4,80,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

₹ 5 Lakh Personal Loan

Apply for ₹5 Lakh Personal Loan Online

Last Updated 21st Sep 2021

  • A ₹ 5 Lakh Personal Loan offers the end use of the loan amount.
  • Apply for a ₹ 5 Lakh Personal Loan Online at MyLoanCare to get the best offers.
  • You can also utilise a personal loan EMI calculator to get an idea of the amount payable as EMI for personal loan of ₹ 5 Lakh.
Rates 10.25% p.a Check Current Rates
Profession
  • Self-employed
  • professionals
  • Salaried employees in government or corporate sectors
Minimum Income
  • ₹ 25,000 for salaried employees
  • ₹ 5,00,000 gross receipts(annual) for self-employed
Age 18 to 65 years
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Get ₹ 5 Lakh Personal Loan Online

A ₹ 5 Lakh Personal Loan is an unsecured loan, which helps you cover a variety of planned expenses like home renovations and paying for educational needs, besides fulfilling urgent financial requirements. As banks across India offer different interest rates on personal loans, you can make use of the ₹ 5 Lakh personal loan EMI calculator to determine the most suitable loan repayment tenure and monthly EMI conveniently. Applying for a ₹ 5 Lakh personal loan online with MyLoanCare will ensure planned decision making, minimal documentation requirements and a quick loan approval process.

Eligibility Criteria for Personal Loan of ₹ 5 Lakh

The following points will help you get a clear idea about the factors, based on which banks approve or reject a ₹ 5 Lakh loan.

  • Age: Some banks do prefer approving personal loans to applicants of 18 years of age or above. In general, you can apply for a personal loan upto ₹ 5 Lakh if your age falls within the range of 18 years to 65 years.
  • Income: A ₹ 5 Lakh personal loan application gets approved in no time for salaried employees earning a minimum of ₹ 25,000 monthly. A gross annual income of ₹ 5 Lakh is preferred for self-employed individuals.
  • Employment Type: While both self-employed and salaried employees can opt for personal loan upto ₹ 5 Lakh, banks generally prefer government employees or those who are associated with renowned organisations.
  • Credit Score: A credit score above 650 is desirable to get a ₹ 5 Lakh personal loan.Credit score acts as a first impression for banks, helping them to get a clear idea about your loan repayment eligibility. The higher the credit score is, the greater are your chances to get the loan application approved.

Best Interest Rates for ₹ 5 Lakh Personal Loan

Bank Name Interest rates
Andhra Bank 8.90%
Union Bank of India 8.90%
PNB 8.95%
Indian Bank 9.05%
Allahabad Bank 9.05%

Documents Required for ₹ 5 Lakh Personal Loan

You need to present the following documents to get a personal loan of ₹ 5 Lakh :

  • Two passport-sized photographs.
  • Address proof which can include any one of the following: Driving license, Telephone bill (last 3 months), Passport or Voters ID card.
  • Identity proof including Aadhar card, PAN card, Passport or Voters ID card.
  • Bank account statements of the last three months for salaried employees. A copy of the trade license and registration certificate from RBI is mandatory to present, for self-employed applicants.

₹ 5 Lakh Personal Loan EMI Calculator

There are multiple banks charging different ₹ 5 Lakh personal loan EMI, based on the selected tenure, offered interest rate and monthly income. A personal loan of this amount is easy to apply for and get approved as well. You can also use the ₹ 5 Lakh personal loan EMI calculator available on the website of MyLoanCare to get an accurate amount. Check out the following table to get into more details regarding ₹ 5 Lakh personal loan EMI for 5 years.

