Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Calculate Personal Loan EMI

`
50,00025,00,000
Months
12 Months60 Months

Assuming annual interest rate of 11.99

Calculated EMI*   16,605  Apply For Loan

Loans Upto ` 25 Lakh*

Quick Disbursal

Minimal Documentation

Flexible Tenure

Get a Rs. 5 Lakh Personal Loan

Whether it is anticipated or urgent, the need for funds may manifest in multiple ways. SMFG India Credit is able to conveniently meet the need of personal loans that helps to finance these anticipated or urgent monetary requirements. For example, if you need Rs. 5 lakh personal loan, you can simply avail it by meeting the minimum eligibility and documentation requirements.

Eligibility Criteria to get Personal Loan of ₹5 Lakh

To avail a personal loan of up to INR 5 Lakh, 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 21 years old at the time of loan application and not exceeding 65 years of age at the loan's maturity.

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.

Monthly Salary: 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.

Documents Required for ₹5 Lakh Personal Loan

When seeking a personal loan of up to INR 5 Lakh, you will need the following documentation:

  1. PAN Card
  2. Proof of Identity (Aadhaar Card, Driving License, Passport, Voter ID, etc.)
  3. Signature Proof (Passport, PAN Card, etc.)
  4. Address Proof (Passport copy, Aadhaar card, driving license, utility bills such as gas or electricity bills, Voter ID, ration card, rent agreement, etc.)
  5. Bank statements from the past 6 months

Additional Documents for Salaried Individuals:

  • Salary slips for the last three months
  • Income tax returns or Form 16

Additional Documents for Self-Employed Individuals:

  • Balance sheet and profit and loss account, along with income computation for the past 2 years
  • Income Tax Returns for the past 2 years
  • Business proof (License, registration certificate, GST number)
  • IT Assessment or Clearance Certificate
  • Income Tax Challans for TDS Certificate (Form 16A) or Form 26 AS for income declared in ITR

Fees and Charges for Rs. 5 Lakh Personal Loan

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 (₹).

Fees & Charges

Amount Chargeable

Personal Loan Interest Rate

Starting at 11.99%* per annum

Processing Fee

Between 0% - 6% of the loan amount

Late Payment Charges

2% plus GST charged monthly (24% per annum) on the overdue amount calculated on day-to-day basis.

Cheque /ECS/NACH dishonoured charges (per dishonour of cheque/ECS/NACH per presentation)

300

Loan Cancellation charges (loan cancelled before first EMI)

1000

Rs. 5 Lakh Personal Loan EMI for 1-5 Years Tenure

SMFG India Credit’s online personal loan EMI calculator lets you calculate EMI amounts for different loan tenure accurately and instantly.

For Rs 5 lakh personal loan, the EMI for 1-year loan tenure at an 11.99% rate of interest per annum is ₹ 44,442, 2-year tenure is ₹ 23,534, 3-year tenure is ₹ 16,605, 4-year tenure is ₹ 13,164 and 5-year tenure is ₹11,120.

Loan Amount (Rs)

Interest Rate (p.a.)

Tenure (years)

EMI (Rs)

Rs 5 Lakhs

11.99%

1

44,422

2

23,534

3

16,605

4

13,164

5

11,120

Disclaimer: These are approximate EMI calculations, actual numbers may vary.

How to Calculate your Personal Loan EMI on ₹5 Lakh Loan?

You can use SMFG India Credit’s personal loan EMI calculator to calculate your monthly EMI.

  • Choose the Loan Amount: Select the amount you wish to borrow.
  • Select the Tenure: Decide on the repayment tenure for your personal loan. You can choose a tenure of up to 5 years or 60 months.
  • Set the Rate of Interest: Enter the applicable rate of interest based on your eligibility.

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.

Why Opt for a ₹5 Lakh Personal Loan?

A ₹5 lakh personal loan helps to finance anticipated or urgent monetary requirements, including:

Medical Emergencies:

When faced with an unexpected medical emergency or medical expenses not covered by insurance, a personal loan can provide the necessary funds promptly.

