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  • 5 Lakh Personal Loan

Personal Loan of Rs 5 Lakh

Never let your financial circumstances hinder your dream. Get an instant personal loan of Rs. 5 Lakh for all your short-term needs with low interest rates. Your loan approval depends on the eligibility criteria where you can access pre-approved offers and minimal paperworks.

To avoid more paperworks and minimal verifications, you can prefer an online loan application of Rs. 5 Lakh. Get to know the eligibility criteria for acquiring yours.

By clicking above, you agree to the Terms and Conditions.

Features & Benifits

Instant Loan offer in 3 mins
24-hour disbursal
No collateral required
Loan upto 10 Lakhs
Paperless process
Attractive interest rates

Embarking on a journey where you suddenly need Rs. 5 lakhs can be overwhelming. While the prospect of a loan may seem daunting, a personal loan of Rs. 5 lakhs can serve as a lifeline in unforeseen circumstances.

Let's delve into the numerous advantages of obtaining a personal loan of this magnitude:

  • Seamless Digital Process
  • Swift Disbursement
  • Versatile Usage

How to Apply for a ₹5 Lakh Personal Loan?

  • Choose the loan type, tenure, and other terms.
  • Upload the necessary documents, which will be verified online for a seamless process.

Benefits of a ₹5 Lakh Personal Loan

  • There is no need for collateral, providing security-free financial assistance.
  • Rapid fund disbursement within hours of document verification.
  • Flexible repayment schedules to align with your budget.
  • Funds can be used for any personal reason without stringent proof requirements.

Eligibility Criteria for a Rs. 5 Lakhs Personal Loan

  • Indian citizenship.
  • Age between 19 and 60 years.
  • Monthly income of minimum Rs. 15,000
  • Tenure of a Personal Loan:
  • The minimum tenure is 9 months; the maximum is 42 months for a Rs. 5 lakh loan.

Credit Score:A credit score of at least 700 is typically required for personal loan approval.

Documents Required for a 5 Lakh Loan

  • Proof of address ( Aadhar Card)
  • PAN card
  • Minimum 6 months SA Bank statement.
  • Live selfie

How Do I Calculate My ₹5 Lakh Personal Loan EMI?

  • Use the formula: EMI= PxRx[(1+R)^N]/ [(1+R)^N-1]
  • Input the loan amount (P), interest rate (R), and tenure (N).
  • Alternatively, use the personal loan EMI calculator for instant calculations.

Factors influencing interest rates include

  • Credit Score: A higher credit score often leads to lower interest rates.
  • Loan Amount
  • Income and Employment Stability:
  • Loan Tenure: Longer tenures may incur higher interest rates due to increased risk.
  • Relationship with the Lender: Existing customers may enjoy preferential rates based on their relationship with the lender.
  • Market Conditions: Broader economic factors influence interest rates, with market changes impacting lending rates.

FAQ's

Can I get a ₹5 Lakh loan without collateral?

Yes, you can get a ₹5 Lakh loan without collateral, depending on your creditworthiness and the lender's policies. If your credit score meets the eligibility, it will increase your loan approval possibilities with an easy EMI schedule.
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How can I get a ₹5 Lakh personal loan without documents?

If you're considering applying for a personal loan, lenders usually prefer documents for verification. However, you can prefer online lending platforms which provide you a loan with minimal documentation without visiting a lender. You will get this accessibility by being a long term patron in a financial institution, having a high credit score and so on.
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Do I need collateral to get a ₹5 Lakh loan? Where Can I Get A Loan Of ₹5 Lakh?

You don't need collateral for a ₹5 Lakh personal loan. You can get such loans from online lenders, banks, credit unions based on the eligibility and required documentation.
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PL Tips & Guide

Things to consider before using a personal loan for home loan down paymentThings to consider before using a personal loan for home loan down payment
Banks issue only up to 90% of the property value as home loan and the remaining 10%, plus additional expenses, has to be borne by the buyer. Will a personal loan help to bridge this gap?
Sunita Mishra13 Mar '23
Using a personal loan to clear overdue payments: All you need to knowUsing a personal loan to clear overdue payments: All you need to know
If you are applying for a personal loan, it is important to understand overdue payments and how a personal loan can be used to clear overdue payments.
Housing News Desk07 Jun '22
Home loan vs personal loan: Which one should you choose?Home loan vs personal loan: Which one should you choose?
Consumers are shifting to personal loans increasingly, because banks are becoming more generous with them. What works best for you in the long run? Let us find out
Housing News Desk18 Oct '21

Articles

What is the minimum CIBIL score required for personal loan?What is the minimum CIBIL score required for personal loan?
A good CIBIL score allows the borrower to get advantages in terms of interest rates and other benefits.
Geethapriya Srinivasan26 Mar '24
How to get a loan for pensioners?How to get a loan for pensioners?
Loans for pensioners act as a safety net for people on pension.
Geethapriya Srinivasan23 Mar '24
How to read personal loan statement of account?How to read personal loan statement of account?
SOA for borrowers helps them manage their repayments effectively.
Geethapriya Srinivasan20 Mar '24
How to get a personal loan without bank statements?How to get a personal loan without bank statements?
One may be subjected to certain extra conditions to receive a personal loan without bank statements.
Geethapriya Srinivasan17 Mar '24
What is the maximum personal loan amount I can get on my salary?What is the maximum personal loan amount I can get on my salary?
Understanding eligibility for personal loans helps borrowers to increase the amount to be borrowed.
Geethapriya Srinivasan13 Mar '24
What is the meaning of payday loans?What is the meaning of payday loans?
Payday loans allow easy access to funds.
Geethapriya Srinivasan10 Mar '24

Reviews

Down Payment

I had been saving up for years to buy my dream home, but I fell short on the down payment. Housing.com's personal loan was a lifesaver, providing the extra cash I needed to close the deal and move into my forever home.

Amit S

from Hyderabad

Home Renovation

I needed to make some major updates to my rental property. Housing.com's personal loan gave me the funds I needed to make the necessary repairs and increase the value of my property.

Kavita M

from New Delhi

Medical Loan

I needed a personal loan to cover unexpected medical expenses, and Housing.com came through with competitive rates and fast approval. I'm so grateful for their support during a tough time.

Vaibhav N

from Gurgaon

Wedding Loan

My wedding was just around the corner, and I needed some extra cash to cover the expenses. Housing.com gave me the flexibility I needed to make my dream wedding a reality.

Rohit S

from Bangalore

Help & Support

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