How to Apply & Get Instant ₹5 Lakh Loan: Features & Eligibility - Loan Trivia


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Tuesday 4 July 2023

How to Apply & Get Instant ₹5 Lakh Loan: Features & Eligibility

Getting a loan of Rs 5 lakh or more can be a daunting task. You need to consider a range of factors such as eligibility criteria, interest rates, repayment terms, and processing fees.

To simplify the process, many financial institutions now offer instant loans of Rs 5 lakh for people who meet the eligibility criteria. In this article, we will discuss how to apply for and get an instant 5 lakh loan and its features and eligibility criteria.

Features of Rs 5 Lakh Loan

When you apply for a Rs 5,00,000 personal loan, you can expect the following features:

Low-interest rates

Most financial institutions offer competitive interest rates on Rs 5 lakh loans. The rate of interest can range from 8% to 15% depending on your credit score and profile.

Flexible repayment options

You can choose to repay the loan amount in EMIs over a period of 12 to 60 months. You can also opt for a bullet repayment plan, wherein you pay the entire loan amount in a lump sum at the end of the loan tenure.

Minimal documentation

Most financial institutions require minimal documentation for a Rs 5 lakh loan. You may need to submit your identity proof, address proof, bank statements, etc.

Quick disbursal

When you apply for a Rs 5 lakh loan, the financial institution can disburse the loan amount within a few hours of your application.

Personal Loan Eligibility Check

Before applying for a Rs 5 lakh loan, you need to ensure that you meet the following eligibility criteria:

• You must be an Indian citizen

• You must be between the ages of 21 and 58 years

• You must have a regular source of income such as salary, pension, etc.

• You must have a good credit score (750 or above)

• You must have a valid bank account

• You must have valid identity proof (Aadhaar card, PAN card, etc.)

Tips for Applying for an Instant Rs 5 Lakh Loan

• Check your credit score: Before you apply for a Rs 5 lakh loan, it is important to check your credit score. This will give you an idea of the interest rates that you are likely to be offered.

• Compare interest rates: It is important to compare the interest rates offered by various financial institutions before applying for a Rs 5 lakh loan. This will help you get the best deal.

• Read the terms and conditions: Before you apply for a Rs 5 lakh loan, it is important to read the terms and conditions carefully. This will help you understand the repayment terms, processing fees, and other charges associated with the loan.

• Use personal loan contact number: If you have any queries regarding the loan, you can contact the personal loan contact number provided by the financial institution.

• Use an EMI calculator: You can use an EMI calculator to calculate your monthly instalments like 1 lakh personal loan EMI. This will help you plan your repayment in a better way.

A Rs 5 lakh loan can help you meet a wide range of financial needs such as purchasing a car, renovating your home, etc. To get simple unsecured loans of Rs 5 lakh loan, you need to meet the eligibility criteria and follow the tips mentioned above. You can also use a personal loan contact number and an EMI calculator to make the process easier.

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