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Most banks and NBFCs offer 5 lakh personal loans. The interest rates offered on these personal loans depend on the credit score, monthly income, job profile, and employer’s profile. With the funds available from these personal loans, you can cover all kinds of expenses right from marriage to medical. In most cases, the funds are disbursed with minimal documentation. Some lenders offer pre-approved personal loans also for select customers.
Best Online Loan Lenders for Rs 5 Lakh Personal Loan
Here are some of the top online loan lenders for loan upto 5 lakhs
Max. Loan Amt.
Up to ₹4 Lakhs
Interest Rate
2.25% - 2.50% p.m.
Max Tenure
3 to 18 Months
Processing Fee
Up to 3%
Quick Disbursals
100% Digital Process
Zero Paperwork
Max. Loan Amt.
₹3,000 to ₹ 5 Lakhs
Interest Rate
16% to 29.95% p.a.
Max Tenure
4 to 36 Months
Processing Fee
Up to 6.5%
100% Online Process
10 Minute Disbursal
Direct Bank Transfer
Max. Loan Amt.
Up to ₹5 Lakhs
Interest Rate
16% p.a. onwards
Max Tenure
3 to 36 Months
Processing Fee
Up to 2%
100% Online Process
Flexible Repayment
Max. Loan Amt.
₹5,000 to ₹ 10 Lakhs
Interest Rate
16% p.a. onwards
Max Tenure
6 - 60 Months
Processing Fee
Up to 2%
Quick Disbursement
Minimal Documentation
Zero paperwork
Max. Loan Amt.
Up to ₹45,000
Interest Rate
2% - 4% p.m.
Max Tenure
Up to 3 Months
Processing Fee
Up to 3%
Approval In 10 Mins
100% Online Process
Direct Bank Transfer
Max. Loan Amt.
₹25000 - ₹5 Lakhs
Interest Rate
15% - 24% p.a.
Max Tenure
6 - 48 months
Processing Fee
3% - 5%
Digital Documentation
Quick Disbursal
Max. Loan Amt.
Up to ₹5 lakhs
Interest Rate
Start at 1.5% p.m.
Max Tenure
3 - 12 months
Processing Fee
2% - 6%
Multiple Loans Simultaneously
Fast Loan Disbursal
No Pre-closure Charges
Max. Loan Amt.
₹30000 - ₹7.5 Lakhs
Interest Rate
12% - 28% p.a.
Max Tenure
6 - 36 months
Processing Fee
6% - 8%
Get Funded Faster
No Bank Mediation
Max. Loan Amt.
Up to ₹ 15 Lakhs
Interest Rate
12% p.a. onwards
Max Tenure
12 - 48 Months
Processing Fee
Up to 3%
Fast & Completely Digital Process
No Income Proof Required
Max. Loan Amt.
₹5000 - ₹5 Lakhs
Interest Rate
16% - 36% p.a.
Max Tenure
3 - 60 Months
Processing Fee
Up to 2.5%
Quick Approvals & Disbursals
Zero Credit History
Paperless Documentation
Max. Loan Amt.
Up to ₹ 35 Lakhs
Interest Rate
10.99% - 35% p.a.
Max Tenure
6 Years
Processing Fee
Up to 5.5%
Quick Disbursal
No Collateral/Security
Overdraft Facility
Max. Loan Amt.
₹1,000 - ₹5 Lakhs
Interest Rate
18% - 30% p.a.
Max Tenure
2 - 24 Months
Processing Fee
2% - 12%
100% Digital Process
Zero Paperwork
Low Interest & Flexi Tenures
Max. Loan Amt.
₹1,000 - ₹5 lakhs
Interest Rate
Start at 11.99% p.a.
Max Tenure
3 - 36 Months
Processing Fee
0-10%
Easy 5 Minutes Application
100% Paperless
Instant Amount Disbursals
Max. Loan Amt.
₹1,000 to ₹1,25,000
Interest Rate
Start at 2.4% p.m.
Max Tenure
3 - 12 Months
Processing Fee
0 - 15%
Minimum Documentation
100% Digital
Disburse within 30 mins
Max. Loan Amt.
₹25,000 to ₹10 Lakhs
Interest Rate
18% - 30% p.a.
Max Tenure
3 - 60 Months
Processing Fee
Up to 2.50%
Instant Approval And Disbursal
Minimum Documentation
Max. Loan Amt.
₹1,000 - ₹15 Lakhs
Interest Rate
Start at 13.99% p.a
Max Tenure
3 - 24 Months
Processing Fee
Up to 3%
Quick Disbursement
Minimum Documentation
Max. Loan Amt.
₹5,000 - ₹1 Lakh
Interest Rate
24% to 36% p.a.
Max Tenure
3 - 24 Months
Processing Fee
5% - 8%
Fast Approval and Disbursement
Quick Application Process
Max. Loan Amt.
Up to ₹50 Lakh
Interest Rate
10.25% - 29.99% p.a.
Max Tenure
6 - 60 Months
Processing Fee
1.5% - 6%
Instant Loan Approval
100% Online Process
Paperless Process
Max. Loan Amt.
