Get 5 Lakh Personal Loan

What would you do if you found out that you need Rs 5 lakhs and have only a few days to gather the amount? Instead of fretting or panicking, the best way out would be to avail a 5-lakh personal loan through Finnable. 

Though you may dislike the idea of having a loan, a personal loan can help you overcome unexpected expenses. There are multiple benefits of availing a personal loan of Rs. 5 lakhs

  • The entire process is digital. This cuts down on any travel and meeting time.
  • You only need basic KYC documents to apply for a personal loan.
  • If all your documents are correct, Rs. 5 lakhs will be credited into your account within 6 hours.
  • You can avail of a marriage loan, a home renovation loan, or even an education loan of Rs. 5 lakhs. 
  • Since it is a personal loan, you do not need to pledge any collateral
  • For a first-time applicant, you can avail of an instant loan without a CIBIL score
  • You can have a repayment period for a Rs. 5 lakh loan for 5 years.

5 Lakh Personal Loan - FAQ

1.How to apply for a ₹ 5 lakh personal loan?

You can apply for Rs. 5 lakh personal loan through Finnable’s personal loan app. It’s a 3-step process:

  • Get the personal loan app from the Play Store. Create your profile which will include all your personal and professional details.
  • Before you set your terms for the Rs. 5 lakh loan, choose the type of loan that you are looking for. Then choose the tenure and other terms.
  • Upload all the required documents. 

Since the entire process is digital, you do not need to send your documents to any office or branch. They will be verified online and once Finnable receives confirmation on the authenticity of the documents, the funds will be credited into your account. 

2. What are the documents required for a 5 lakh loan?

You have to remember that you cannot apply for a Rs. 5 lakh loan without documents. You will need to submit:

  • Your Aadhar card
  • Your PAN card
  • Salary slip for 1 month
  • Bank statement for 3 months. 

3. How do I calculate my ₹5 lakh personal loan EMI?

To know your EMI on your instant loan, you will need to know your personal loan interest as well as the tenure of the loan. Based on this you can use the formula: 

EMI= PxRx[(1+R)^N]/ [(1+R)^N-1]

Here:

The loan amount is P.

The rate of interest is R.

And the tenure of the loan is N.

You can also use the personal loan EMI calculator to calculate the EMI instantly.

4. What are the benefits of a ₹5 lakh personal loan?

There are many personal loan benefits:

  • You do not need to pledge any security against the Rs. 5 lakh personal loan. 
  • The funds are dispersed within a few hours of document verification.
  • You can choose a flexible repayment schedule that suits your budget.
  • Since it is a personal loan, you do not need to show any proof of the expense and the funds can be used for any personal reason.

5. What are the eligibility criteria to apply for a Rs. 5 lakhs personal loan?

The Rs 5 lakh personal loan eligibility includes:

  • Citizenship: Only Indian citizens can apply for a personal loan of up to Rs 5 lakhs.
  • Age: You will need to be a minimum of 21 years of age. Also, you cannot apply for an Rs. 5 lakh personal loan from Finnable if you are above 45 years of age.
  • Employment: You will need to hold a full-time position in the government sector or the private sector to apply for an instant personal loan online.
  • Tenure: This position should be held for more than 3 months.
  • Experience: You need to show a minimum of 6 months of total work experience.
  • Income: You can only avail of an instant 5 lakh loan if you earn more than Rs. 20,000/- per month.
  • Receipt: This income should be directly credited into your bank account.

6. Can I get an instant personal loan of 5 lakhs without a Cibil Score?

Yes, you can avail of a personal loan without a CIBIL score through Finnable. However, you will need to show you have a good income and are capable of repaying the loan on time. 

7. What is the tenure of a personal loan?

The minimum tenure of a personal loan from Finnable is 6 months; whereas you can avail of a Rs. 5 lakh loan for up to 5 years

8. How to repay the loan?

The repayment of the loan is done through EMIs. This EMI amount will be decided based on the tenure and the personal loan interest rate. Once this is decided, you will need to fill out an e-mandate registration form. This will give authorization to the lender to debit the EMI amount from your account until the loan is repaid in full.

Upgrade your life!

Apply for a loan at Finnable and live limitlessly