Rs. 5,000 Personal Loan

Lenders usually offer personal loan of Rs. 5,000 at competitive interest rates depending on the credit profile of the applicants. Banks and NBFCs set their personal loan interest rates after factoring in the credit score, monthly income, job profile, employer’s profile, EMI/NMI ratio, applicant’s existing relationship with the lender, etc. of the applicants.

Below-mentioned is the eligibility criteria set by personal loan lenders offering Rs. 5,000 personal loan:

• The age of the applicant should be between 21 to 65 years.
• Salaried and self-employed applicants are eligible to apply for Rs. 5,000 personal loan.
• The EMI/NMI ratio should be below 55%, including the existing EMIs and EMI of the proposed personal loan.
• Applicants having a credit score of 760 and above usually have higher chances of getting their personal loan approved.

Prospective borrowers can check their loan eligibility using the Paisabazaar’s Personal Loan Eligibility Calculator before applying for a personal loan.

Below-mentioned are the documents required by the lenders while applying for Rs. 5,000 personal loan.

• Duly filled application form with passport size photographs.
• ID proof - Aadhaar card, PAN card, passport, driving license, voter ID
• Address proof - Utility bills, Aadhaar card, passport, driving license, voter ID
• Bank statements for last 6 months.
• Salary slips for last 3 months.
• Latest ITRs

Note that, the personal loan documents vary across lenders. Therefore, one must check his/her documents carefully during submission to avoid any delay or rejection of loan application.

You can apply for a Rs. 5,000 personal loan online through Paisabazaar in the following steps:

• Login to Paisabazaar app.
• Click on the “Personal Loan” icon.
• The app fetches your credit report.
• Curated offers matching your credit profile are displayed on the screen.
• Opt for the most suitable loan offer and apply.