How To Get Rs.5 Lakh Personal Loan Instantly: Benefits, Interest Rates And How To Calculate EMI
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During an urgent situation, like a medical emergency, marriage expenses, home renovation, or business expansion, a Rs. 5 Lakh personal loan could be very helpful. Thankfully, many banks and NBFCs (Non-Banking Financial Companies) provide personal loans online at competitive interest rates and beneficial features like instant approval and quick disbursal. If you need cash urgently, here’s how to get a Rs. 5 lakh personal loan online instantly. Read on!
Table of contents
- Features and Benefits of 5 Lakh Personal Loan
- Bank and NBFC Interest Rate for Rs. 5 Lakh Loan [2022]
- Eligibility for Instant ₹5 Lakh Personal Loan
- Documents Required for Instant ₹5 Lakh Personal Loan
- How to Calculate EMI for Rs. 5 Lakh Instant Personal Loan?
- Final Word
- FAQs on Rs.5 Lakh Instant Personal Loan
Features and Benefits of 5 Lakh Personal Loan
Here are a few salient features of instant 5 lakh personal loan
- Collateral Free
Personal loans do not require borrowers to pledge collateral. These are unsecured loans. However, the interest rates are comparatively higher than secured loans (for example, home loans). - Instant Approval
Most banks and NBFCs have reduced the processing time by digitizing the loan approval and disbursal. Just by entering your data (Name, Date of Birth, PAN card, etc.) and the loan amount, the system will automatically approve your loan depending on various parameters (like, your credit score, employment, etc.). - Minimal Documentation
For Rs. 5 lakh instant personal loan approval, you do not need to upload any supporting documents. All you need to do is enter your PAN card number, Name, and Date of Birth. - Flexible Repayment
Most NBFCs and banks offer flexible loan repayment tenure. You can choose the time duration of the repayments which range from 12 months up to 60 months, depending on your convenience. - Competitive Interest Rates
Though personal loan interest rates are higher compared to secured loans, banks and NBFCs provide a Rs. 5 lakh personal loan at competitive interest rates. Compare the personal loan interest rates of different lenders before you apply for an instant personal loan. - Easy Disbursal: Once all the requisites of the loan processing are fulfilled and approved, the amount will be credited into the designated account. The EMI repayments can also occur from the same account, eliminating the need to pay using internet banking or check.
Bank and NBFC Interest Rate for Rs. 5 Lakh Loan [2022]
| Banks/NBFCs | Interest Rates (p.a.) | Processing Fees |
| Navi Personal Loan | 9.90% onwards | Check here |
| Tata Capital | 10.99% onwards | Up to 2.75% of the loan amount + GST. |
| Aditya Birla Capital | 11% onwards | between 0.5% and 2.50% |
| Kreditbee | 12.24% | Up to 6% |
| Bajaj Finserv | 13% onwards | Up to 4% of the loan amount + GST |
| Money View | 15.96% | Starting at 2% |
| IIFL Finance | 16% onwards | 2-4% of the loan amount + GST |
| HDB Financial Services | 17.25% – 36% p.a. | Upto 3% |
| Early Salary | 18% onwards | 2% |
| CASHe | 27% onwards | Up to 3% or Rs 1,200 |
Disclaimer: Note that this table is for educational purposes only and the final rate offered is solely at the concerned lender’s discretion. Navi doesn’t take responsibility for any interest rate changes that may occur in the due course of time.
Eligibility for Instant ₹5 Lakh Personal Loan
| Age | 18 – 65 years; might vary in some cases. |
| Income | Must have a steady income source; Minimum income will vary as per loan amount. |
| Occupation | Both self-employed and salaried employees are eligible for a loan. |
| Interest Rates | Depends on the loan amount, duration, and lender’s convenience |
| Credit Score | For availing instant 5 lakh loan at Navi, you should at least have a credit score of 650 |
Also Read: 11 Guaranteed Ways To Improve CIBIL Score
Documents Required for Instant ₹5 Lakh Personal Loan
In general, whenever you apply for a personal loan, the lender will ask for a whole set of documents, including bank statements, salary slips, address details, and many other forms. However, the Navi app offers a 5 Lakh personal loan with the minimum amount of documents. You just need to enter your PAN card number, Aadhaar number and a selfie. However, for other lenders you need the following documents:
- Identity Proof – Aadhaar card, voter ID, driving license, PAN card, passport, etc.
