5 lakh ka loan Kaise le

How to get loan of 5 lakh, how to get personal loan up to 5 lakh, how to get an urgent personal loan, how to get loan immediately 5 lakh loan SBI 5 lakh loan If you need a personal loan up to 5 lakhs for personal work or for any small business or to meet any financial needs or for urgent work, then the complete information is given below, read carefully – if you If you want to take a personal loan up to 5 lakh, then the amount of loan that you will get will mainly depend on your monthly income, how many EMIs you are currently paying and your EMI/NMI ratio. Along with this, your credit score, occupation and employer/company profile are also among the factors that affect your personal loan approval process. In this article, we will tell how you can take a personal loan up to 5 lakhs (5 Lakh Personal Loan Kaise Le). 

Terms and Conditions for availing Personal Loan up to Rs.5 lakh

  • Applicant must be an Indian resident.
  • At the time of applying for the loan, the minimum age of the applicant should be 21 years and the maximum age should be 67 years (at the time of loan maturity).
  • Salaried (working in a private limited company or public sector undertaking) and non-salaried professionals with 1 year of work experience are eligible for this personal loan.
  • The minimum monthly income of the applicant should be up to Rs.15,000.
  • Having a credit score of 750 or above increases the chances of loan approval. It also helps in availing personal loans at low interest rates.

Personal Loan Review in English

Article Name How To Get a Loan of 5 Lakh 
Loan Type Instant Personal Loan
Loan Name Personal Loan
Loan Amount ₹ 5 Lakh
Age You can apply personal loan from 21 to 60 years
Required Documents Aadhar Card, PAN Card and Income Proof etc.
Applicant’s Salary Rs 15000 per month
Processing Fee up to 4%

Where to use personal loan?

  • For urgent work
  • To meet small financial needs
  • To further your business
  • To start a small business
  • For marriage of children of middle class or poor family
  • To meet the minor needs of the house
  • To build a house
  • To open a small shop

Documents Required for 5 Lakh Personal Loan

Documents Required for 5 Lakh Personal Loan

Proof of Identification

  • PAN card
  • Passport
  • Driving license
  • Voter ID card
  • Employee id
  • Bank passbook
  • Ration card

Note: Any one of these documents is required.

Address Proof

  • Passport
  • Utility bill (telephone, electricity, water, gas) – less than 2 months old
  • Letter from a recognized public authority verifying the residential address of the customer
  • Bank Passbook or Bank Statement
  • Voter ID card
  • Ration card
  • LIC Policy / Receipt

Note: Any one of these documents is required.

Residence Ownership Proof

  • Property documents
  • Maintenance bill
  • Electricity bill

Note: Any one of these documents is required.

Proof of Income – depending on the type of employment

  • Salary Slip (Last 3 Months)
  • Bank statement (3 – 6 months)
  • Passbook (3 – 6 months)
  • salary hike or promotion letter
  • Certified letter from employer/company

Note: Any one of these documents is required.

Pay Tax

  • Income Tax Return (for 2 years)
  • Form 16

Note: Any one of these documents is required.

Proof Of Employment

  • Appointment letter of the present job (if more than 2 years have been spent in the same job).
  • Current Employment Certificate.
  • Experience letter (including previous job certificate or joining letter and relieving letter).
  • Bank Statement: Last 6 months bank statement of the account.
  • Existing Loan: In case of any existing loan, approval letter, payment track record needs to be submitted.
  • Investment proof (if any): FD, immovable property, shares etc.
  • Passport size, color photograph.

Note: Any one of these documents is required.

Documents Required for Self Employed Individuals

  • Proof of identification
  • Address proof
  • Proof of identification
  • PAN card
  • Passport
  • Driving license
  • Voter ID card
  • Employee id
  • Bank passbook
  • Ration card

Note: Any one of these documents is required.

Address Proof

  • Passport
  • Utility bill (telephone, electricity, water, gas) – less than 2 months old
  • Letter from a recognized public authority verifying the residential address of the customer
  • Bank Passbook or Bank Statement
  • voter ID card
  • ration card
  • LIC Policy / Receipt

Note: Any one of these documents is required.

Residence Ownership Proof

  • Property documents
  • Maintenance bill
  • Electricity bill

Note: Any one of these documents is required.

Proof of Income – depending on the type of employment

  • Salary Slip (Last 3 Months)
  • Bank statement (3 – 6 months)
  • Passbook (3 – 6 months)
  • salary hike or promotion letter
  • Certified letter from employer/company

Note: Any one of these documents is required.

Pay Tax

  • Income Tax Return (for 2 years)
  • Form 16

Note: Any one of these documents is required.

Proof Of Employment

  • Appointment letter of the present job (if more than 2 years have been spent in the same job).
  • Current Employment Certificate.
  • Experience letter (including previous job certificate or joining letter and relieving letter).
  • Bank Statement: Last 6 months bank statement of the account.
  • Existing Loan: In case of any existing loan, approval letter, payment track record needs to be submitted.
  • Investment proof (if any): FD, immovable property, shares etc.
  • Passport size, color photograph.

Note: Any one of these documents is required.

Documents Required for Self Employed Individuals

  • Proof of identification
  • Address proof

Things to consider before applying for 5 Lakh Personal Loan

When you apply for a high amount personal loan, the bank or NBFC will closely consider the following eligibility criteria –

  • Credit score: If you are looking to avail a personal loan of Rs 5 lakh, and your credit score is less than 750, your loan application may get rejected.
  • Employment: The stability of your job and the reputation of your employer/company matter when you apply for a high amount personal loan.
  • Current Borrowings: Before sanctioning any type of loan, banks/NBFCs check the current borrowings and whether you will be able to repay the new loan or not. This paying capacity is measured by the NMI ratio. Your EMI/NMI ratio is the percentage of your monthly income that you use to pay the existing EMI and the EMI of the loan you are taking. Explain that banks / loan institutions generally prefer to give personal loans to those applicants whose EMI / NMI ratio is in the range of 50-55%. If your EMI/NMI ratio is high and you want to avail a personal loan of Rs 5 lakh, then your loan application may get rejected.

Banks / Lending Institutions Interest Rates for Personal Loan

Bank / Loan Institution Interest Rates (per annum) Interest Rates (per annum)

  • HDFC Bank      –     Starting from 10.50%
  • SBI Bank           –      11.05% – 15.05%
  • Axis Bank          –      Starting from 10.49%
  • Punjab National Bank        –        10.40%-16.95%
  • ICICI Bank                        –            Starting from 10.50%
  • Kotak Mahindra Bank      –           Starting from 10.99%
  • IDFC First Bank            –               Starting from 10.49%

Read this also – In Hindi

100+ RBI Registered Loan App List PDF Download 2022

What are the documents required for personal loan?

I Need 5000 Rupees Loan Urgently || How to get instant loan of Rs 5000

Questions related to 5 Lakh Personal Loan

Question 1. How much is the interest on SBI Personal Loan for Rs 5 lakh?

Answer: The interest rates are generally given at the rate of 10.49% per annum.

Question 2. Which bank is offering the cheapest personal loan?

Answer: Leading private sector banks like Axis Bank, IDFC First Bank, IndusInd Bank offer Personal Loan at lowest rates starting from 10.49% onwards. Apart from this, HDFC, ICICI Bank offer personal loans at the rate of 10.50% per annum. However, some public sector banks also offer lower interest rates on personal loans.

Q 3. How much gold is required for 5 lakh loan?

Answer: This means that to avail a loan of Rs.5 lakh, the borrower will have to pledge gold worth around Rs.6.7 lakh.

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