Every now and then, each one of us faces a financial compulsion that persuades us to seek a loan on an urgent basis. Be it any medical emergency, child education, marriage expenses, home renovation, or business expansion, loan options like instant Rs. 5 Lakh loan will help you in these situations.
This post takes you through the process of applying and getting an instant Rs. 5 lakh loan easily. Keep reading!
We are one of the few loan processing apps that offer instant 5 lakh loans quickly. At Navi, you just need to follow these 5 easy steps to get your personal loan approved in no time:
After you submit your application, it will be processed internally, the CIBIL score will be checked, and if everything seems fine, you can get the instant 5 Lakh loan in a matter of minutes.
Here are a few salient features of instant 5 Lakh loan disbursal by Navi:
|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|
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 3 things:
Once you enter these details, our AI-based system will automatically redirect you to the sanctioning page. Of course, there is a minimum eligibility requirement. You can redeem the instant 5 Lakh loan within 20 minutes. You can easily check your monthly EMI amount and other loan-related numbers using the Navi loan EMI calculator.
If you are in need of Rs. 5 lakh urgently for any purpose, you can get an instant personal loan. From a medical emergency to marriage, a Rs. 5 lakh loan can take care of a major financial burden. Download the Navi app on Android or iOS to get instant loan disbursal directly to your account now!
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.
Before you go…