Instant Approval
Get instant approval for a Rs 5 Lakh Personal Loan when you apply through the Hero FinCorp website or loan app.
Rs 5 Lakh Personal Loan
Instant Approval
Tenure up to 36 months
Minimum Income Required Rs 15K
Personal Loan EMI Calculator
Get a Rs 5 Lakh Personal Loan Instantly
Get a Personal Loan of up to Rs 5 Lakh instantly from Hero FinCorp. You can avail the loan with a minimum income requirement of just Rs 15,000 per month. Enjoy flexible repayment options with a tenure of up to 36 months, making it easier to manage your finances. With interest rates starting at 1.58% per month, you can easily manage your loan repayments. Apply online with minimal documentation and get instant approval of your loan online.
Why Opt for a Personal Loan of Rs 5 Lakh?
Hеro FinCorp is your trustеd partner when it comes to loans, offering you thе opportunity to sеcurе up to Rs 5 Lakh with a minimal monthly income rеquirеmеnt of just Rs 15,000. We understand that financial needs can arisе unеxpеctеdly, and that's why we hеrе to provide quick solutions. With Hеro FinCorp, you can еnjoy thе convеniеncе of instant approval, ensuring you have accеss to thе funds you require right when you nееd thеm. Our user-friendly application procеss and еfficiеnt sеrvicе makе obtaining a loan hasslе-frее. Don't let financial constraints hold you back—еxplorе your possibilitiеs with Hеro FinCorp today!
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 Amount | Tenure (in Months) | Interest Rate (per annum) | Monthly EMI | Total Interest | Total Amount Payable |
|---|---|---|---|---|---|
| Rs 5,00,000 | 12 | 19% | Rs 46,078 | Rs 52,936 | Rs 5,52,936 |
| Rs 5,00,000 | 18 | 19% | Rs 32,142 | Rs 78,556 | Rs 5,78,556 |
| Rs 5,00,000 | 24 | 19% | Rs 25,204 | Rs 1,04,896 | Rs 6,04,896 |
| Rs 5,00,000 | 30 | 19% | Rs 21,066 | Rs 1,31,980 | Rs 6,31,980 |
| Rs 5,00,000 | 36 | 19% | Rs 18,328 | Rs 1,59,808 | Rs 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:
High Loan Amount
A Rs 5 Lakh Personal Loan can cover medical emergencies, home renovation, weddings, education, travel, or debt consolidation.
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.
Collateral-Free
Personal Loans are popular in India as they require no collateral and are approved based on your credit history and repayment capacity.
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!
Monthly Income
Minimum income requirements of Rs 15,000 per month.
Work Experience
Minimum work experience for salaried employees is 6 months, and 2 years for self-employed.
Age
You must be between 21 and 58 years of age.
Citizenship
You must be an Indian citizen to apply for a Rs 5 Lakh Personal Loan at Hero FinCorp.
Documents Required for a Personal Loan of Rs 5 Lakh
Hero FinCorp has minimal documentation requirements for Personal Loans. You can submit online via the website or app. The documents required for a Personal Loan vary for salaried and self-employed individuals.
Required Documents for Salaried
Mandatory Documents
Duly filled application form, Passport-size photograph
Identity Proof
Driving License, Passport, PAN Card, Aadhaar Card (Any One)
Address Proof
Driving License, Passport, Aadhaar Card, Ration Card, Utility Bill (Any One)
Ownership Proof
Residence Ownership Proof (Electricity Bill, Maintenance Bill, Property Document)
Income Proof
Last 6 Months Salary Slips, Bank Statements, and Form 16
Required Documents for Self-Employed
Mandatory Documents
Duly filled application form, Passport-size photograph
Identity Proof
Driving License, Passport, PAN Card, Aadhaar Card (Any One)
Address Proof
Driving License, Passport, Aadhaar Card, Ration Card, Utility Bill (Any One), Office Address Proof (if applicable)
Ownership Proof
Business Existence Proof (Tax Registration, Shop Establishment Proof, Company Registration Certificate)
Income Proof
Last 6 Months' Bank Statements and ITR for 2 Years
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 & Charges | Amount Chargeable |
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Minimum 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. 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 Lakh loan online is a straightforward process that requires minimal time and effort. These are the simple steps to follow:
- 01
Visit the Hero FinCorp website or install the personal loan app
- 02
Go to the personal loan page and click ‘apply now’.
- 03
Enter your mobile number and verify with the OTP received
- 04
Choose the loan amount you need
- 05
Verify your KYC details to check income eligibility
- 06
Click ‘Submit’ to complete 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:
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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.