® 
Is your Credit Score >750?
- Get low interest loans & Lifetime FREE credit cards
- Get customized Credit Health Report
- Improve your creditworthiness
Instant loans of small amounts are beneficial when facing a financial crunch. Whether it is a medical emergency, travel, or vehicle repair, an instant Rs. 5000 loan is of great use. Let us now understand how to apply for a Rs. 5000 loan and its features.
Key Features of the Instant Rs. 5000 Loan
Many lenders are providing instant personal loans. The features of the loan will vary according to the lenders. However, here are some common features.- Instant approval and disbursal: Many apps provide fast approval and quick disbursal.
- 100% paperless: Most lenders require zero paperwork. The process is completely app-based starting from loan application to disbursal.
- Affordable interest rates: Interest rates on instant personal loans are affordable.
- Quick Eligibility Check: You can check your eligibility on the lender’s website or the app very quickly.
- Flexible EMI Options: Most lenders offer flexible EMI options and give you the option to repay according to your convenience.
- Zero preclosure fees: Instant Rs. 5000 loans come with zero preclosure fees.
- No collateral required: Since instant personal loans are unsecured, no collateral is required.
Eligibility Criteria For An Instant Rs. 5,000 Loan
Eligibility criteria vary across lenders. However, some eligibility criteria are common as follows:
- The age of the borrower lies between 21 years and 65 years
- The borrower must be an Indian citizen.
- The borrower can either be self-employed or salaried. He or she must have a steady income source.
- Income must be disbursed directly to the bank account.
- The criteria for credit score varies across lenders.
Documents Required for Instant Rs. 5000 Loan
For an instant Rs. 5000 loan, the minimal documentation required is as follows:
- Your PAN number
- Aadhaar card linked to your mobile number for KYC verification.
How to Apply for an Instant Rs. 5000 Loan?
Step 1: Check your eligibility - You can find out the amount you are eligible for by going to the lender’s website or the app
Step 2: Provide details about the loan tenure: You can choose the repayment term most suitable to you
Step 3: Submit documents: Since the application process is completely digital, you can easily upload the required documents for quick verification.
Step 4: Amount disbursal: After loan agreement submission and document verification, the loan is disbursed directly to your bank account within 24 hours.
Purpose of the Instant Rs. 5000 Loan
The instant Rs. 5000 loan does not have any end usage restriction and can be used for a variety of purposes.
- Helps in improving credit score: When you take an instant Rs. 5000 loan and pay your EMIs on time, it helps in improving your credit score.
- Credit card bills: An emergency loan of Rs. 5000 can help you pay off your credit card dues quickly. It will help you avoid the accumulation of interest
- Travel goals: An instant Rs. 5000 loan can help you to meet some expenses while traveling or if it is a budgeted tour, it may even cover the entire expenditure for the tour.
- Medical Bills: Instant Rs. 5000 loans will help in meeting a part of or your full bills for medical emergencies.
- Shopping: Whether you want to buy your favourite dress or buy newly launched electronic items, you can take an instant Rs. 5000 loan from the various lenders available.
- Online courses: Taking online courses helps in improving your skills and adds to your resume. An instant personal loan of Rs. 5000 is a great solution to fund your online course.
What is the EMI for a Rs. 5000 Loan?
Before you take an instant personal loan, it is essential to know the EMI before itself. The formula used to compute the EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
Where P is the loan amount
R is the interest rate
N is the tenure in the number of months
You can use a personal loan EMI calculator available on Creditmantri.com.Here is what your EMIs will look like for different tenures if you have taken a loan of Rs. 10,0000 at an interest rate of 10% per annum.
Loan amount | Interest rate (p.a.) | Tenure in months | EMI in Rs. |
|---|---|---|---|
Rs. 100000 | 10% | 12 | 8792 |
Rs. 100000 | 10% | 24 | 4614 |
Rs. 100000 | 10% | 36 | 3227 |
Rs. 100000 | 10% | 48 | 2536 |
Rs. 100000 | 10% | 60 | 2,125 |
Frequently Asked Questions:
1. Do banks give instant loans worth Rs. 5000 on the Aadhaar card?
Yes, instant loans worth Rs. 5000 can be obtained on the Aadhaar card. However, the eligibility criteria and the interest rates vary across lenders. Generally getting an instant 5000 loan using your Aadhaar is faster due to quick document verification.
2. What is the minimum credit score required for an instant 5000 loan?
The minimum credit score varies across lenders. However, a credit score that lies between 650 to 750 is preferred by most lenders.
Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source before taking any choices or actions.
Write a review