High Loan Amount:
A Personal Loan of Rs 5 lakh is an ample amount to cover various expenses, including the costs related to a medical emergency, home renovation, wedding, education, travel, debt consolidation, or other big-ticket purchases.
Apply for 5 Lakh Personal Loan
Hеro FinCorp is your trustеd partner when it comes to loans, offering you thе opportunity to sеcurе up to ₹5 Lakhs with a minimal monthly salary rеquirеmеnt of just ₹15, 000. We understand that financial needs can arisе unеxpеctеdly, and that's why we hеrе to provide swift solutions. With Hеro FinCorp, you can еnjoy thе convеniеncе of instant approval, ensuring that 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!
Personal Loan EMI Calculator
EMI for Personal Loan of Rs 5 lakh for Tenures of 1-5 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 11%, a 5 lakh loan EMI calculator can calculate the EMI for a 5 lakh loan for various loan terms as follows:
| Loan Term | EMI Amount |
|---|---|
| 5 Lakh Loan for 1 Year | Rs 44,191* |
| 5 Lakh Loan for 2 Years | Rs 23,304* |
| 5 Lakh Loan for 3 Years | Rs 16,369* |
| 5 Lakh Loan for 4 Years | Rs 12,923* |
| 5 Lakh Loan for 5 Years | Rs 10,871* |
Disclaimer: The EMI calculations provided are approximations, and actual figures may differ.
The EMI calculator computes the EMI on 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 installments, reducing the EMI size. It makes the decision-making process easier for you and the loan more manageable.
Features and Benefits of a ₹5 Lakh Loan
Are you looking for a Rs 5 lakh loan? Here’s a look at its most important features and benefits you must know:
Attractive Interest Rate:
The interest for a Rs 5 lakh loan per month is competitive, preventing the loan from becoming a financial burden. You may get the best interest rate with a decent credit score, a high income, and a low Debt-to-Income (DTI) ratio.
Collateral-Free:
The collateral-free nature of Personal Loans makes them the most sought-after funding options in India. You can obtain them without putting any asset at risk or convincing a guarantor to guarantee your loan. You can solely receive them based on your credit history and repayment capacity.
Flexible Repayment Tenure:
Personal Loans have flexible repayment tenures, and your final decision largely affects your Rs 5 lakh loan EMI. A short tenure increases the EMI amount, while a long tenure decreases it. So, use a Rs 5 lakh loan EMI calculator to find a loan term with budget-friendly EMIs.
Instant Approval:
No physical branch visits, zero documentation, and no collateral requirement accelerate the loan process, making a Rs 5 lakh Personal Loan available quickly.
Eligibility Criteria For Rs 5 Lakh Personal Loan
At Hero FinCorp, getting a Personal Loan of up to 5 lakh is straightforward, thanks to our simple eligibility criteria that everyone can fulfil. To apply for a Personal Loan, you need to fulfil the following conditions:
Age
You must be at least 21 years at the time of loan application and a maximum of 58 years at the loan term-end.
Citizenship
Since Personal Loans are accessible to Indian citizens only, you must be an Indian citizen residing here.
Work Experience
An applicant must have a minimum experience of 6 months if they are salaried, and if self-employed, the business should be in existence for at least 2 years.
Monthly Income
You must earn a minimum of Rs 15,000 monthly to qualify for a Rs 5 lakh Personal Loan.
