5 Lakh Personal Loan for 3 Years

Taking a 5 lakh personal loan for 3 years is not difficult now. Most lenders offer digital loans without doing verify process. A salaried person can apply for a 5 lakh loan at Rs. 12,000 salary. Also, several factors depend on 3 years EMI calculation like interest rates, repayment schedules, eligibility criteria, and credit score.

4 Benefits of 5 Lakh Personal Loan for 3 Years

24hrLoan provides a 5 lakh loan if you meet personal loan eligibility criteria. Get numerous benefits of taking 5 lakh loans:

1. Minimum Salary Required: Obtain up to Rs. 5 lakh loan at a minimum salary of Rs. 12,000. Lower-income earner easily applies with their salary income.

2. No Collateral: A personal loan is available based on your salary. Lender not pledging an asset as collateral.

3. Flexible End-Use: Borrowing personal loans can be used for any purpose without any restriction.

4. Fast Disburse: A personal loan is ideal for emergencies as the loan process is fast. Use loans for urgent needs.

5 Lakh Personal Loan Eligibility

• Age: Generally borrower’s minimum age requirement is 21 to 55 years.
• Monthly Salary: Your salary must credit Rs. 12,000 for a 5 lakh loan eligible.
• Credit Score: A customer CIBIL score of 700 is required for a personal loan.
• Experience of Job: Your job experience must be 12 months old.

Also Read: Get Personal Loan for 40,000 Salary

Document Process for 5 Lakh Loan Approval

1. Proof of Identity Document: Pan Card, Aadhaar Card, Passport

2. Proof of Address: Aadhaar Card, Passport, Voter Card

3. Income Proof Documents: Latest salary slip, 12 months salary deposit bank statement

4. Residence Documents: Property Tax or Electricity bill

5. Photo: Selfie photo proof of borrower

5 Lakh Personal Loan for 3 Years EMI

Borrowing a 5 lakh personal loan over 3 years depends on various situations like monthly income, interest rates, and credit score. 24hrLoan EMI Calculator provides instant calculation results.

Calculating Equated Monthly Installment (EMI) for a 5 lakh loan for 3 years based on the below formula:

 EMI= P x R x (1+R)^N / [(1+R)^N-1] 

Where:

• P is the loan amount (5,00,000 INR)
• R is the monthly interest rate (annual rate divided by 12)
• N is the loan tenure in months (3 years = 36 months)

Loan Amount	Interest Rates	Tenure	Monthly EMI
Rs. 5 Lakh	14% p.a.	36 months	Rs. 17,089
	14% p.a.	40 months	Rs. 15,715
	15% p.a.	42 months	Rs. 15,375
	15% p.a.	48 months	Rs. 13,916
	16% p.a.	48 months	Rs. 14,171
	16% p.a.	60 months	Rs. 12,160

5 Lakh Personal Loan Interest Rates

Minimum Interest Rate	14% p.a.
Maximum Interest Rate	21% p.a.
Repayment Tenure	12 to 36 months
Processing Fee	Up to 5% plus GST

Also Read: 650 CIBIL Score Personal Loan

Where to Use 5 Lakh Personal Loan?

The borrower can use 5 lakh loans for various emergency needs:

 Home Renovation: Repairing your home or building a home can be manageable through a 5 lakh personal loan. Also, you can decorate by buying furniture and upgrading appliances.

Buy New Car: Reduce daily travel expenses by buying a new car on a personal loan and paying the monthly EMI while enjoying life.

Marriage Expenses: A wedding is one of our dreams of life. But we cannot fulfill our dreams because of expenses that can be managed from personal loans.

Debt Consolidation: Sometimes borrowers run multiple loans which can close from one personal loan and come to a single loan. This will give you additional relief.

How to Get 5 Lakh Personal Loan Online

Step 1: Apply for a 5 lakh loan from the above button.

Step 2: Give details of your personal information.

Step 3: Upload your Pan Card, Aadhaar Card, Salary Slip, Bank Statement, and Selfie Photo.

Step 4: Submit documents after final check.

Step 5: The Bank will directly contact you and provide a loan offer.

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