Every one of us faces a financial compulsion that compels us to seek an urgent loan now and then. Whether you need money for a medical emergency, a child’s education, wedding expenses, home renovations, or business expansion, loan options like an instant Rs. 5 lakh loan can help. You can use the interest rate calculator to figure out the interest rates on loans with fixed terms and monthly payments.
This article will walk you through the steps of applying for and receiving an instant Rs. 5 lakh loan. Continue reading!
How to get a ₹5 Lakh Instant Personal Loan
Simply follow a few simple steps to get a 5 lakh loan. Simply enter your basic information, check your eligibility, choose a lending partner, complete the application form, submit the required documents, and agree to the repayment terms and conditions. The lender will credit your money into your account within 24 hours if your loan application is approved.
Follow the steps below to apply for a personal loan of Rs. 5 lakh:
1. Complete the loan application form by providing all relevant personal and financial information.
2. Choose a loan amount and a repayment period.
3. Hand over the necessary documents to the representative.
Your loan amount will be credited to your bank account once your loan application has been approved and your documents have been verified.
Features and advantages of an instant personal loan include:
1. Loan with a high value and no collateral
Get up to Rs. 25 lakh in funding without putting up any collateral.
2. Instant acceptance
Take out a personal loan with simple eligibility requirements and receive approval in as little as 5 minutes.
3. Very little documentation
Submit your basic documents to expedite the processing of your application.
4. Quick disbursement
After loan approval and document verification, get money in the bank within 24 hours*.
5. Affordability of repayment
With a flexible repayment term of up to 60 months, you can tailor your EMIs to your income.
6. There are no hidden fees.
Apply with confidence, knowing that all loan transactions are completely transparent.
7. Hybrid flexibility
Choose the Flexi Hybrid option to pay interest-only EMIs for a portion of the term while making multiple withdrawals and deposits.
Eligibility criteria for ₹5 lakh loan
To be eligible for a 5 lakh personal loan, you must meet the following requirements.
- Nationality
You must be a citizen of India.
- Economic Outlook
You must be either a salaried professional working for a reputable public/private company or a self-employed individual.
- Age
You must be at least 21 years old to be eligible.
- Minimum Net Monthly Income:
You must earn a minimum of Rs. 25,000 per month. Note that the minimum income requirements may vary depending on your geographic location.
- Work Experience:
You should have at least two years of professional or business experience.
- Credit Score:
The CIBIL score for a personal loan is an important deciding factor. The minimum CIBIL score to avail of the personal loan is 750. Remember the higher your CIBIL score, the better your chances of loan approval.
Documents Required for ₹5 Lakh Personal Loan
- Proof of Identity
Aadhaar card/PAN card, driving license, passport, voter’s ID
- Residence Proof
Aadhaar card, voter’s ID, passport, electricity bill, driving license, telephone bill
- Proof of Income:
Bank statements going back 3 months
- Photographs:
2 passport-size photographs
Summary
An instant personal loan can be obtained if you require Rs. 5 lakh for any reason. A Rs. 5 lakh loan can cover a wide range of expenses, from a medical emergency to a wedding. It is no longer difficult to obtain an instant personal loan of Rs. 5 lakh. Simply choose a lender that offers a simple application process, minimal documentation, 24-hour loan disbursement, and flexible repayment terms. You can calculate your liabilities ahead of time using the interest rate calculator, reducing financial stress during repayment.
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