Debt Consolidation:

If you are juggling multiple unsecured loans, consolidating them into a single personal loan is a wise financial move.

Higher Education:

Professionals aiming to enhance their skills can realize their academic aspirations by securing an online personal loan.

Weddings:

Finance your wedding arrangements with a personal loan.

Home Renovation:

Transform your home by redesigning, upgrading appliances, or furnishing it with a personal loan.

How to Apply for Rs. 5 Lakh Personal Loan

To begin your personal loan application process at SMFG India Credit, adhere to the following steps:

  1. Start by directly clicking here.
  2. Give essential personal information like mobile number, PAN, pincode, and your employment type.
  3. Verify your mobile number via an OTP and verify your email ID.
  4. Provide further details such as email address, date of birth, gender, and annual household income along with your employment background.
  5. Examine the personalised loan offer, focusing on the loan amount, fees, and the details of repayment. If it meets your needs, confirm your acceptance. You will also get an option to select a higher loan amount.
  6. Give details about your employment if you're receiving a regular salary.
  7. Carry out the digital verification for your identity and address using CKYC, OKYC, or DigiLocker.
  8. Enter your bank account details. Once we have successfully verified these details, you will move forward to the ‘Additional Details’ stage. Information about your marital status, loan purpose, parents’ names, and references are to be entered here.
  9. Select your preferred payment mode and finish setting up eNACH.
  10. 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.

Benefits of Taking a Rs. 5 Lakh Personal Loan from SMFG India Credit

SMFG India Credit offers personal loans for up to Rs. 25 lakhs* if you meet all the necessary eligibility criteria and personal loan documents. So, 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.

Affordable Interest Rates with Flexible Repayment Tenure

SMFG India Credit offers competitive interest rates starting from 11.99%* per annum on personal loans. Additionally, you get a flexible tenure between 12 and 60 months to repay your Rs. 5 lakh personal loan. With affordable EMIs, it ensures that you never miss out on a single repayment installment 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.

Quick Personal Loan Approval Process

If you have more questions on how to get your Rs. 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  

* 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.

FAQs

What is the EMI for Rs 5 lakh personal loan for 5 years?

SMFG India Credit offers competitive interest rates starting from 11.99%* per annum on personal loans. The EMI for an INR 5 lakh personal loan for a 5-year tenure is INR 11,120.

What are the interest rates and applicable charges for a ₹5 Lakh Personal Loan?

SMFG India Credit offers competitive interest rates starting from 11.99% per annum on personal loans. Other charges applicable are:

  • Delayed EMI Payment Interest - As stated under additional interest charge**
  • Collection of Cheque/Cash – NIL
  • Cheque /ECS/NACH dishonoured Charges - INR 300
  • Swap Charges- for replacement of Post-dated cheques to ECS - INR 500
  • Swap Charges- for replacement of ECS to ECS - INR 500
  • Loan Cancellation charges - INR 1,000
  • Processing Fees - Between 0% - 6% of the Loan Amount

How can I calculate the EMIs for my ₹5 Lakh Personal Loan?

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 11.99%* 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.

What are the factors affecting your EMI for ₹5 Lakh Personal Loan?

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.

Can I Get A Rs. 5 Lakh Personal Loan With A Low CIBIL Score?

Getting an INR 5 lakh personal loan with a low CIBIL score can be challenging. Consider the following options:

  • Add a co-applicant with a good credit score to increase your eligibility and improve your chances of approval.
  • Apply for a smaller loan amount to increase the likelihood of approval.
  • Improve your credit score by paying bills on time, and reducing existing debt.

Do I Need a Co-Applicant for a 5 Lakhs Personal Loan?

It depends on your individual circumstances and the lender's requirements. However, having a co-applicant can be beneficial if:

  1. Your income is not sufficient to meet the lender's eligibility requirements.
  2. Your credit score is not strong enough to qualify for the loan.
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Have a query? You can contact us through any of the channels listed below.

 
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Phone
1800 103 6001 Timings: 9:00 AM to 7:00 PM (Monday to Saturday excluding public holidays & fourth Saturday of every month).
 

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