What Could be the EMI for a 5 Lakh Personal Loan?
Need to pay some bills right away that you didn’t expect? Want to go on that trip you’ve been planning for a while? Or are you just thinking about making some changes to your home? You can borrow five lakhs on your own. You can get a personal loan online for up to 5 lakh and use the money however you want. With the Personal Loan EMI Calculator, you can also figure out how much you’ll have to pay monthly for a personal loan. You should meet the specific requirements for eligibility before applying for a personal loan online.
₹5 Lakh Personal Loan Eligibility Criteria
You must fulfil the requirements listed below to apply for a personal loan online of Rs. 5 lakh:
- You must be self-employed or a salaried professional employed by a reputable public or private organisation.
- Note that the minimum income requirements can vary based on your area. You must make a minimum of 25,000 each month.
- You must have at least two to three years of business and work experience.
- At least 21 years of age is required.
How Do I Apply for Personal Loan Online?
You can apply for a personal loan online of Rs. 5 lakh by doing the following:
Step 1: Go to the “Apply Now” section of the personal loan page and give your contact information and some basic information about yourself.
Step 2: Choose the lending company and the loan amount you want. Please remember that the most you can get will depend on whether or not you qualify.
Step 3: You must send in the application form and all the necessary paperwork to be checked.
Your loan amount will be credited to your bank account once you apply for a personal loan online that has been approved and your supporting documentation has been examined.
How to Calculate EMI Amounts?
With the personal loan EMI calculator, you can quickly and accurately figure out how much your EMIs will be for different loan terms. At an annual interest rate of 11.99%, the EMI for an Rs. 5 lakh personal loan is Rs. 44,442 for a one-year loan term, Rs. 23,534 for a two-year loan term, Rs. 16,605 for a three-year loan term, Rs. 13,164 for a four-year loan term, and Rs. 11,120 for a five-year loan term.
Personal Loan Up to 25 Lakh Rupees
Let’s say you meet all the qualifications and have all the paperwork you need for a personal loan. It gives out loans to individuals for up to Rs. 25 lakhs. So, if you need money for your child’s college education, a wedding, a new business, or urgent medical care, a personal loan is the best way to pay for it.
Flexible Repayment Terms and Affordable Interest Rates
Competitive interest rates for personal loans begin at 11.99%. You can also choose how long you want to take to pay back your Rs. 5 lakh personal loan, anywhere from 12 to 60 months. It makes sure that you make every payment during this time by giving you manageable EMIs. Before making a formal loan request, you can choose how much you want to pay each month.
- Rapid approval of personal loans
- Check your eligibility conveniently.
- Calculator for personal loan eligibility
- Enter your information when you apply online
- Send all the required documentation and wait for clearance.
Applying for a personal loan online takes 24 to 72 hours. Your Rs. 5 lakh personal loan will be transferred to your chosen bank account as soon as permission is received.
Documents Needed for a Personal Loan of ₹ 5 Lakh
To be approved to apply for a personal loan online of ₹5 lakh, you must produce the following paperwork:
- Two photos of the size of a passport
- You can use a driver’s licence, a recent phone bill, a passport, or a voter identification card to prove your address.
- Identity proof includes Aadhar cards, PAN cards, passports, and voter ID cards.
- For salaried workers, three months’ worth of bank statements. If you work for yourself, you must bring a copy of your business licence and registration certificate.
Personal Loan EMI Calculator’s Advantages
Here are some benefits of applying for a personal loan online with an EMI calculator.
Pick a flexible loan term
Compare your monthly loan payments (EMIs) for different loan terms to figure out which is best for your finances. Choose a shorter term if you are willing to pay more EMI and want to pay off your loan faster. On the other hand, you can always choose a longer term.
Check the repayment plan.
The personal loan EMI calculator also breaks down your plan to repay the loan. By doing this, you can figure out how much of the loan’s principal and how much interest will still need to be paid.
Check EMI info
Using an EMI calculator, you can check the schedule the bank gives you for making payments. You can also use a calculator to figure out how much you have to pay upfront for the processing fee.
Time saver
Using a calculator, you can calculate EMI in under a minute. Also, EMI calculators are very easy to use and are always right.
Conclusion
The 5 lakh personal loan EMI depends on how much you borrow, how long, and how much interest the bank charges. It is best to choose a personal loan EMI that fits your budget or the amount of money you make compared to what you spend. On the Piramal Finance website, you can read more blogs about what the EMI could be for a 5 lakh personal loan. Please also look at the things they sell and the services they provide. Now that you know everything you need, you should read the information above carefully to understand it better.