How To Get 5 Lakh Loan

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Find out how to get 5 Lakh Personal Loan instantly

Key Takeaways

• A Personal Loan is a type of unsecured loan that does not require collateral.
• Personal Loans are processed quickly and involve no physical documentation.
• The repayment tenure is flexible, of up to 5 years with easy EMIs.
• The lender does not set restrictions on the end-use of the loan amount.
• In some cases, you can even cancel the loan after the loan amount gets disbursed.

Are you finally planning your fairy-tale wedding? Or maybe a dream vacation? Do you need a business loan to kickstart your new venture? Or are you in need of extra money? Well, a Personal Loan has got your back. The usage of Personal Loans does not come with any restrictions. Also, the process of securing a Personal Loan is an easy one. You can get loans of amounts as low as INR 50,000 or as high as INR 15,00,000. Find out how you can get an INR 5 Lakh Personal Loan.

How To Get 5 Lakh Loan

Generally, when you borrow money, the lender asks for collateral as security for lending you money. However, in finance, loans that do not require collateral are called unsecured loans. A Personal Loan is thus an unsecured loan since you do not need to pledge any collateral. However, to get the loan, you must fulfil the eligibility criteria of the lender, which is generally as follows:

• You should be in the 21 and 60 years age group.
• You should be a salaried employee with monthly salary slips as income proof or a self-employed individual with evidence of a regular income source.
• Your credit score should be above 600 (minimum).

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Features and Benefits

Paperless documentation

Did you know you can send loan applications without visiting the bank? Well, with a 5 Lakh Personal Loan, you can. You only need to provide scanned copies of your address proof, ID proof and income proof for KYC purposes. Sometimes, banks may offer Personal Loans without any documentation based on your relationship with it and your credit health.

Flexible repayment terms and easy EMI

You may repay the INR 5 lakh Personal Loan over tenures ranging from a year to 5 years. With affordable Personal Loan Interest Rates and principal repayment, paying off EMIs in pocket-friendly instalments is a breeze.

Fast approvals and disbursals

Personal Loans are approved and processed in the shortest time possible. After the lenders approve your loan application, they credit your savings account with the loan amount almost immediately. If you are preapproved and qualify for an Instant Personal Loan, your bank account gets credited within few hours.

No hidden charges

You only have to pay a one-time Personal Laon processing fee plus taxes. Other charges include penalties for late payments, defaulting on EMIs, etc. These are stated under the terms and conditions section of the loan document.

Freelook period

If you choose to cancel the loan after the bank has disbursed the loan amount, you can do so in the 48-hour freelook period. The bank reverses the transaction and debits the loan amount from your account, but the processing fees and taxes remain non-refundable.

Conclusion

Now you can check your eligibility and possible EMI payment with the help of EMI and Personal Loan Eligibility calculators. Get an INR 5 Lakh Personal Loan to fund any financial crisis.

Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page.

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.