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Rs 5 Lakh Personal Loan

Need funds for renovation, travel, or urgent expenses? Apply for a Rs 5 Lakh Personal Loan from RBI-licensed NBFC Hero FinCorp with flexible EMIs, minimal paperwork, and a 100% secure digital process.

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Instant Approval in 10 Minutes
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Tenure up to 36 months
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Minimum Income Required Rs 15K
5 Lakh Loan EMI Calculator

Monthly EMI

₹ 0

Interest Payable

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Get Rs 5 Lakh Personal Loan Approval in 10 Minutes

When you need quick financial support, a loan can help you manage expenses without disturbing your savings. With Hero FinCorp, you can get a Personal Loan of up to Rs 5 Lakh instantly through a simple hassle-free application. Apply for a loan online instantly with flexible repayment options of up to 36 months and enjoy flexible EMI plans that suit your budget. With a low-interest rate starting at 1.58% per month, repayments stay affordable. Plus, with only the basic documents required for Rs 5 lakh personal loan, approval is quick and effortless.

Why Choose Hero FinCorp for a Personal Loan of Rs 5 Lakh?

Hеro FinCorp makes it easier to get a personal loan of Rs 5,00,000 perfect for handling urgent financial needs without stress. Here is why choosing Hero FinCorp is a smart decision:

1. Instant Approval in 10 Minutes: Get quick approval and access to your money in just 10 minutes, so you don't have to wait long.

2. No Security Needed: You can apply without having to put up any security or collateral, which makes the process easier.

3. 100% Digital Process: The entire process, from application approval to submission, is online and paperless.

4. Flexible Tenure: Choose a repayment period that suits your budget and make it easy to repay with EMIs.

5. Minimal Documentation: Just a few basic documents are all it takes to complete your loan process.

EMI for Personal Loan of Rs 5 Lakh for up to 3 Years

While looking for a 5 Lakh loan, you can opt for a loan tenure of up to 3 years, according to your repayment capacity. For instance, assuming that the interest rate is 19% per annum, a 5 Lakh loan EMI calculator can calculate the EMI for for various loan terms as follows:

Loan AmountTenure (in Months)Interest Rate (per annum)Monthly EMITotal InterestTotal Amount Payable
Rs 5,00,0001219%Rs 46,078Rs 52,936Rs 5,52,936
Rs 5,00,0001819%Rs 32,142Rs 78,556Rs 5,78,556
Rs 5,00,0002419%Rs 25,204Rs 1,04,896Rs 6,04,896
Rs 5,00,0003019%Rs 21,066Rs 1,31,980Rs 6,31,980
Rs 5,00,0003619%Rs 18,328Rs 1,59,808Rs 6,59,808

Disclaimer: The EMI calculations provided are approximations, and actual figures may differ.

The online calculator computes the EMI of a Personal Loan of 5 Lakh using the following mathematical formula:

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

Here, P is the principal amount, N is the tenure in months, and R is the interest rate.

In the above table, you may have noticed that the EMI for a Personal Loan of Rs 5 Lakh decreases as you increase the loan term. That’s because the total payable amount gets divided into more instalments, reducing the EMI amount. It makes the decision-making process easier for you and the loan more manageable.

Features and Benefits of Personal Loan of Rs 5 Lakh

Are you looking for a Rs 5 Lakh loan? Here’s a look at its most important features and benefits:

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Instant Approval

Get instant approval for a Rs 5 Lakh Personal Loan when you apply through the Hero FinCorp website or loan app.

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High Loan Amount

A Rs 5 Lakh Personal Loan can cover medical emergencies, home renovation, weddings, education, travel, or debt consolidation.

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Attractive Interest Rate

A Rs 5 Lakh loan comes with competitive interest rates, offering affordability—especially if you have a good credit score and a low DTI ratio.

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Collateral-Free

Personal Loans are popular in India as they require no collateral and are approved based on your credit history and repayment capacity.

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Flexible Repayment Tenure

Personal Loans offer up to 36 months tenure. You can use the Personal Loan EMI Calculator to choose affordable EMIs.

Eligibility Criteria for a Personal Loan of Rs 5 Lakh

At Hero FinCorp, securing Rs 5 Lakh loan is easy with our simple Personal Loan eligibility criteria. Just meet the basic conditions and apply online!

CriteriaRequirement
AgeYou must be between 21 and 58 years of age.
CitizenshipYou must be an Indian citizen to apply for a Rs 5 Lakh Personal Loan at Hero FinCorp.
Work ExperienceMinimum work experience for salaried employees is 6 months, and 2 years for self-employed.
Monthly IncomeMinimum income requirements of Rs 15,000 per month.

Documents Required for a Personal Loan of Rs 5 Lakh

It is quick and easy to get a personal loan of Rs 5,00,000 without documentation. Just have the following required documents ready for salaried and self-employed individuals and get your application processed quickly.

  • Aadhar Card
  • Pan Card

Personal Loan Interest Rates for Rs 5 Lakh

Hero FinCorp charges nominal interest on personal loans, making the repayment of a Rs 5 lakh loan manageable. However, several factors can influence personal loan interest rates.

