Check your eligibility, required documents, flexible loan options, interest rates, and hassle-free application process.
Personal Loan
3 min
28 July 2025

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: 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. 

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

How to calculate the EMI for a personal loan of Rs. 5 lakh for 5 years?

To calculate the EMI for a Rs. 5 lakh personal loan over 5 years, you can use a personal loan EMI calculator. Input the loan amount, interest rate, and tenure into the calculator. Using an online EMI calculator simplifies the process and gives you instant EMI values.

How to calculate the EMI for a personal loan of Rs. 5 Lakh for 5 Years?

Calculating the Rs. 5 lakh personal loan EMI helps you plan your monthly budget effectively. The EMI amount depends on the interest rate charged by the lender. Here’s an estimated table showing the Rs. 5 lakh loan EMI for 5 years at different interest rates:

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: You can get the loan application approved in just 5 minutes.

Quick disbursal: You get the funds in your bank account within as little as 24 hours*.

Flexible repayment period: Repay the loan easily over a tenure ranging from 12 months to 96 months.

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.

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Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

What is the EMI for a Rs. 5 lakh loan for 5 years?
With an interest rate of 12%, the EMI for a Rs. 5 lakh loan over 5 years would be approximately Rs. 11,122.
How to calculate EMI for a Rs. 5 lakh loan over 5 years?

You can use a personal loan EMI calculator to compute your EMIs, it uses an EMI calculation formula to calculate your monthly instalments. The formula used is:

E = P*r*(1+r)^n/((1+r)^n-1) where,

E is EMI
P is the principal loan amount,
r is the rate of interest calculated monthly, and
n is the tenure/ duration in months

What is the minimum salary required for a Rs. 5 lakh personal loan?
Borrowers need a monthly salary of Rs. 25,001 or more to apply for a personal loan from Bajaj Finance.
Can I get a Personal Loan of Rs 5 lakh without collateral?

Yes, Bajaj Finserv offers unsecured personal loans of Rs. 5 lakhs without collateral, provided you meet the eligibility criteria like credit score, income, and employment stability.

What credit score do I need for an instant loan of Rs 5 lakh?

A credit score of 685 or above improves your chances of approval for an instant Rs. 5 lakh personal loan with competitive interest rates.

I need a Rs. 5 lakh rupee loan, can I avail it without documents?

No, lenders require basic KYC documents, income proof, and employment details for loan approval. Pre-approved customers may get minimal documentation benefits.

Can I avail Rs 5 lakh loan without income proof?

Generally, income proof is mandatory. However, salaried individuals with a strong credit history and existing relationship with the lender may get relaxed documentation requirements.a

How long does loan approval and disbursal take?

Loan approval and disbursal typically take 24 hours*, depending on the lender and completeness of your application documents.

Can I prepay or foreclose my Rs. 5 lakh personal loan early?

Yes, most lenders allow prepayment or foreclosure of your Rs. 5 lakh personal loan, sometimes with nominal charges. Check your loan agreement for specific terms.

What happens if I miss an EMI?

Missing an EMI may lead to late payment fees and affect your credit score. It’s important to inform the lender and arrange payment as soon as possible.

Can I apply as a self-employed individual?

Yes, self-employed individuals can apply for personal loans, subject to providing valid income proof and meeting the lender’s eligibility criteria.

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