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. You can not only get a 5 lakh loan for 10 years but also avail of other benefits, such as 100% digital processes and a reducing balance interest rate.

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]


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.

5 Lakh Personal Loan Interest Rate and Charges

The interest rates charged on a personal of Rs. 5 lakhs differ by lender; however, loan providers, including Finnable, consider the following factors when evaluating the interest rate for a personal loan applicant: 

  1. Credit Score: A credit score is an important factor considered by lenders when determining the interest rate. A higher credit score indicates a good credit history and financial discipline, which may result in a lower interest rate.  
  2. Loan Amount: In the case of larger loan amounts, lenders may offer lower interest rates to attract borrowers. Therefore, you may receive a lower interest rate on a higher loan amount. 
  3. Income and Employment Stability: Finnable assesses the borrower’s income level and stability to evaluate their repayment capacity. A higher income and stable employment history can increase the chances of getting a lower interest rate because it demonstrates a lower risk of default.  
  4. Loan Tenure: The loan tenure, or the duration of the loan, can impact the interest rate. Generally, longer tenures may have higher interest rates compared to shorter tenures. This is because longer tenures increase the risk for lenders because there is a higher probability of economic and financial changes over an extended period.  
  5. Relationship with the Lender: Existing customers with a good relationship with a particular lender may be eligible for preferential interest rates or discounts. Lenders often offer better terms to customers who have maintained a long-standing relationship, such as having a savings account, fixed deposit, or previous loan history with the same institution.  
  6. Market Conditions: Interest rates in the lending market are influenced by broader economic factors, such as inflation rates, government policies, and the RBI’s monetary policy. If there is a general increase in interest rates in the market, it is likely to impact the interest rates offered by lenders on personal loans as well. 

Processing Fees and Charges: In addition to the interest rate, Finnable may charge a processing fee for personal loan applications. This fee is usually a percentage of the loan amount and can range from 0.5% to 5% or more. Additionally, there may be other charges, such as prepayment penalties, late payment fees, and documentation charges.

Eligibility for Personal Loan of 5 Lakh

The eligibility criteria for a loan of Rs. 5 lakhs in India can also vary among different lenders. However, here are the common eligibility criteria that Finnable also considers: 

  • Age: To avail a loan of Rs. 5,00,000 from Finnable, you must be between 21 years and 62 years old. This age limit may vary depending on the lender’s policies. 
  • Employment Status: Finnable requires its loan applicants to be salaried individuals. Accordingly, you need to provide proof of stable employment with a public or private organisation for at least the last 6 months. 
  • Income Requirement: Finnable has set a minimum income criterion to ensure that borrowers have repayment capacity. The minimum income requirement for Finnable is Rs. 15,000 per month. 
  • Credit History and Score: Finnable assesses the creditworthiness of borrowers by evaluating their credit history and score. A good credit history, with a higher credit score, increases the chances of loan approval and may lead to better interest rates. Finnable typically prefers borrowers with a credit score of 700 or above.
  • Citizenship and Documentation: To apply for a loan with Finnable, you must be a registered citizen of India and provide required proof of the same during the loan application process.

How to apply for a 5 lakh Loan?

To apply for a personal loan of Rs. 5 lakhs with Finnable, follow these steps: 

 Step 1-Research: Compare various personal loan offers provided by Finnable to find the most suitable option for you.  

Step 2- Confirm Eligibility: Visit Finnable’s website or refer to the aforementioned information to better understand our eligibility criteria and documentation requirements, and whether you can fulfill them. 

Step 3- Documentation: Gather the required documents, which include proof of identity, address, income, bank statements, and employment details.   

Step 4- Application: Fill out the loan application form online. Finnable provides a 100% digital loan application process and quick approval and disbursal.   

Step 5- Verification and Approval: Our experts will review your application and documents and contact you for further verification or clarification if needed. Once approved, the loan amount will be disbursed to your bank account.

5 Lakh Personal Loan for 10 Years

In times of emergencies, Rs. 5 lakh is a big amount that can help you fend off uneventful and long-term financial distress. Once you apply for the loan, we will review your application and provide approval in at little as 30 minutes. Shortly, the loan amount will be disbursed to your registered bank account. After that, the repayment term will begin and you have the next 10 years to repay the loan principal and interest accrued. 

Suppose you have taken a loan of Rs. 5 lakhs from Finnable at the rate of 16% and plan to repay it within the 10 years. Using the following formula, we can calculate your EMI:

EMI = [P * r * (1+r)^n] / [(1+r)^n – 1] 


EMI: Equated Monthly Installment

P: Principal amount (loan amount)

r: Monthly interest rate (annual interest rate divided by 12 months and 100)

n: Loan tenure in months

Accordingly, your EMI for the first year would be Rs. 8,375.66. Due to Finnable’s reducing loan balance facility, the interest would be calculated on the decreasing principal amount as the years progress and you pay off the principal loan amount. Therefore, the EMI would also reduce each year.

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