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:
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:
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:
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:
5. What are the eligibility criteria to apply for a Rs. 5 lakhs personal loan?
The Rs 5 lakh personal loan eligibility includes:
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.
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Finnable is one of the fastest growing financial technology (Fintech) start-up with an NBFC license from RBI providing hassle free loans. Our mission is to make Personal loans available in less than 24 hours
Example of Personal Loan for Salaried Professionals✓ Loan Amount from ₹50,000 to ₹10,00,000✓ Repayment period (loan tenor) options vary from 6 to 60 months ✓ Annual Interest Rate (APR) is 16% to 26% (on a reducing balance basis) + processing fees of 3 to 4% on the principal loan amount ✓ For Example – a loan of ₹1,00,000 with an APR of 16% (on a reducing balance basis), repayment tenure of 12 months, processing fee of 3%. The processing fee will be ₹3,000 + ₹540 GST with monthly EMI will be ₹9,394. The total loan amount will be ₹1,03,540. Total interest payable over 12 months will be ₹9,191. Total loan repayment amount is ₹103540 + ₹9191 = ₹1,12,731 *These numbers are for representation only and the final interest rate or processing fee may vary from one borrower to another depending on his/her credit assessment.✓ Loan Prepayment Charges: 3 to 6% charge + 18% GST on the remaining principal amount (allowed after 6 EMI payments)Why is Finnable the best personal loan app?Instant Loans within 48 hours: Gone are the days when you had to wait weeks & months to get a loan approved.Completely Digital/Paperless: Finnable instant loan app offers a complete digital service to help save time as well as paper!
Contact Us: Drop us an email: firstname.lastname@example.orgAddress: IndiQube Lakeside, 4th Floor Municipal No. 80/2 Wing A, Bellandur Village Varthur, Hobli, Bengaluru, Karnataka 560103Responsible LendingFinnable has partnered with RBI authorised & regulated NBFCs/Financial Institutions.Our policies and services are fully regulated and legally compliant.
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