- Address Proof – Passport, utility bills, Aadhaar card, voter ID, etc.
- Age Proof – Birth certificate, PAN card, Aadhaar card, etc.
- Income Proof – Salary slips of 3 months and Form 16.
- Recent coloured photographs.
How to Calculate EMI for Rs. 5 Lakh Instant Personal Loan?
With online EMI calculators, it has become easier to calculate your monthly EMI amount. All you need is to enter the loan amount, interest rate and tenure and the online calculator will display the EMI amount you need to pay every month.
For example, if you take Rs. 5 lakh personal loan for a tenure of 5 years at an interest rate of 10% p.a., your EMI would be Rs.10,624. Here’s a detailed breakdown of your repayment schedule.
| Year | Principal Paid | Interest Paid | Total Payment | Outstanding Loan Balance |
| 2022 | Rs. 53,187 | Rs. 31,802 | Rs. 84,989 | Rs. 4,46,813 |
| 2023 | Rs. 86,704 | Rs. 40,778 | Rs. 1,27,482 | Rs. 3,60,110 |
| 2024 | Rs. 95,784 | Rs. 31,700 | Rs. 1,27,484 | Rs. 2,64,327 |
| 2025 | Rs. 1,05,813 | Rs. 21,672 | Rs. 1,27,485 | Rs. 1,58,515 |
| 2026 | Rs. 1,16,893 | Rs. 10,590 | Rs. 1,27,483 | Rs. 41,623 |
| 2027 | Rs. 41,624 | Rs. 871 | Rs. 42,495 | Rs. 0 |
How to Apply for ₹5 Lakh Instant Personal Loan?
Follow these steps to apply for Rs. 5 lakh instant personal loan:
- Go to the Lender’s Website or Download the Navi App
After comparing the interest rates, choose a lender. Go to the lender’s website or download the Navi app.
- Select ‘Personal Loan’
After you install the Navi app, select ‘Personal Loan’ on the app.
- Enter Mobile Number
Enter your mobile number which is linked with your Aadhaar card. Click on ‘Get OTP’.
- Enter OTP
You will get a One Time Password. Enter the 4-digit OTP to verify your number.
- Enter Your Personal Details
Enter personal details like name, date of birth and PAN card number. Click on ‘Next’.
- Enter Your Professional Details
Add your professional details like occupation, employment type and monthly income. Click ‘Next’.
- Enter Your Loan Amount
Now, enter your loan amount, which is Rs. 5 lakh in this case and EMI amount. Click ‘Continue’.
- Instant Approval
The app will check your details and approve Rs. 5 lakh loan amount instantly.
Also Read: 5 Best Ways To Quickly Repay Your Personal Loans
Final Word
If you are in need of Rs. 5 lakh urgently for any purpose, you can get an instant personal loan from banks and NBFCs. From a medical emergency to marriage, a Rs. 5 lakh loan can take care of a major financial burden. For minimal documentation and hassle-free personal loan disbursals, download the Navi app now!
FAQs on Rs.5 Lakh Instant Personal Loan
Ans: Lenders offer the final interest rate based on several parameters, including your credit score, repayment capacity and monthly income, to name a few. If you have a credit score above 750, you may enjoy preferential or lower interest rates on your Rs.5 lakh personal loan.
Ans: The EMI of a loan is dependent on the tenure and interest rate of the loan amount. You can calculate the EMI of your instant 5 Lakh loan using the EMI calculator at Navi.
Ans: With app-based, tech-driven financial services like Navi, you won’t need to furnish income proof. However, traditional banks may ask for income proof in the form of salary slips or bank statements. So, check with your lender before applying for a personal loan.
Ans: Your EMI depends on multiple factors like loan amount and tenure. If it’s a short-term loan, your EMIs could be on the higher side. However, for short-term loans, you will be saving more on interest, which may help you repay your loan quickly. For longer tenures, your EMIs will be less, but you will be paying more toward interest.
Yes, you can get a personal loan even if your credit score is low. However, the interest rate could be high. You may get a guarantor to get a personal loan and also start repaying your existing loans before the due date to improve your credit score.
Before you go…
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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