A personal loan is a flexible financial product that provides borrowers with a lump sum of money, typically unsecured, which means no collateral is required. These loans can be used for various purposes, such as debt consolidation, home improvements, travel expenses, medical bills, or any other personal need. They offer fixed or variable interest rates, with repayment terms usually ranging from one to seven years. Personal loans are accessible from NBFCs, banks, credit unions, and online lenders, and eligibility criteria typically include creditworthiness, income, and employment status. A personal loan offers a convenient solution for individuals seeking funds for diverse financial requirements.
Personal loan of Rs. 5 lakh
A Rs. 5 lakh personal loan is a convenient financing option for covering major expenses like weddings, medical emergencies, home renovations, or education. With flexible tenures and competitive interest rates, you can easily manage repayment. Check the Rs. 5 lakh loan EMI for 5 years to plan your finances better.
Eligibility criteria for a Rs. 5 lakh personal loan
To qualify for a Bajaj Finserv Personal Loan, you must satisfy the eligibility criteria outlined below.
- Nationality: Indian
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL score: 685 or higher.
- Monthly salary: Starting Rs. 25,001, based on the city you live in.
*You should be 80 years* or younger, at the end of the loan tenure.
Documents required for Rs. 5 lakh personal loan for 5 years
Below are the documents you may be asked to submit while applying for a Bajaj Finserv Personal Loan,
KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Utility bill of electricity and piped gas
How to calculate the EMI for a personal loan of Rs. 5 lakh for 5 years?
To calculate the EMI for a Rs. 5 lakh personal loan over 5 years, you can use a personal loan EMI calculator. Input the loan amount, interest rate, and tenure into the calculator. Using an online EMI calculator simplifies the process and gives you instant EMI values.
Read the interest rates and charges carefully before proceeding with your loan application.
How to apply for a Rs. 5 lakh personal loan for 5 years?
- Click on ‘APPLY’ at the top of this page to open our online personal loan application form.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
- Choose the repayment tenure – you can select tenure options of 12 months to 96 months and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents
Why choose Bajaj Finance for a Rs. 5 lakh personal loan for 5 years?
Below are the attributes that make Bajaj Finserv Personal Loan an excellent option for managing your unexpected expenses.
Instant approval: You can get the loan application approved in just 5 minutes.
Quick disbursal: You get the funds in your bank account within as little as 24 hours*.
Flexible repayment period: Repay the loan easily over a tenure ranging from 12 months to 96 months.
In conclusion, Bajaj Finserv Personal Loan stands out as a reliable financial solution due to its multiple advantages. With competitive interest rates, flexible repayment options, and a quick approval process, it ensures hassle-free borrowing. The straightforward eligibility and documents for personal loan criteria further simplify the process, making it accessible to a wide range of applicants. Additionally, borrowers can avail of substantial loan amounts tailored to their needs, whether for emergencies, home renovations, or personal aspirations. With a customer-centric approach and excellent support services, Bajaj Finserv provides a seamless and efficient loan experience.
Check eligibility and documents for a personal loan before applying.
Read in detail the online personal loan eligibility calculator
*Terms and conditions apply.