Fees & ChargesAmount Chargeable
Interest RateStarting from 1.58% per month
Loan Processing ChargesMinimum 2.5% + GST
Prepayment ChargesN.A.
Foreclosure Charges5% + GST
EMI Bounce ChargesRs 350/-
Interest on Overdue EMIs1-2% of the loan/EMI Overdue Amount Per Month
Cheque BounceFixed Nominal Penalty
Loan Cancellation1. Online loan app does not charge any cancellation charges
2. Interest amount paid is non-refundable
3. Processing charges are also non-refundable

How to Apply for a Personal Loan of Rs 5 Lakh?

Applying for a Rs 5,00,000 personal loan with Hero FinCorp is quick and easy through the online process. Just follow these simple steps to complete your loan application and get the funds you need:

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  • 01

    Visit the Hero FinCorp website  or download the personal loan app.

  • 02

    Go to the instant personal loan section and click ‘apply now’.

  • 03

    Enter your mobile number. Register yourself by submitting the OTP received.

  • 04

    Select the desired loan amount.

  • 05

    Complete your KYC verification. Check the income eligibility.

  • 06

    Click ‘Submit’ to finish your application.

Uses of a Personal Loan of Rs 5 Lakh

A Personal Loan of Rs 5 Lakh can be used for various financial needs, including:

Wedding Expenses

Fund venue bookings, jewellery, and other wedding costs with a personal loan for marriage.

Travel & Vacation

Fund international or domestic trips without financial strain with a personal loan for travel.

Small Business Needs

Invest in equipment, marketing, or inventory with a Personal Loan.

Gadget Purchase

Purchase smartphones, laptops, or home appliances with a personal loan for consumer durables.

Vehicle Repair or Down Payment

Buy a bike or car without a specific auto loan with an instant cash loan.

Emergency Fund

Handle unexpected financial crises without depleting savings with a quick loan.

Medical Emergencies

Cover hospital bills, surgeries, or medical treatments with a personal loan for medical emergency.

Home Renovation

Upgrade interiors, furniture, or electrical work with a Personal Loan for home renovation.

Education Expenses

Pay tuition fees, hostel charges, or study materials with a personal loan for education.

Frequently Asked Questions

To get a Personal Loan of Rs 5 Lakh, you need to apply online. For example, loan approval takes a maximum of 10 minutes when you apply online through the Hero FinCorp loan app or website.
Although a high CIBIL score improves the chances of getting easy loan approval, you can also get it based on your income, employment, and repayment capacity.
No, you will need documents that prove your identity, address, and income. However, if you apply online with Hero FinCorp, you will not need to provide any documents in a physical format. You only need to provide your KYC details and income documents to apply for an online loan.
The EMI amount for a Rs 5 Lakh loan for 3 years varies based on the interest rate. The higher the interest rate, the higher the EMI. For instance, a Rs 5 Lakh loan at a 19% per annum interest rate will have an EMI amount of Rs 18,328 for 3 years.
The Rs 5 Lakh loan EMI depends on various factors, including the interest rate and repayment tenure. Use a loan EMI calculator to get an EMI amount that best suits your monthly budget.
Usually, income proof is needed for a Rs 5 Lakh loan. But if you don’t have it, you can share your bank statements or ITR instead. The lender will decide based on your overall profile.

Yes, with a decent credit score and low DTI ratio, you can secure a Rs 5 Lakh loan at a lower interest rate.

You can calculate your EMI for a Rs 5 Lakh Personal Loan using the EMI Calculator on the Hero FinCorp website. Simply enter the loan amount, interest rate, and repayment tenure to view your estimated EMI instantly on the screen.
The salary requirement to apply for a Personal Loan may differ from lender to lender. At Hero FinCorp, the salary requirement to apply for a Personal Loan of Rs 5 Lakh is Rs 15,000 only.
Typically, lenders need the proof of your income to assess your ability to repay the loan. When a salary slip isn't available, you can consider providing other proof of income, like bank statements, Income tax returns and/or Form 16.
Yes, proof of income is a requirement in applying for a loan. Lenders will check this to see if you are capable of repaying the loan amount. If you are an employee receiving a salary but do not receive salary slips, you can either give your bank statements, Form 16 or ITRs as a proof of income.
Yes, you can get a Personal Loan of 5 Lakh even with a low CIBIL score. However, in such cases, you may have to accept high interest rates or agree to strict conditions.
Hero FinCorp app is one of the leading loan apps offering a Personal Loan of up to Rs 5 Lakh with online approval in 10 minutes.
Yes, if you are eligible and apply via the Hero FinCorp app or website, you can get a Rs 5 Lakh loan approved in only 10 minutes.

Disclaimer

*Approval & Agreement: Loan approval is at Hero FinCorp's discretion. By applying, you agree to our Terms & Conditions, Privacy Policy, and Loan Agreement.
*Data Use: You consent to electronic processes and data use for loan assessment, as per our Privacy Policy.
*Security: Keep your account and device secure. Report our customer care for unauthorized activity immediately.
*Grievances: For concerns, refer to our Grievance Redressal Policy.
*EMI Payment: Refer to our T&Cs here*
*RBI Mandate: RBI requires transparent disclosures. Learn more from RBI.