Features and benefits of personal loan
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Ample sanction
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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Near-instant loan approval
By meeting the simple criteria and submitting the required documents for personal loan, 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.
Avail funding of up to Rs. 5 lakh for any end-use, be it medical emergencies, wedding expenses, travel, business expansion, or more with a personal loan from Bajaj Finserv. All you have to do is meet the simple eligibility terms, furnish minimal documentation, and start your application journey online. Our quick approval and disbursal simplify financing for urgent needs.
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 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.
Rs. 5 lakh personal loan EMI for up to 6 years
When you apply for a Rs. 5 lakh personal loan, the EMI depends on the loan tenure and interest rate. Check out the illustration below for Rs. 5 lakh loan EMI for up to 6 years:
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 |
Eligibility criteria of personal loan for Rs. Rs. 55 lakh
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Nationality
Indian
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Age
21 years to 80 years*
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CIBIL score
685 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.
How to apply for a Rs. 5 lakh personal loan online with Bajaj Finance
If you're looking to apply for a personal loan of Rs. 5 lakh, the process is simple and can be done online. Follow this easy 5-step guide to quickly secure the funds you need.
- 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
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.
You can apply for an instant personal loan online with minimal documentation. Approval and disbursal timelines vary depending on the lender.
Processing time usually ranges within 24 hours, depending on the lender and document verification process.
Yes, since personal loan is unsecured in nature, you do not need to pledge any collateral to get it.
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.
Monthly interest on Rs. 5 lakhs varies based on the interest rate. It typically ranges between 10% and 31% per annum, depending on the lender.
Document submission is required for verification purposes, but some lenders offer minimal documentation loans if you meet specific eligibility criteria.
Income proof is typically required to verify your repayment capacity. However, some lenders may offer loans based on your credit score and other factors.
You need a CIBIL Score of 685 or higher to apply for a Bajaj Finserv Personal Loan.
A low CIBIL score may require providing additional documentation or a co-applicant. Some lenders may still approve the loan with higher interest rates.
Yes, with a monthly salary of Rs. 20,000, you may qualify for a Rs. 5 lakh loan, depending on your credit score and other eligibility factors.
