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Comparison of Interest Rates offered by Various Personal Loan Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 10.49% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| HDFC Bank | 10.50% onwards | Apply Now |
| ICICI Bank | 10.65% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Federal Bank | 11.49% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 12.25% - 30.00% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 13.00% onwards | Apply Now |
| Moneyview | 15.96% onwards | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Note: Rates as of 28th November 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.
- Individuals having credit score of 750 and above usually have higher chances of availing personal loan of Rs 5 lakh and 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. 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.
3. What is the EMI for Rs 5 lakh personal loan for 5 years?
Ans. The EMI of your Rs 5 lakh personal loan availed for 5 years tenure would depend on the interest rate charged by your lender. Currently, lenders charge personal loan interest rates @ 10.49% p.a. onwards depending on the credit profile of the loan applicant. So, if your lender is charging an interest rate of 10.49% p.a., the EMI for Rs 5 lakh personal loan for 5 years would be Rs 10,744. If the personal loan interest rate is 11% p.a., the EMI for Rs 5 lakh personal loan for 5 years would be Rs 10,871. Below mentioned table shows the EMI for personal loan of Rs 5 lakh availed for tenure of 5 years for various interest rates:
| Interest Rates (p.a.) |
Loan Amount (Rs) |
Loan Tenure (years) |
EMI (Rs) |
| 10.49% |
5 |
5 |
10,744 |
| 11% |
5 |
5 |
10,871 |
| 12% |
5 |
5 |
11,122 |
| 13% |
5 |
5 |
11,377 |
| 14% |
5 |
5 |
11,634 |
| 15% |
5 |
5 |
11,895 |
You can use online personal loan EMI calculators to calculate your EMI based on the interest rate charged by your lender for availing Rs 5 lakh personal loan for 5 year tenure.
4. How can I get Rs 5 lakh personal loan instantly?
Ans. Instant personal loans are usually pre-approved personal loans offered to select existing customers of a bank or NBFC having good credit profile. To avail an instant personal loan, you can check pre-approved personal loan offers offered by lenders with whom you already have deposits, credit card and/or loan accounts. Pre-approved personal loans require very little or no documentation and the loan amount is disbursed instantly. Then, you should also visit online financial marketplaces to compare personal loan offers from other lenders. Choose the personal loan lender that offers the best in terms of interest rates, processing fees and disbursal time.