Bank Name Monthly EMI for 5 Years (₹)
Andhra Bank
Compare
₹ 10,355
Union Bank of India
Compare
₹ 10,355
PNB
Compare
₹ 10,367
Indian Bank
Compare
₹ 10,391
Allahabad Bank
Compare
₹ 10,391
Karur Vysya Bank
Compare
₹ 10,477
Bank of Maharashtra
Compare
₹ 10,513
SBI
Compare
₹ 10,525
ICICI Bank
Compare
₹ 10,685
HDFC Bank
Compare
₹ 10,685
Kotak Bank
Compare
₹ 10,685
Axis Bank
Compare
₹ 10,744
IndusInd Bank
Compare
₹ 10,744
Tata Capital
Compare
₹ 10,744
Federal Bank
Compare
₹ 10,744
IDFC First Bank
Compare
₹ 10,744
Bank of Baroda
Compare
₹ 10,747
Yes Bank
Compare
₹ 10,797
Indian Overseas Bank
Compare
₹ 10,821
Standard Chartered Bank
Compare
₹ 10,996
Fullerton India
Compare
₹ 11,120
IDBI Bank
Compare
₹ 11,122
Bajaj Finserv
Compare
₹ 11,374
Axis Finance
Compare
₹ 11,377
RBL Bank
Compare
₹ 11,634
Muthoot
Compare
₹ 11,634
IIFL
Compare
₹ 14,384
HDB Financial
Compare
₹ 16,177

How to Apply for a ₹ 5 Lakh Personal Loan?

Applying for a ₹ 5 Lakh personal loan with MyLoanCare will help you to opt for the best rates available in the market. Read through the following steps and get the loan process completed at your convenience.

  • Step1: You can either download the android app of MyLoanCare or visit the website to enter personal loan related details like age, name, number, residence, income.
  • Step 2: The platform will offer a variety of charts based on the information you have updated. Go through them and make planned comparisons.
  • Step 3: A representative from MyLoanCare will get back to you, to reconfirm the submitted details and discuss other loan-related requirements. He/she will suggest the best banks based on your eligibility, besides explaining the documents required and the entire loan process.
  • Step 4: In case you are interested to proceed further, the representative will schedule a document pick-up appointment with the selected bank. For applicants, who use MyLoanCare’s website or app to upload documents, a bank representative will call you back to verify the submitted information.
  • Step 5: Your application for a ₹ 5 Lakh personal loan will get approved or verified based on the CIBIL score and documents submitted. The bank will forward a sanction letter with all the key terms once the loan gets approved.
  • Step 6: The loan amount will get credited to your account within one or two business days.

FAQs

Which bank is best for a Personal Loan of ₹ 5 Lakh?

Banks like Andhra Bank, Union Bank of India, PNB, offer hassle-free ₹ 5 Lakh loans at lowest personal loan interest rate of 8.90%, 8.90% and 8.95%. You can also go through the website of MyLoanCare to get a detailed overview in chart form.

Can I get Lowest Interest Rate on a ₹ 5 Lakh Personal Loan?

A thorough comparison between the available loan options will help you to select a ₹ 5 Lakh loan scheme with the lowest interest rate. You can also visit the website or download the android app of MyLoanCare to do the comparison. In addition to that ensure meeting the eligibility criteria to avail a personal loan, precisely maintain a good cibil score above 650 and ensure clearing off your previous EMIs.

Can I avail ₹ 5 Lakh Loan without Income Proof?

You can avail of a ₹ 5 Lakh loan without income proof, by presenting your property documents as collateral or by applying with a co-applicant. However, ensure that you maintain a good cibil score and hold a bank account with the respective personal loan lender.

What is the interest rate for SBI ₹ 5 Lakh Loan?

The interest rate charged for SBI personal loan ₹ 5 Lakh varies between 9.60% to 15.65%. The rate may however, vary across women borrowers and senior citizens, as there are specialized rates for them.

What are the factors that can affect ₹ 5 Lakh Personal Loan EMI?

The loan amount opted for, tenure and interest charged by the bank affects the EMI for ₹ 5 Lakh personal loan. It is advisable to go for a personal loan EMI that fits your budget and your income to expenses ratio.

What will be the EMI for a ₹ 5 Lakh Personal Loan?

The payable ₹ 5 Lakh personal loan EMI depends on factors like, tenure and interest rate charged, so it can vary across banks accordingly. It is advised to use the personal loan EMI calculator to get an idea of EMI and determine a suitable tenure. The ₹ 5 Lakh personal loan EMI for top banks is listed as follows:

BankLowest EMI
Andhra Bank₹ 10,355
Union Bank of India₹ 10,355
PNB₹ 10,367
Indian Bank₹ 10,391
Allahabad Bank₹ 10,391

MyLoanCare Assurance

Bank Neutral Advice
No Unsolicited Call
Free Service and
Quality Response
Digital Doorstep Services
Delivery in 1100+ Cities
Attractive Cashback

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 8.99% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...