Documents Required For ₹5 Lakh Personal Loan
Hero FinCorp has minimal documentation requirements with zero paperwork. You can submit your documents online through our website or loan app. However, they vary based on whether you are a salaried or a self-employed individual. These are the standard documents you must provide to apply for a loan:
Documents required for Salaried
Mandatory Documents
Duly filled loan application form Passport-size photograph (coloured)
Identity Proof
Driver’s licence, passport, PAN card, or Aadhaar card
Address Proof
Driver’s licence, passport, Aadhaar card, ration card, or utility bill
Ownership Proof
Residence ownership proof, like electricity bills, maintenance bills, or property documents
Income Proof
Last six months' salary slips, the previous six months' salary account statement, and Form 16 Job continuity proof, like an appointment letter from the current employer or experience certificate from the previous employer
Documents required for Self Employed
Mandatory Documents
Duly filled loan application form Passport-size photograph (coloured)
Identity Proof
Driver’s licence, passport, PAN card, or Aadhaar card
Address Proof
Driver’s licence, passport, Aadhaar card, ration card, or utility bill Office address proof, like maintenance bills, utility bills, property documents, or rent agreement
Ownership Proof
Business existence proof, like a copy of tax registration, shop establishment proof, or company registration certificate
Income Proof
Last six months' bank statements and ITR for the previous two consecutive years
Interest Rate on a ₹5 lakh Personal Loan
Hero FinCorp charges a maximum of 35% interest rate on Personal Loans. So, you don't need to worry about paying a hefty Rs 5 lakh loan interest per month. However, it is essential to understand a few factors that influence Personal Loan interest rates. These include the following:
Income: A high income reduces the risk of default, attracting a lower interest rate on Personal Loans.
Age: Since earning capacity largely depends on age, younger applicants can often get lower Personal Loan interest rates.
Employment: Applicants with stable jobs and long work experiences are better candidates for Personal Loans with better repayment capacity.
Occupation: Salaried employees working in reputed MNCs or government departments have a lower risk of default and grab lower interest rates than self-employed individuals.
How to Apply for a Rs 5 Lakh Personal Loan?
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:
- 1
Click on the 'Apply Now' button.
- 2
Enter your mobile number and verify the OTP sent to the entered mobile number.
- 3
Choose the loan amount that you need.
- 4
Verify your KYC details data to check income eligibility.
- 5
Click on 'Submit' to complete your application.
Frequently Asked Questions (FAQs)
Follow these steps to get a Personal Loan online:
Fill out an online application form
Enter the required details
Submit the necessary documents
Get approval and accept the loan offer
Get disbursal quickly
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.
You will need to provide a few necessary documents to apply for a Rs 5 lakh Personal Loan. However, you don't need to submit hefty paperwork for it.
The EMI amount for a Rs 5 lakh loan for 5 years varies based on the interest rate. The higher the interest rate, the higher the EMI. For instance, a Rs 5 lakh loan at an 11% interest rate will have an EMI amount of Rs 10,871 for five years. However, at a 20% interest rate, the same loan plan will have a loan EMI of Rs 13,247 per month.
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.
Income proofs like ITR, Form 16, and salary slips are mandatory documents for loan applications. However, those with exceptional credit history can obtain a Rs 5 lakh loan without income proof.
Yes, applicants with a decent credit score and low DTI ratio can get the lowest Interest on a Rs 5 lakh loan.
EMI = [P x R x (1+R)^N] / [((1+R)^N)-1)]
However, it is a complicated, time-consuming, and error-prone process that requires complex computing skills. Moreover, you might need to calculate EMIs for various loan terms until you get an EMI that best suits your affordability. That is when a loan EMI calculator comes to the rescue. It is a user-friendly online tool that lets you calculate EMIs instantly.
Simply enter the loan amount, interest rate, and repayment tenure in the digital tool and get your Rs 5 lakh loan EMI amount. You can use the tool any number of times for free until you finalise the loan term as suitable to your repayment capacity.
5 lakh personal loan Related Blogs
Why Opt for a ₹5 Lakh Personal Loan?
A Rs 5 lakh Personal Loan is an excellent funding option for various reasons. Most importantly, it is an unsecured loan that borrowers can obtain without any guarantor, security, or collateral. Moreover, it has no end-use restrictions, allowing you to use the loan amount for any purpose. You may borrow a Rs 5 lakh loan for 5 years for various reasons, including the following:
