Instant Approval
Get instant approval for a Rs 5 Lakh Instant Personal Loan when you apply through the Hero FinCorp website or loan app.
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.
Instant Approval in 10 Minutes
Tenure up to 36 months
Minimum Income Required Rs 15K
Calculate Personal Loan EMI
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.
Rs 5 Lakh Personal Loan - EMI Options for 1 Year to 3 Years Tenure
While looking for a 5 Lakh instant 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 instant 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.
Features and Benefits of Personal Loan of Rs 5 Lakh
Are you looking for an instant loan of Rs 5 Lakh? Here’s a look at its most important features and benefits:
High Loan Amount
A Rs 5 Lakh instant personal loan can cover medical emergencies, home renovations, weddings, education, travel, or debt consolidation.
Attractive Interest Rate
A personal loan of up to Rs 5 lakh 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 a personal loan of up to Rs 5 lakh is easy with our simple personal loan eligibility criteria. Just meet the basic conditions and apply online!
| Criteria | Requirement |
|---|---|
| Age | You must be between 21 and 58 years of age. |
| Citizenship | You must be an Indian citizen to apply for a personal loan at Hero FinCorp. |
| Work Experience | Minimum work experience for salaried employees is 6 months, and 2 years for self-employed. |
| Monthly Income | Minimum 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 & 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 5,00,000 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:
- 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:
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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 instant loan over 3 years varies based on the interest rate. The higher the interest rate, the higher the EMI. For instance, a Rs 5 Lakh instant loan at a 19% per annum interest rate will have an EMI 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 required for a Rs 5 Lakh instant loan. However, if you don’t have it, you can provide your bank statements or ITR instead. The lender will decide based on your overall profile.
Yes, with a decent credit score and a low DTI ratio, you can secure a Rs 5 Lakh instant 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.