Get a Personal Loan of Rs. 5 Lakh
Whether it is anticipated or urgent, the need for funds may manifest in multiple ways. It could arrive in the form of unexpected medical expenses, exciting higher education opportunities, or even a major life event like a wedding celebration.
Personal loans are an ideal solution as they require no collateral and can be used for a wide range of purposes without restrictions. Unlike traditional loans, they offer flexibility, a feature which allows you to manage your funds according to your personal needs.
SMFG India Credit is able to conveniently meet the need for personal loans that help to finance these anticipated or urgent monetary requirements. For example, if you need an INR 5 lakh personal loan, you can simply avail of it by meeting the minimum eligibility and documentation requirements. The EMIs for the INR 5 lakhs personal loan can be spread across a flexible tenure ranging from 12 to 60 months. With swift and transparent loan processing, we make sure that you get the funds when you need them the most.
To avail of a personal loan of up to INR 5 lakhs, you need to meet some basic eligibility criteria. You can use SMFG India Credit's free Personal Loan Eligibility Checker to calculate your personal loan eligibility. It is a free-of-cost online tool that eases your borrowing experience.
It considers factors such as your current EMIs, monthly income, date of birth, city of residence, interest rate, and tenure to determine your eligibility for a personal loan. Conducting this online eligibility check allows you to gauge the amount you can reasonably borrow and comfortably repay. Whether you're a salaried employee or self-employed, SMFG India Credit welcomes your application.
Age: Applicants must be at least 22 years old at the time of loan application and not exceeding 65 years of age at the loan's maturity. Self-employed applicants need to be at least 25 years of age to apply.
Citizenship: An applicant must be an Indian resident.
Work Experience: Applicants are required to have a minimum employment tenure of 6 months with their current employer. Self-employed applicants must have a business that has been operating for at least 3 years.
Monthly Income: The minimum monthly income requirement for applicants residing in Delhi and Mumbai is INR 25,000, while applicants from other regions across the country should have a monthly income of INR 20,000. For self-employed applicants, the minimum annual turnover and yearly profit after taxes are considered, which can vary according to the nature of the profession or domain of work.
Credit Score: A good credit score (usually 750 or above) is an essential factor in determining your eligibility. It plays a critical role in loan approval and securing competitive interest rates.
Existing Debt: Your existing EMIs should ideally not exceed 60-70% of your monthly income, ensuring you can comfortably manage the additional personal loan repayment.
When seeking an INR 5 lakhs loan, you will need the following documentation:
Here's a breakdown of the fees and charges associated with SMFG India Credit's personal loans, offering a comprehensive understanding of the financial implications.
These charges, in conjunction with the interest rates, play a pivotal role in determining the overall cost of the loan. The figures below outline the relevant fees and charges, all presented in Indian Rupees (INR ).
|
Amount Chargeable |
Fees & Charges |
|
Personal Loan Interest Rate |
Starting at 13%* per annum |
|
Processing Fee |
Up to 5% of the total loan amount + GST |
|
Late Payment Charges |
Up to 3% per month (36% per annum) on overdue amount calculated on day to day basis payable from the relevant due date till date of actual payment. |
|
Loan Cancellation Charges (loan cancelled before first EMI) |
Rs. 1000 - 2500 |
SMFG India Credit’s online personal loan EMI calculator lets you calculate EMI amounts for different loan tenures accurately and instantly.
For an INR 5 lakh personal loan, the EMI for 1-year loan tenure at a 13% rate of interest per annum is INR 44,659, 2-year tenure is INR 23,771, 3-year tenure is INR 16,847, 4-year tenure is INR 13,414 and 5-year tenure is INR 11,377.
|
Loan Amount (Rs) |
Interest Rate (p.a.) |
Tenure (years) |
EMI (Rs) |
|
Rs 5 Lakhs |
13% |
1 |
44,659 |
|
2 |
23,771 |
||
|
3 |
16,847 |
||
|
4 |
13,414 |
||
|
5 |
11,377 |
Disclaimer: These are approximate EMI calculations, actual numbers may vary.
If you want to calculate your INR 5 lakh personal loan EMI, access SMFG India Credit’s personal loan EMI calculator and follow these steps.
