Compare & Choose from the Best Personal Loan OffersAlmost all banks and NBFCs offer personal loans for loan amounts of up to Rs 5 lakh. The interest rates for personal loans of Rs 5 lakh usually start from 10.25% p.a. onwards for tenures of up to 5 years. Some PSU Banks might offer personal loans at lower interest rates and for longer tenures. Some lenders also offer pre-approved instant personal loans with quick disbursal to select customers. The interest rates offered on personal loan of Rs 5 lakh depend upon the age, monthly income, credit score, job profile, employer’s profile, etc.
| Banks/NBFCs | Interest Rates (per annum) | |
| HDFC Bank | 10.50% – 21% | Apply Now |
| SBI | 9.80%-13.80% | Apply Now |
| ICICI Bank | 10.50% onwards | Apply Now |
| Axis Bank | 10.25% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% – 25% | Apply Now |
| Bajaj Finserv | 13.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
EMI for Personal Loan of Rs 5 lakh for Tenures of 1-5 years
| Loan Amount (Rs) | Tenure (years) | Interest Rate (p.a.) | EMI (Rs) |
| 5 lakh | 1 | 11% | 44,191 |
| 5 lakh | 2 | 11% | 23,304 |
| 5 lakh | 3 | 11% | 16,369 |
| 5 lakh | 4 | 11% | 12,923 |
| 5 lakh | 5 | 11% | 10,871 |
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
Features for Rs 5 lakh Personal Loan
- The interest rates are usually offered @ 10.25% p.a. onwards.
- The repayment tenure is generally up to 5 years.
- The processing fee usually range up to 4%. Some lenders also waive off the processing fee during festive offers.
- The loan amount can be used only for personal purposes, except for speculation.
Eligibility Criteria for Personal Loan of Rs 5 lakh
- The applicant should be an Indian resident.
- The age of the applicant at the time of loan application should be 21 years and 67 years at the time of loan maturity.
- The loan amount is offered to salaried (working in private limited company or public sector undertaking) and self-employed individuals with at least 1 year of work experience.
- Minimum income required is Rs 15,000 p.m. for salaried borrowers.
- CIBIL score of 750 and above usually increases the possibility of availing personal loan of Rs 5 lakh. It might also help in availing personal loan at lower interest rates.
Check Your Free Credit Score to know personal loan eligibility Check Now
Documents Required for Personal Loan
- PAN card
- ID proof
- Address proof
- Signature proof
- Bank statements for past 6 months
- Last 3 months’ salary slips
- ITR/Form 16
For Self-employed
- ITR for last 2 years along with P&L account, balance sheet and income computation for last 2 years
- Business Proof
- Form 26 AS, Income Tax Challan or TDS certificate (Form 16A) for income tax declared