₹3,000 - ₹5 Lakhs
Interest Rate
12% - 36% p.a.
Max Tenure
6 - 24 Months
Processing Fee
Up to 2%
Fast Approvals
Zero Paperwork
Flexible EMI Options
Max. Loan Amt.
₹5,000 - ₹15 Lakhs
Interest Rate
Start at 11.99% p.a.
Max Tenure
Up to 6 Years
Processing Fee
0.5% - 4%
Fast Approvals
Minimal Documentation
Max. Loan Amt.
₹ 1,000 - ₹ 60,000
Interest Rate
12% - 36% p.a.
Max Tenure
Up to 12 months
Processing Fee
Starts at ₹ 349
Quick Approvals
Zero Paperwork
Max. Loan Amt.
₹5,000 - ₹2 Lakhs
Interest Rate
18% - 36% p.a.
Max Tenure
5 - 20 Months
Processing Fee
Up to 3%
Instant Fund Transfer
100% Digital Process
Minimal Documentation
Max. Loan Amt.
Up to ₹2 Lakhs
Interest Rate
12% - 22% p.a.
Max Tenure
6 - 36 Months
Processing Fee
2% - 4%
Superfast Processing
Minimal Documentation
Max. Loan Amt.
Up to ₹5 Lakhs
Interest Rate
18% - 42% p.a.
Max Tenure
3 - 24 months
Processing Fee
2 - 10%
Quick Disbursal
Minimal Documentation
Max. Loan Amt.
Up to ₹50 Lakhs
Interest Rate
10% - 16% p.a.
Max Tenure
Up to 7 years
Processing Fee
Up to 3%
Minimal Documentation
Easy Online Application
Max. Loan Amt.
Up to 5 Lakh
Interest Rate
1.75% - 21% p.a.
Max Tenure
Up to 36 Month
Processing Fee
2.5% - 3.5%
Quick Approval
Paperless Application Process
Quick Disbursal
Max. Loan Amt.
Up to ₹20 Lakh
Interest Rate
9.9% - 45% p.a.
Max Tenure
Up to 48 Months
Processing Fee
Nil*
Instant Disbursal
100% Paperless Process
Minimal Documentation
Max. Loan Amt.
Up to ₹3 Lakh
Interest Rate
18% - 54% p.a.
Max Tenure
10 to 36 Months
Processing Fee
₹1,250
Fast Approvals
Express Disbursal
Minimal Documentation
Max. Loan Amt.
Up to ₹5 Lakhs
Interest Rate
16% to 35.99% p.a.
Max Tenure
6 to 60 Months
Processing Fee
0.5% to 3.5%
Fast Approvals
Express Disbursal
Low EMI's
Max. Loan Amt.
Up to ₹5 Lakhs
Interest Rate
13% p.a. onwards
Max Tenure
2 to 36 Months
Processing Fee
2% + GST
Instant Approval
Flexible Repayments
Max. Loan Amt.
₹10,00 - ₹5,00,000
Interest Rate
1.6% p.m. onwards
Max Tenure
9 to 60 Months
Processing Fee
Up to 5%
Instant Online Approval
Quick & Convenient
No Collaterals
Max. Loan Amt.
Up to ₹50,000
Interest Rate
24% to 36% p.a.
Max Tenure
Up to 6 Months
Processing Fee
0% - 7.5%
100% Online Process
Loan Disbursal in Few Minutes
Max. Loan Amt.
Up to ₹2,00,000
Interest Rate
18% - 36% p.a.
Max Tenure
Up to 36 Months
Processing Fee
3%
100% Digital Process
Multi Purpose Loans
Max. Loan Amt.
Up to ₹10 Lakhs
Interest Rate
10.99% p.a. onwards
Max Tenure
Up to 60 Months
Processing Fee
2%
100% Digital Process
ZERO Foreclosure Charges
Max. Loan Amt.
Up to ₹5 Lakhs
Interest Rate
14% p.a. onwards
Max Tenure
3 to 36 Months
Processing Fee
Nil*
Instant Approval
Quick Disbursal
Key Features of Rs 5 Lakh Personal Loan
- Completely paperless online process: The entire process is digital thus saving time and ensuring a smooth journey.
- Quick approval and disbursal: The approval can be done in minutes and disbursal is also immediate with minimal preparation time. The application process is hassle-free.
- Flexible EMI Options: The repayment tenure is flexible, and you can choose one based on your financial standing.
- Lucrative interest rates: The interest rates are affordable however the conclusive rate is impacted by factors such as credit score, income, repayment ability, job stability, etc.
- No collateral required: Rs 5 lakh personal loans do not require any collateral thus making borrowing convenient.
- Minimal documentation: Rs 5 lakh personal loans require very minimal documentation just with your PAN or Aadhaar details thus preventing the difficulty of submitting extensive documentation.