Once you input these details into the EMI calculator, it will compute your monthly EMI. This EMI represents the amount you need to pay each month to repay your personal loan, considering the loan amount, tenure, and interest rate you've specified.
A INR 5 lakh personal loan helps to finance anticipated or urgent monetary requirements, including:
To begin your personal loan application process at SMFG India Credit, adhere to the following steps::
Give essential personal information like mobile number, PAN, pincode, and your employment type (salaried or self-employed).
Verify your mobile number via a 6-digit OTP.
Provide further details such as email address, date of birth, gender, and annual household income along with verifying your email ID.
Give details about your employment if you're receiving a regular salary.
Please provide your bank statement through Net Banking, an Account Aggregator, or by uploading it. The submitted details will be used to generate a loan offer (applicable only to salaried applicants).
Carry out the digital verification for your identity (which includes taking a selfie) and provide address information using CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.
Provide your bank account details so that we can get them verified.
Once we have successfully verified bank details, you will move forward to the ‘Additional Details’ stage. Information about your marital status, loan purpose, and parents’ names is to be entered here.
Select your preferred re-payment mode (debit card or internet banking) and finish setting up E-NACH.
Sign the loan agreement digitally after a thorough review and complete the process with OTP validation.
By following these easy steps, you are on your way to achieving your financial goals with a personal loan.
From a simple online application process to flexible repayment options, there are many benefits of taking a personal loan up to INR 5 lakhs* from SMFG India Credit:
Be it financing your child’s higher education, marriage, setting up a start-up, or funding emergency medical treatment, SMFG India Credit’s easy and convenient personal loan is the most straightforward way to fulfil your personal expenses.
SMFG India Credit offers competitive interest rates starting from 13%* per annum on personal loans. Additionally, you get a flexible tenure between 12 and 60 months to repay your INR 5 lakhs personal loan. With affordable EMIs, it ensures that you never miss out on a single repayment instalment during this period. In fact, you can determine your instalment amount prior to making your formal loan application with the assistance of SMFG India Credit’s simple-to-use personal loan EMI calculator available on the website.
If you have more questions on how to get your INR 5 lakh personal loan sanctioned, simply call the customer service team on our toll free number (1800 103 6001) or email us on .
Apply for Personal Loan Check Your Eligibility
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
SMFG India Credit offers competitive interest rates starting from 13%* per annum on personal loans. The EMI for an INR 5 lakh personal loan for a 5-year tenure is INR 11,377.
SMFG India Credit offers competitive interest rates starting from 13% per annum on personal loans. Other charges applicable are:
SMFG India Credit’s online personal loan EMI calculator lets you calculate EMI amounts for different loan tenure accurately and instantly. For INR 5 lakh personal loan, the EMI for 1-year loan tenure at an 13%* per annum rate of interest per annum is INR 44,442, 2-year tenure is INR 23,534, 3-year tenure is INR 16,605, 4-year tenure is INR 13,164 and 5-year tenure is INR 11,120.
There are 3 factors that influence the EMIs of an INR 5 lakh personal loan. These are the loan amount, interest rate, and loan tenure. A reliable personal loan EMI calculator can give borrowers an estimate of their EMIs and help them make informed decisions and plan their finances effectively.
Getting an INR 5 lakh personal loan with a low CIBIL score can be challenging. Consider the following options:
It depends on your individual circumstances and the lender's requirements. However, having a co-applicant can be beneficial if:
When you apply for an INR 5 lakh loan, you will get a decision on your application within minutes of submitting it. The exact processing time will depend on your eligibility, the accuracy of the submitted documents, and our policies at the time of loan application. Please note that offline applications will take more time to be processed.
Yes, you can get personal loans without collateral. They are approved based on several factors such as the applicant’s income, age, credit score, and work experience. By meeting the lender’s eligibility criteria and demonstrating a strong credit history, you can get the best INR 5 lakhs loan terms.
To apply for an INR 5 lakhs personal loan at SMFG India Credit, you need a minimum credit score of 750. This threshold can vary from lender to lender.
Submitting some basic documents such as identity proof and income proof is mandatory for smooth personal loan approval. If you wish to apply for an INR 5,00,000 personal loan, you can check out our document requirements here.
It is important to maintain a minimum CIBIL Score of 750 or above to meet our INR 5 lakhs loan eligibility criteria.