Do you need 5 lakhs urgently and only have a few days to gather the amount? Fret not! A personal loan is the smartest solution. Buddy Loan connects you with top trusted lenders, ensuring a swift and hassle-free borrowing experience. So, why worry when you can avail of ₹5 Lakh personal loan in just a few minutes?
With a 5 lakh instant loan app, discover how Buddy Loan can be your ultimate solution!
With a Rs. 5 Lakh personal loan, you have the flexibility to address a wide range of financial needs and turn your aspirations into reality. Here are a few reasons why you can avail an instant personal loan of Rs. 5 Lakhs:
Banks and NBFCs offer personal loans at affordable interest rates based on various factors, including monthly income, credit score, job profile, and employer's profile. Here are the interest rates and charges for a 5 lakh personal loan.
|Interest Rate||10.25%. p.a. onwards|
|Processing Fee||2% - 4% of the loan amount|
|Loan Tenure||Up to 5 years|
Before you apply for a loan, ensure that you meet the necessary criteria mentioned by the lender. The eligibility criteria for a personal loan of 5 lakhs may vary from lender to lender. However, here is an overview of the criteria that you need to know:
Comparing the interest rates offered by various lenders helps you take advantage of the best interest rates. Here is a list of top banks offering instant personal loans with interest rates:
|Top Banks||Interest Rates (p.a.)|
|State Bank of India||11% onwards|
|Kotak Mahindra Bank||10.99% onwards|
|Axis Bank||10.49% onwards|
|Bank of Baroda||10.90% onwards|
|Canara Bank||10.65% onwards|
|ICICI Bank||10.50% onwards|
|IDFC Bank||10.49% onwards|
|Indian Overseas Bank||12.50% onwards|
|IDBI Bank||11% onwards|
|Citi Bank||10.49% onwards|
|Bank of India||10.25% onwards|
|Federal Bank||11.49% onwards|
|UCO Bank||10.95% onwards|
|Union Bank of India||11.40% onwards|
|Yes Bank||10.99% onwards|
|Central Bank of India||10.95% onwards|
|Induslnd Bank Ltd||10.49% onwards|
|Indian Bank||10.49% onwards|
|Standard Chartered||11.49% onwards|
|RBL Bank||17.50% onwards|
|Bandhan Bank||10.50% onwards|
Read LessNote- The interest rates mentioned are subject to change. Do visit the website for more information
Before applying for a 5 Lakh instant loan, it is essential to calculate the Equated Monthly Instalment (EMI) to ensure it aligns with your repayment capacity. Using a personal loan EMI calculator can help estimate the EMIs for the intended years of repayment.
With a 5 Lakh Personal Loan EMI Calculator, determining your EMI is effortless. Just enter the loan amount, interest rate, and loan tenure, and the calculator will provide you with the exact monthly instalment.
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
Here's a table showing 5 Lakh personal loan EMI at an interest rate of 10.49% p.a. for tenures ranging from 1 year to 5 years:
|Tenure (in years)||Loan Amount (Rs)||Interest Rate (%) p.a.||EMI (Approx.) (Rs)|
Once you meet the eligibility criteria, you will have to submit the necessary documents for loan approval. Here is a list of documents required for a ₹5 lakh personal loan:
Can I get ₹5 Lakh personal loan without income proof?
The chances of getting personal loan of 5 lakhs without income proof are low as most lenders require income proof to assess your repayment capacity and creditworthiness before approving a personal loan.
Apply for a personal loan today and enjoy exclusive benefits:
Get your loan approvaed within minutes
Get your loan amount without pledging your assets
Interest rates starting at just 10.49% p.a.
You can avail more than 5 lakhs based on your requirement
Choose your repayment tenure uo to 5 years
Zero hidden charges and penalties
Follow these steps to apply for a personal loan of 5 lakhs on Buddy Loan:
Step 1 - Visit - buddyloan.com or Download the
Step 2 - Fill out the application form, including the loan amount, the tenure months, and contact details.
Step 3 - Fill out the following personal details where required:
Step 4 - Submit the details & wait for the loan confirmation.
Ready to take next step ?
|Also Check Other Instant Personal Loan Options|
|50,000 Personal Loan||1 Lakh Personal Loan|
|2 Lakh Personal Loan||3 Lakh Personal Loan|
|10 Lakh Personal Loan||15 Lakh Personal Loan|
|20 Lakh Personal Loan||30 Lakh Personal Loan|
|50 Lakh Personal Loan||Small Cash Loans|
Getting a loan of 5 lakhs without income proof may be difficult, as most lenders require income verification for loan approval.
You can apply for an instant personal loan online through Buddy Loan. It connects you to the top-trusted lenders that offer personal loans that best suit your needs.
The EMI for a 5 Lakh personal loan depends on the interest rate and the loan tenure chosen. You can also calculate your EMI using a personal loan EMI calculator.
The minimum credit score required for a personal loan of 5 lakhs varies among lenders, but generally, a credit score above 750 improves your chances of approval.
It is highly unlikely to get a ₹5 Lakh loan without any documents as lenders need to assess your creditworthiness and identity.
It is challenging for a student to get a personal loan of ₹5 lahks without a stable income source or a co-signer.
Display of trademarks, trade names, logos, and other subject matters of Intellectual Property displayed on this website belongs to their respective intellectual property owners & is not owned by Bvalue Services Pvt. Ltd. Display of such Intellectual Property and related product information does not imply Bvalue Services Pvt. Ltd company’s partnership with the owner of the Intellectual Property or proprietor of such products.
Please read the Terms & Conditions carefully as deemed & proceed at your own discretion.