Do you need a 5 lakh loan urgently? You might find yourself saying, 'I need 500,000 urgently' if you have unexpected expenses. These expenses could include medical bills, college fees, home repairs, or a wedding.
We at Piramal Finance understand that financial emergencies can happen to anyone. If you can give us proof of income, address, and ID, we will quickly give you the loan amount. Get a personal loan of 5 lakh at the most attractive interest rates and flexible tenures from us without any hassle.
How to get 5 lakh Personal Loan from Piramal Finance?
You can easily apply for a 5 lakh loan at Piramal Finance. Simply follow these steps:
Step 1: Go to Piramal Finance Personal Loan for 5 lakh Page.
Step 2: Click on Apply Now
Step 3: Enter your mobile number linked to your bank account.
Step 4: Enter the OTP received on your mobile number.
Step 5: Enter the required document and verify the same.
Step 6: Bank account verification.
Step 7: Income Verification.
Step 8: Check the Loan Final Offer, Accept, and continue the final process.
After finishing the last step, we will transfer the loan of 5 lakh to your confirmed bank account within 24 hours.
Key Features of the Personal Loan
Attractive Interest Rates
We understand your interest rate will be key in deciding your 5 lakh personal loan EMI. That’s why we offer competitive interest rates to all our customers, starting from 12.99*%pa onwards. Our reasonable rate of interest will help you get easy EMIs.
No Collateral Loan
We ensure no collateral policy for loans. There is no need to pledge any asset or bring any guarantor, as obtaining a loan is more convenient than ever.
Quick Approval, Instant Disbursal
We at Piramal Finance offer the shortest processing time for our instant loan. We keep things minimal to ensure fast KYC document verification. Within an hour, we verify all documents and approve the loan application. Once approved, we will disburse your loan amount in your account within 24 hours.
Flexible Repayment Tenure
At Piramal Finance, you can select the repayment tenure of your choice. The shorter the tenure, the bigger the EMI amount, and vice versa. You can pick a term from one to five years, which will make it easier for you to pay back.
100% Digital, Paperless
We offer all customers digital, paperless documentation. No matter where you are or when you can apply for a 5 lakh loan at your convenience. The 100% paperless documentation process lets you do things with your fingertips in the comfort of your home or office.
EMI Calculation
Below is a table representing the personal loan EMI 5 lakh for 5 years, 4 years, 3 years, 2 years, and 1 year at a standard interest rate of 12.99*%pa.
EMI Calculation
Below is a table representing the personal loan EMI 5 lakh for 5 years, 4 years, 3 years, 2 years, and 1 year at a standard interest rate of 12.99*%pa.
-
Labels:
- Year
- Principal Amount
- Interest Payable
- Total Amount
- Avg. Monthly EMI
- Outstanding Balance
-
Row 1:
- 1
- ₹ 83,670
- ₹ 52,848
- ₹ 1,36,518
- ₹ 11,377
- ₹ 4,16,330
-
Row 2:
- 2
- ₹ 89,426
- ₹ 47,092
- ₹ 1,36,518
- ₹ 11,377
- ₹ 3,26,904
-
Row 3:
- 3
- ₹ 95,220
- ₹ 41,299
- ₹ 1,36,518
- ₹ 11,377
- ₹ 2,31,684
-
Row 4:
- 4
- ₹ 1,08,363
- ₹ 28,155
- ₹ 1,36,518
- ₹ 11,377
- ₹ 1,23,321
-
Row 5:
- 5
- ₹ 1,23,321
- ₹ 13,198
- ₹ 1,36,518
- ₹ 11,377
- ₹ 0
Factors Responsible for ₹500000 Personal Loan Interest Rate
Get a personal loan of 5 lakh from Piramal Finance at a competitive interest rate starting from 12.99*%pa. Based on factors like your credit score, employment status, age, etc.
- Age:
- To be eligible for a personal loan of 5 lakh, you must be between the ages of 21 and 58. We typically view younger applicants as more likely to repay a loan and offer them reduced interest rates.
People between 50 and 60 may be charged higher interest rates. This is because they are more likely to struggle with repaying a personal loan.
- To be eligible for a personal loan of 5 lakh, you must be between the ages of 21 and 58. We typically view younger applicants as more likely to repay a loan and offer them reduced interest rates.
- Employment Status:
- You get a lower interest rate on your 5 lakh loan if you have a stable job and a steady income. Applicants from top private companies, PSUs, or government agencies get lower interest rates than others. Their salaries always receive timely credits, reducing their risk of defaulting on the loan.
-
Credit Score:
- Your credit score also decides what interest rate you get. Remember that the higher the credit score, the more creditworthy you are and the lesser your default risk. This is why you get a lower interest rate with a credit score of 650 or above.
However, Piramal Finance provides loans with affordable interest rates to people with low credit scores.
- Your credit score also decides what interest rate you get. Remember that the higher the credit score, the more creditworthy you are and the lesser your default risk. This is why you get a lower interest rate with a credit score of 650 or above.
