FinanceLifestyle

Know How To Get Rs. 5 Lakh Personal Loan?

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No matter what you do or where you are, sudden expenses are a part of everyone’s lives. While you tackle most of these expenses on your own, some could require a significant amount urgently, and you might not have that kind of money available in hand at all times. This is where a personal loan can save you. Even if you are looking for an instant loan online of INR 5,00,000, you can get it easily in a few steps. Let’s have a look at the eligibility criteria and other prerequisites for getting a personal loan online.

Personal loan eligibility criteria to get a personal loan:

  • Age – The applicant must be at least 21 years old and a maximum of 60 years old. Some lenders provide personal loans to people up to 65 years of age. It is mandatory to meet this criterion whether you are applying for a personal loan online or offline.
  • A minimum credit score of 700 – It is important to maintain a good credit score to prove your financial credibility to your lender. Most lenders ask for a CIBIL of 700 or above while giving personal loans.
  • Meeting minimum income criteria – Banks or NBFCs has fixed minimum income criteria which need to be met by the borrower to take the loan successfully. You will be required to provide income proofs for the same.
  • Stable income – Whether you are a salaried employee or own a business, you need to have a stable income to acquire a personal loan.

Documents required to get a personal loan of 5 Lakh:

Getting a personal loan requires minimal documentation. It is still important for you to keep all the documents handy before you proceed with your personal loan online application. Following is the list of documents that you will be required to upload at the time of application:

  • Identify proof document
  • Address proof document
  • Salary slips for the last three months or ITR
  • Bank statements for the last six months

Steps to get a personal loan of INR 5,00,000:

Below mentioned are the steps to apply for a personal loan online of Rs 5 Lakh:

  • Once you have selected the loan provider that you would like to borrow from, visit their official website or download their mobile application.
  • Login to their site or sign up if it is your first time using their platform.
  • If you fit the personal loan eligibility criteria, fill in the application with the required details, i.e., your basic personal information.
  • Fill in the desired amount, i.e., INR 5,00,000, and select the repayment tenure according to your repayment capacity.
  • Once the details have been filled in, proceed by uploading all the mentioned documents.
  • After you have uploaded the documents successfully, you need to wait for them to be verified.
  • Post-completion of the verification process, you will receive approval on your loan. You will be notified through text message and email upon approval.
  • The loan amount will be directly transferred to your bank account post approval of your application by your lender.

Benefits of getting a personal loan:

Whether you get an instant personal loan of 5,000 or 5,00,000, there are some great benefits to taking it. Some of them are mentioned below:

 

1) Flexible usage:

One of the biggest advantages of getting a personal loan is that you can use the money however you like. The lender doesn’t put any restrictions on the usage of this loan. You can splurge on a new gadget, pay for a trip, spend it on your wedding, or any other expense that you want to fund. The lender is happy to give you a personal loan as long as they know they will get the repayments on time.

 

2) EMI options available:

Easy EMI options will be available to you when you opt for an instant loan. The lender often puts across multiple EMI options with different tenures at the time of applying for the loan. You can pick up the EMI and tenure as per your capability to repay them. You can go for a shorter tenure if you want to get rid of the debt early or choose a longer one if you want to go easy on the EMIs and clear the loan slowly. You get to decide the EMI most suitable for you out of the given options, which makes this kind of loan favorable for a lot of people.

 

3) Online application:

It is extremely convenient to get instant cash loans in today’s digital times. You can quickly avail of a loan of even Rs. 5 lakh by going to the lender’s site and filling in a few details. Unlike offline, you do not have to go anywhere and run behind people for an update on your loan. You get updates right on your mobile phone, and the entire process becomes transparent.

 

4) Minimal paperwork:

Traditionally, loans came with a lot of paperwork. The thought of getting endless documents copied and then manually signed to be submitted may appear exhausting to many. The good news is personal loans today require you to submit minimal paperwork work in a convenient manner online. The entire process has been simplified and only takes a few minutes.

 

5) Fast approval:

Conventional loans took days or even months to get approved. That is not the case anymore, especially not with personal loans. Personal loans have been created to provide relief to people. They are made to be sanctioned fast. A person applying for an instant personal loan is expected to require urgent money. These financial institutions try to release the loan amount as early as possible. If the documents that you provide are correct, your loan gets credited to the account the moment your application gets approved.

Summary:

Until a few decades ago, getting an instant loan online of INR 5,00,000 would seem impossible. Various financial institutions have made it possible with the help of technology and great services. If you have the right documents and fit the eligibility criteria, you will be able to get a loan for yourself of as big an amount as five lakhs in no time. The loan amount can be used for personal expenditures as well as any emergencies.

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