₹ 5 Lakh Personal Loan

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.

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.

Bank Name	Interest rates
Bank of Baroda	8.65%
Karur Vysya Bank	8.70%
Indian Bank	8.90%
Andhra Bank	8.90%
PNB	8.95%

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.

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 (₹)
Bank of Baroda ⊕ Compare	₹ 10,294
Karur Vysya Bank ⊕ Compare	₹ 10,307
Indian Bank ⊕ Compare	₹ 10,355
Andhra Bank ⊕ Compare	₹ 10,355
PNB ⊕ Compare	₹ 10,367
Allahabad Bank ⊕ Compare	₹ 10,391
SBI ⊕ Compare	₹ 10,525
Union Bank of India ⊕ Compare	₹ 10,550
Bank of Maharashtra ⊕ Compare	₹ 10,587
Indian Overseas Bank ⊕ Compare	₹ 10,624
ICICI Bank ⊕ Compare	₹ 10,685
Kotak Bank ⊕ Compare	₹ 10,735
IndusInd Bank ⊕ Compare	₹ 10,744
Tata Capital ⊕ Compare	₹ 10,744
Federal Bank ⊕ Compare	₹ 10,744
IDFC First Bank ⊕ Compare	₹ 10,744
HDFC Bank ⊕ Compare	₹ 10,747
Yes Bank ⊕ Compare	₹ 10,797
Axis Bank ⊕ Compare	₹ 10,871
Standard Chartered Bank ⊕ Compare	₹ 10,996
IIFL ⊕ Compare	₹ 11,059
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
HDB Financial ⊕ Compare	₹ 16,177

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.

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

Banks like Bank of Baroda, Karur Vysya Bank, Indian Bank, offer hassle-free ₹ 5 Lakh loans at lowest personal loan interest rate of 8.65%, 8.70% and 8.90%. 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:

Bank	Lowest EMI
Bank of Baroda	₹ 10,294
Karur Vysya Bank	₹ 10,307
Indian Bank	₹ 10,355
Andhra Bank	₹ 10,355
PNB	₹ 10,367