- Work Experience:
- Having work experience decreases the likelihood of defaulting on obligations. This is especially true when comparing individuals with little or no work experience. People with work experience at PSUs, private or government sectors, get lower interest rates on their loan applications than others.
Documents Required for Availing of a Personal Loan of Rs. 5 Lakh
Need a 5 lakh loan Urgently? Below are some digital documents you must submit as part of the loan process.
Documents Required for Availing of a Personal Loan of Rs. 5 Lakh
Need a 5 lakh loan Urgently? Below are some digital documents you must submit as part of the loan process.
-
Labels:
- Document Type
- For Self-Employed Individuals
- For Salaried Individuals
-
Row 1:
- ID Proof
- Aadhaar card, driving license, passport, pan card, voter id
- Aadhaar card, driving license, passport, pan card, voter id
-
Row 2:
- Residence Address Proof
- Aadhar card, voter id, utility bills, driving license
- Aadhar card, voter id, utility bills, driving license
-
Row 3:
- Office Address Proof
- GST registration certificate
- Not applicable
-
Row 4:
- Income Proof
- P/L account and balance sheet for the previous three years, ITRs for the last three years, bank account statement of business account
- Bank account statement of salary account, salary slip of the last three months, form 16
Fees and Charges for Personal Loan of ₹5 Lakh
Get an instant personal loan of 5 lakh at affordable interest rates and no hidden costs at Piramal Finance. Here is a table representing our fees and charges for better understanding:
Fees and Charges for Personal Loan of ₹5 Lakh
Get an instant personal loan of 5 lakh at affordable interest rates and no hidden costs at Piramal Finance. Here is a table representing our fees and charges for better understanding:
-
Labels:
- Features & Fees
- Details
-
Row 1:
- Personal Loan Interest Rates
- {plintrestrate}* p.a. onwards.
-
Row 2:
- Loan Amount
- ₹ 25,000 to ₹ 5,00,000.
-
Row 3:
- Processing Fees
- Up to 5% plus applicable taxes.
-
Row 4:
- Loan Tenure
- 3 - 60 months tenure
-
Row 5:
- Prepayment Charges
- ₹ 0
-
Row 6:
- Foreclosure Charges
- ₹ 0
-
Row 7:
- Stamp Duty
- At actuals (as per state)
-
Row 8:
- Cheque Bounce Charges
- ₹ 500 plus applicable taxes
-
Row 9:
- EMI Bounce Charges
- ₹ 500 plus applicable taxes
-
Row 10:
- EMI Pickup/Collection Charges
- ₹ 250 per visit plus applicable taxes
-
Row 11:
- Cash Collection Charges
- 1% of collection amount of ₹ 50,000 and above in cash + taxes
-
Row 12:
- Change of Loan Repayment Mode
- ₹ 500 plus applicable taxes
-
Row 13:
- Loan Cancellation after Disbursement
- Interest accrued & due plus applicable taxes
-
Row 14:
- Loan Repayment Schedule (applicable for physical copies only)
- ₹ 500 plus applicable taxes
-
Row 15:
- Change of Loan Repayment Mode (duplicate entry)
- ₹ 1,000 plus applicable taxes
Different Types of Personal Loans
Home Improvement Loan
You can use the funds from a personal loan to complete renovations in your home. Moreover, you can also use the funds to expand your home.
Wedding Loan
Indian weddings can be expensive, but the funds from a personal loan will help you deal with the expenses
Travel Loan
If you are willing to travel to an exotic location, applying for a personal loan is the way to go.
Car Loan
You can buy your dream car with a flexible car loan, offering freedom of choice and fixed monthly payments.
Emergency Loan
Health insurance may not cover family medical emergencies. Emergency personal loans can help with medical crises.
Festival Loan
The festive season often comes with various expenses, which online insta loans can help cover.
Loan for Women
Empower yourself with a specially designed quick personal loan for women. It provides financial support for various needs with competitive interest rates and flexible repayment options.
Loan for Salaried Employees
Unlock financial flexibility with a personal loan designed exclusively for salaried employees. Get the loan quickly and conveniently.
Education Loan
You can borrow finance online to pay for housing and food while studying at a university in another city or country.
Personal Loan for Bike
Don't wait any longer to own your dream bike. Apply for a personal loan for a two-wheeler and get instant approval.
Get a Personal Loan from the Nearest Piramal Finance Branch
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Frequently asked questions
You must choose Piramal Finance to get a 5 lakh instant loan for the following benefits:
- Less documentation involved
- Instant, seamless, and same-day disbursal
- No collateral requirement
- 100% paperless loan application process
- Attractive and reasonable interest rates
- Flexible repayment tenures for easy EMIs
- Fast KYC verification and loan approval
- Excellent, user-friendly customer service
Through instant KYC document verification, you can easily obtain a personal loan of 5 lakh with your Aadhar card. Linking PAN and Aadhar cards to your phone number makes verification easier, improves communication, and speeds up loan approval.