Almost all banks and NBFCs offer personal loans for loan amounts of Rs 5 lakh. The interest rates for personal loans of Rs 5 lakh usually start from 10.49% 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 monthly income, credit score, job profile, employer’s profile, etc.
Banks/NBFCs | Interest Rates(p.a.) | |
HDFC Bank | 11.00% onwards | Apply Now |
SBI | 10.90%-15.40% | |
ICICI Bank | 10.75% onwards | Apply Now |
Axis Bank | 10.49% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.49% onwards | Apply Now |
Bajaj Finserv | 11.00% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |
Note: Rates as of 31st January 2023

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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 |
EMI Calculator for Rs 5 lakh Personal Loan
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395

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Features of Rs 5 lakh Personal Loan
- The interest rates are usually offered @ 10.49% 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.

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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
FAQ
1. How to apply for a personal loan of Rs 5 lakh?
Ans. Applicants can contact banks and NBFCs to apply for Rs 5 lakh personal loans. However, the easiest way would be to apply through online financial marketplaces like Paisabazaar.com. These platforms allow prospective personal loan applicants to compare the interest rates and other personal loan features offered by multiple banks/NBFCs and choose the best personal loan option available on their credit score, monthly income, employment profile, etc.
2. What would be the EMI for a personal loan of Rs 5 lakh?
Ans. Your EMI for Rs 5 lakh personal loan would depend on your interest rate and tenure. For instance, if a borrower borrows Rs 5 lakh personal loan at 11% p.a. for tenures of 7 years, the EMI to be paid would be Rs 8,561.
3. Can I avail Rs 5 Lakh Personal Loan without Income Proof?
Ans. No, you cannot avail Rs 5 lakh personal loan without submitting income proof. Lenders offer personal loan or any other credit facility on the basis of your income and repayment capacity. Hence, lenders ask the applicants to submit their salary slips, ITR, P&L account, balance sheet, Form 26 AS etc. to check the income quoted by the personal loan applicant.