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Apply For 5 Lakh Loan
Financial emergencies emerge suddenly. You may have sudden financial needs such as medical expenses, wedding expenses, and other situations that require instant funding. In these cases, you can get a 5 lakh loan from your preferred bank or financial Institute to fulfil your requirements.
If you require a 5 lakh loan immediately for emergency purposes, you will not even have to submit too many documents and go through a strict review process before your preferred bank grants your loan. In addition, several banks offer personal loan schemes based on your requirements at low-interest rates. For example, you can apply for personal loans online to handle emergencies that require immediate financial attention.
Eligibility Criteria for Obtaining a Rs. 5 Lakhs Personal Loan
Along with calculating your loan EMI, make sure you go through the personal loan eligibility criteria of the bank before you apply for a personal loan of any amount.
Although different banks have different eligibility criteria when it comes to personal loans, there are some common factors considered by all bank officials while reviewing personal loan applications.
The major factors that you need to keep in mind before applying for a 5 lakh loan are listed below:
- Age: You must be at least 21 years old in order to apply for a personal loan of 5 lakh. The maximum age for anyone to apply for a personal loan remains 65 years. There are several Indian banks that also offer personal loans to 18+ people as well.
- Credit Score: In order to apply for a 5 lakh personal loan, you must have a credit score of at least 650 and above. Most banks prefer applicants who have a credit score of 700 and above based on their current income status, other financial obligations, and other details
- Income: In order to apply for a personal loan of two lakh, you must have a monthly salary of 25,000 on average. This is mostly applicable for salaried people. Self-employed people need to submit their bank statements reflecting an annual income of around 5 lakhs in order to be eligible for a personal loan.
- Occupation: No matter whether you want to get a 5 lakh loan for 3 years or longer tenure, you must prove that you have a stable income when you apply for a personal loan. Salaried people have a stable income compared to those who are self-employed. This is the reason why many banks are more likely to grant personal loans to salaried individuals only.
Documents Required for 5 lakh Personal Loan
If you want to apply for a 5 lakh loan scheme for emergency purposes immediately, you do not necessarily require a long list of documents to prove your eligibility to your preferred bank..
However, there are some documents you need to submit when you apply for a personal loan up to 5 lakh.
The major factors that you need to keep in mind before applying for a 5 lakh loan are listed below:
KYC documents: Your identity proof such as your PAN card, passport, Aadhaar card, voter card, driving licence are
required. {Link aadhar to mobile number}
- Address proof- You can submit your utility bills, such as your electricity bills, water bills, telephone bills, or submit your driving licence or passport in order to submit address proof.
- Passport size photographs: All applicants must have at least two passport size photographs while applying for a 5 lakh loan.
- Income proof: In order to prove you are an eligible borrower, you must submit your salary slips for two months and the salary certificate given by your employer. It would help if you kept your income tax returns and all salary slips for the past 3 months to prove your income stability. Self-employed people may be asked to submit their profit loss balance sheets and proof of the existence of their businesses while applying for a 5 lakh personal loan.
Top 5 Banks for Rs. 5 Lakh Personal Loan
Before you apply for a 5 lakh personal loan, make sure you go through the interest rates offered by the leading banks in India at the contemporary time to make sure you choose the right loan scheme that suits your affordability the best.
The top leading banks that offer personal loans to eligible candidates are State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, and Kotak Mahindra bank.
| Bank Names | Interest Rates for Personal Loans |
|---|---|
| Navi | 9.9% |
| State Bank of India | 9.80%-15.65% |
| ICICI Bank | 10.50% |
| HDFC Bank | 10.75% |
| Kotak Mahindra Bank | 10.99%-18.75% |
| Axis Bank | 10.50% |
Based on your selected tenure, your monthly instalment will defer accordingly. For instance, in the State Bank of India, the 3 lakh personal loan EMI SBI will be around 6,500/- for a tenure of 3 years. If you choose a 5 years tenure, your instalments will decrease. If you apply for a personal loan in ICICI bank, your monthly instalments will be different from your rate of a 3 lakh loan in SBI.
How to Apply for a ₹ 5 Lakh Personal Loan?
You can apply for a personal loan either by visiting your nearest bank branch or via online methods. If you decide to apply for a personal loan offline, you will have to apply through the DSAs. On the other hand, the online method is simpler and requires much less time. Calculate your monthly instalments through a 5 lakh loan EMI calculator before you apply for a loan.
In order to apply for a 5 lakh loan online, the major steps that you need to follow are as follows:
- Step 1: First, go through all the different interest rates and other text benefits offered by the leading banks and financial institutions at the contemporary time.
- Step 2: After choosing the scheme you want to go for, visit the official page of your preferred bank and find the ‘apply online’ option.
- Step 4: Fill in your employment details, personal details, income documents, KYC, and other necessary documents.
- Step 5: After submitting all the required documents, submit the form online and wait for the bank officials to transfer 5 lakh into your bank account
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