Best Online Loan Lenders for Rs 5 Lakh Personal Loan
Here are some of the top online loan lenders for loan upto 5 lakhs
Bank | Loan amount | Rate of interest | Tenure |
|---|---|---|---|
HDFC | Up to Rs. 40 lakhs | 10.5% to 24% | Up to 6 years |
Axis | Up to Rs. 40 lakhs | 10.99% to 22% | 1 to 5 years |
Kotak | Up to Rs. 40 lakhs | 10.99% to 36% | Up to 6 years |
IDFC First Bank | Up to Rs. 10 lakhs | 10.99% - 23.99% | Up to 5 years |
ICICI Bank | Up to Rs. 50 lakhs | 10.8% - 16.15% | 1 to 6 years |
Yes Bank | Up to Rs. 40 lakhs | 10.99% - 20% | Up to 5 years |
Tata Capital Limited | Up to Rs. 35 lakhs | 10.99% - 35% | Up to 6 years |
Standard Chartered Bank | Up to Rs. 50 lakhs | 12 to 17.5% | Up to 5 years |
IndusInd Bank | Up to Rs. 50 lakhs | 10.49% to 26% | 1 to 5 years |
Processing Charges for best online lenders for Rs 5 Lakh Personal Loan
Bank | Processing charges |
|---|---|
HDFC | Rs. 4,999 |
Axis | Up to 2% |
Kotak | Up to 3% |
IDFC First Bank | Up to 2% |
ICICI Bank | Up to 2% |
Yes Bank | 0% to 2.5% |
Tata Capital Limited | 0.0% to 5.5% |
Standard Chartered Bank | Up to 3% |
IndusInd Bank | Up to 4% |
Disclaimer: The loan amounts, rate of interest, tenure, and processing charges are as of when this page was written and are subject to change. For exact information, contact the lenders or refer to their respective websites.
Rs 5 Lakhs Personal Loan EMI Breakdown for 1 to 5 Year Tenure
For a personal loan of Rs 5 lakhs with various tenures ranging from 1 to 5 years, the EMI will vary based on the interest rate offered by the lender. Assuming an interest rate of around 12% per annum (a common rate for many lenders), Here is the breakdown of the EMI for different tenures.Loan Amount (Rs) | Interest Rate (p.a.) | Tenure (Years) | EMI (Rs) |
|---|---|---|---|
5 Lakhs | 12% | 1 | Rs 44,424 |
Rs 5 Lakhs | 12% | 2 | Rs 23,537 |
Rs 5 Lakhs | 12% | 3 | Rs 16,607 |
Rs 5 Lakhs | 12% | 4 | Rs 13,167 |
Rs 5 Lakhs | 12% | 5 | Rs 11,122 |
Eligibility Criteria for Rs 5 Lakh Personal Loan
The eligibility criteria for Rs 5 lakh personal loan are as mentioned below. The loan amount is provided to salaried (employed in a private limited company or public sector undertaking) and self-employed individuals with minimum 1 year of work experience.
Nationality | Indian |
Age | 21 to 67 years |
Income requirement | The minimum income requirement is Rs. 15,000 per month for salaried borrowers. |
Credit score | Individuals with a credit score of 750 and exceeding that have a greater probability of getting a 5-lakh personal loan at lower interest rates. |
Note: Some of the eligibility criteria mentioned above may vary on a case-to-case basis and are also subject to change. So, for the exact eligibility criteria, contact the lender.
Documents Required for 5 lakh Personal Loan
For the salaried
- PAN card
- ID proof
- Address proof
- Signature proof
- Bank statements for the past 6 months
- Salary slips for the last 3 months
- ITR/Form 16
For the self-employed
- ITR for the last 2 years along with P&L account, balance sheet, and income computation for the last 2 years.
- Business proof
- Form 26AS, income tax challan or TDS certificate (Form 16A) for the declared amount of income tax.
FAQs On Rs 5 Lakh Loan:
1. How to get Rs. 5 lakhs urgently?
Fill out an application form by entering the necessary details. Submit the documents required. Get the approval and accept the loan offer. After the approval, the loan amount will be disbursed to your bank account.
2. How to determine the interest rates and charges suitable for a personal loan of Rs. 5 lakhs?
Interest rates and other charges for a personal loan depend on multiple factors like credit profile, income, job stability, employer reputation. Etc.
3. What is the EMI for 5 lakh loan?
For a ₹5 lakh loan at an annual interest rate of 14%, the EMI varies depending on the loan tenure:
- 1-year term: ₹44,894
- 2-year term: ₹24,006
- 3-year term: ₹17,089
- 4-year term: ₹13,663
- 5-year term: ₹11,634
These EMI amounts are fixed based on the specified interest rate and loan duration.
4. Can I get 5 lakh loan for 20,000 salary?
Getting a ₹5 lakh loan with a ₹20,000 monthly salary is possible but depends on several factors. Banks typically consider your salary, credit score, existing financial obligations, and the loan's repayment tenure. With a ₹20,000 salary, you might qualify for a loan, but the amount and terms will depend on your credit profile and the bank's policies. It’s advisable to check with the bank or lender for specific eligibility criteria and loan options.
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 prior to taking any choices or actions.
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