Key Features of the Personal Loan
Attractive Interest Rates
No Collateral Loan
Quick Approval, Instant Disbursal
Flexible Repayment Tenure
100% Digital, Paperless
Factors Responsible for ₹500000 Personal Loan Interest Rate
Get a personal loan of 5 lakh from Piramal Finance at a competitive interest rate starting from 12.99*%pa. Based on factors like your credit score, employment status, age, etc.
Age:
To be eligible for a personal loan of 5 lakh, you must be between the ages of 21 and 58. We typically view younger applicants as more likely to repay a loan and offer them reduced interest rates.
People between 50 and 60 may be charged higher interest rates. This is because they are more likely to struggle with repaying a personal loan.
Employment Status:
You get a lower interest rate on your 5 lakh loan if you have a stable job and a steady income. Applicants from top private companies, PSUs, or government agencies get lower interest rates than others. Their salaries always receive timely credits, reducing their risk of defaulting on the loan.
Credit Score:
Your credit score also decides what interest rate you get. Remember that the higher the credit score, the more creditworthy you are and the lesser your default risk. This is why you get a lower interest rate with a credit score of 650 or above.
However, Piramal Finance provides loans with affordable interest rates to people with low credit scores.
Work Experience:
Having work experience decreases the likelihood of defaulting on obligations. This is especially true when comparing individuals with little or no work experience. People with work experience at PSUs, private or government sectors, get lower interest rates on their loan applications than others.
Different Types of Personal Loans
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The processing time for a 5 lakh personal loan at Piramal Finance is 24 hours. We will disburse the loan within 24 hours after verifying and approving the loan documents.
Yes, you can get a 5 lakh personal loan EMI at Piramal Finance without collateral. Personal loans are unsecured, so there’s no need for collateral to get such a loan. Our instant loan saves you from the hassle of pledging any asset as collateral.
Your 5 lakh personal loan eligibility depends on various factors, and your credit score is one of them. At Piramal Finance, we consider all factors like credit score, income, repayment history, age, and more with equal importance. However, having a high credit score (650 or above) gives you an edge over other applicants.
If you do not provide the required documents for your 5 lakh loan application, we will halt the processing. The necessary documents include a photo ID, income proof, and address proof to process the loan application.
You must choose Piramal Finance to get a 5 lakh instant loan for the following benefits:
You can secure a loan on your Aadhar and PAN card, which are crucial for verification.
Through instant KYC document verification, you can easily obtain a personal loan of 5 lakh with your Aadhar card. Linking PAN and Aadhar cards to your phone number makes verification easier, improves communication, and speeds up loan approval.
