How to take loan of rs 5 lakh Rupees 2024?

How to take loan of rs 5 lakh? – How to Get 5 Lakh Rupees Loan?

Do you want to take a personal loan of Rs 5 lakh and want to know how to take loan of Rs 5 lakh? You will get the answer of all these questions easily.

A personal loan of ₹ 5 lakh is an unsecured loan, which helps you cover various planned expenses like home renovation and payment of educational needs, apart from meeting immediate financial needs. Since banks across India offer different interest rates on personal loans, you can use the ₹ 5 Lakh Personal Loan EMI Calculator to easily determine the most suitable loan repayment tenure and monthly EMI.

Applying for ₹5 lakh personal loan online with MyLoanCare will ensure planned decision making, minimal documentation requirements and a speedy loan approval process.

Eligibility Criteria for Personal Loan of ₹ 5 Lakh

The following points will help you get a clear idea about the factors on the basis of which banks approve or reject a loan of ₹5 lakh.

Age:  Some banks prefer to sanction personal loans to applicants who are 18 years of age or above. In general, if you are between 18 years to 65 years of age, you can apply for a personal loan up to ₹5 lakh.

Income:  ₹5 lakh personal loan application for salaried employees earning at least ₹25,000 monthly gets approved in no time. Gross annual income of ₹ 5 lakh is preferred for self-employed individuals.

Employment Type:  Both self-employed and salaried employees can opt for personal loans up to ₹5 lakh, banks usually prefer government employees or those associated with well-known organizations.

Credit Score:  A credit score above 650 is desirable to get a personal loan of ₹5 lakh. Credit score acts as a first impression for banks, helping them to get a clear idea about your loan repayment eligibility. The higher the credit score, the higher the chances of the loan application being approved.

Bank interest rates

• Karur Vysya Bank – 8.70%
• PNB – 8.90%
• Andhra Bank – 8.90%
• Union Bank of India – 8.90%
• Indian Bank – 9.05%

Documents Required for ₹ 5 Lakh Personal Loan

You need to submit the following documents to get a personal loan of ₹5 lakh:

1. Two passport size photographs
2. Address proof which may include a
3. Identity proof including Aadhar Card, PAN Card, Passport or Voter ID
4. Bank account details of last three months for salaried employees. For self-employed applicants, it is mandatory to submit a copy of trade license and registration certificate from RBI
5. How to Apply for Personal Loan of ₹ 5 Lakh?
6. Applying for a personal loan of ₹ 5 lakh with MyLoanCare will help you pick the best rates available in the market. Read the following steps and complete the loan process at your convenience.

Step 1:  You can either download the Android app of MyLoanCare or visit the website to enter the personal loan related details
Step 3:

A representative from MyLoanCare will get back to you to reconfirm the submitted details and discuss other loan related requirements. He will suggest the best banks based on your eligibility, apart from explaining the required documents and the entire loan process.

Step 4:  If you are willing to proceed, the representative will schedule the document taking with the selected bank. For applicants who use MyLoanCare’s website or app to upload documents, a bank representative will call you back to verify the information submitted.

Step 5:  Your application for a personal loan of ₹ 5 lakh will be approved or verified on the basis of the CIBIL score and the documents submitted. Once the loan is sanctioned, the bank will send a sanction letter with all the key terms and conditions.

Step 6:  The loan amount will be credited to your account within one or two business days.

Before taking any loan, it must be checked whether you really need the loan or are you taking the loan to show others.

Disclaimer:

The content of this article/infographic/picture/video is for informational purposes only. The content is general in nature and is for informational purposes only. It is not a substitute for advice specific to your own circumstances.

We will not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decision based on the mentioned material and information. Please consult your financial advisor before taking any financial decision.

We hope that after reading this blog post your question is how to take a loan of Rs 5 lakh? You will get the answer of all these questions easily.

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FAQ

Q:  Which bank is best for personal loan of ₹ 5 lakh?

Ans:  Banks like PNB, Andhra Bank offer hassle free ₹ 5 lakh loan at minimum personal loan interest rate of 8.70%, 8.90% and 8.90%.

Q:  Can I get the minimum interest rate on a personal loan of ₹5 lakh?

Ans:  A thorough comparison among the available loan options will help you select a loan plan of ₹ 5 lakh with the lowest interest rate. You can also visit the website or download MyLoanCare’s Android app to compare.

Also, make sure to meet the eligibility criteria to avail a personal loan, maintain a good CIBIL score above 650 and ensure clearing of your previous EMIs.

Q:  Can I get a loan of ₹ 5 lakh without income proof?

Ans:  You can get a loan of ₹ 5 lakh without income proof by submitting your property documents as collateral or by applying with a co-applicant. However, make sure you maintain a good CIBIL score and have a bank account with the respective personal loan lender.