Rs 5 Lakh Personal Loan

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Instant Approval
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Tenure up to 36 months
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Minimum Income Required Rs 15K
Personal Loan EMI Calculator

Monthly EMI

₹ 0

Interest Payable

₹ 0

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 5 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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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.

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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.

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!

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Age

You must be between 21 and 58 years of age.

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Citizenship

You must be an Indian citizen to apply for a Rs 5 Lakh Personal Loan at Hero FinCorp.

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Work Experience

Minimum work experience for salaried employees is 6 months, and 2 years for self-employed.

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Monthly Income

Minimum income requirements of Rs 15,000 per month.

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

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Mandatory Documents

Duly filled application form, Passport-size photograph

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Identity Proof

Driving License, Passport, PAN Card, Aadhaar Card (Any One)

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Address Proof

Driving License, Passport, Aadhaar Card, Ration Card, Utility Bill (Any One)

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Ownership Proof

Residence Ownership Proof (Electricity Bill, Maintenance Bill, Property Document)

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Income Proof

Last 6 Months Salary Slips, Bank Statements, and Form 16

Required Documents for Self-Employed

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Mandatory Documents

Duly filled application form, Passport-size photograph

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Identity Proof

Driving License, Passport, PAN Card, Aadhaar Card (Any One)

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Address Proof

Driving License, Passport, Aadhaar Card, Ration Card, Utility Bill (Any One), Office Address Proof (if applicable)

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Ownership Proof

Business Existence Proof (Tax Registration, Shop Establishment Proof, Company Registration Certificate)

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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.

Interest Rate

Starting from 1.58% per month

Loan Processing Charges

Starting from 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. Our 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:

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  • 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:

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.

Debt Consolidation

Pay off multiple loans or credit card dues with a Personal Loan for debt consolidation.

Education Expenses

Pay tuition fees, hostel charges, or study materials with a Personal Loan for education.

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.

Frequently Asked Questions

To get a Personal Loan urgently, visit Hero FinCorp’s website or app, choose your amount, verify your KYC and income details, and submit your application online. Once approved, you can get the amount in your account.
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.
When you apply for a Rs 5 Lakh Personal Loan online, there's no need to submit any physical documents. Simply provide your KYC details and proof of income.
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.