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

Calculate Personal Loan EMI

`
50,00030,00,000
Months
12 Months60 Months

Assuming annual interest rate of 13

Calculated EMI*   16,605  Apply For Loan

Loans Upto ` 30 Lakh*

Quick Disbursal

Minimal Documentation

Flexible Tenure

Rs. 5 Lakh Personal Loan

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 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.

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 lakhs personal loan, you can simply avail of it by meeting the minimum eligibility and documentation requirements.

Eligibility Criteria to get Personal Loan of INR 5 Lakhs

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.

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 INR 5 Lakhs Personal Loan

When seeking an INR 5 lakhs loan, 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 INR 5 Lakhs 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 13%* per annum

Processing Fee

Up to 5% of the total loan amount + GST

Late Payment Charges

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

Cheque/ECS/ACH Direct Debit Dishonour Charges(Note: The Cheque/ECS/ACH Direct Debit Dishonour Charges as referred to above are not compensatory and/or to be construed as any form of consideration towards the act of dishonour and in no way should the same be construed as fees recovered under this facility. It is abundantly clarified that SMFG India Credit does not tolerate the dishonour of instruments and/or deposit of an invalid, fake, or unworthy instrument issued towards meeting payment obligations under this facility and any Charges collected thereof are not intended to compound such acts of dishonour. Notwithstanding any Charges collected hereof SMFG India Credit reserves its right to invoke the appropriate civil and criminal laws)

An amount not exceeding INR 300/- per instance shall also be payable for every instance of dishonour of Cheque/ECS/ACH Direct Debit.

Loan Cancellation Charges (loan cancelled before first EMI)

An amount not exceeding INR 5,000/- if the loan is cancelled at the request of the Borrower after disbursement of the Loan, but before the encashment of the Loan disbursal cheque. If cancellation of the Loan is requested after the encashment of the Loan amount, Prepayment conditions as specified herein shall apply.

INR 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 tenures accurately and instantly.

For INR 5 lakh personal loan, the EMI for 1-year loan tenure at an 13% rate of interest per annum is ₹ 44,659, 2-year tenure is ₹ 23,771, 3-year tenure is ₹ 16,847, 4-year tenure is ₹ 13,414 and 5-year tenure is ₹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.

How to Calculate Your Personal Loan EMI on INR 5 Lakhs Loan?

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.

  • 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 an INR 5 Lakhs Personal Loan?

A INR 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 INR 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 an INR 5 Lakhs Personal Loan from SMFG India Credit

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:

  • No Collateral Required - Get the funds you need without the need to pledge any of your valuable assets.
  • Competitive Interest Rates - Eligible candidates can avail of competitive interest rates starting at just 13%* per annum, keeping your monthly payments low.
  • Flexible Loan Tenure - Choose the repayment structure that aligns with your budget, with flexible tenure options ranging from 6 months to 12 months.
  • Easy Application - Avoid the hassle of going to a physical branch with our 100% online application process that can be completed from the comfort of your home.
  • Minimal Documentation - SMFG India Credit requires only a few essential documents along with your loan application, making the process more convenient.
  • Quick Disbursal - With a swift approval process and short disbursement times, you can get access to the required funds without undue delays.

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 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.

Quick Personal Loan Approval Process

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  

* 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 13%* per annum on personal loans. The EMI for an INR 5 lakh personal loan for a 5-year tenure is INR 11,377.

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

SMFG India Credit offers competitive interest rates starting from 13%* 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 - Up to 5% + GST

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 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.

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.

What is the processing time for an INR 5 lakhs personal loan?

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.

Can I get a personal loan of INR 5 lakhs without collateral?

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.

What credit score do I need for an personal loan of INR 5 lakh?

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.

I need an INR 5 lakhs loan, can I avail it without documents?

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.

What is the CIBIL score required for availing a personal loan of INR 5 lakhs?

It is important to maintain a minimum CIBIL Score of 750 or above to meet our INR 5 lakhs loan eligibility criteria.

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