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How to Get a Personal Loan for ₹5 Lakh
Features of a Personal Loan for ₹5 Lakh
Instant Approval Process
Applying online for a loan for ₹5 lakh takes just a few minutes, with instant eligibility checks.
Swift Fund Transfer
Once approved, the loan amount is transferred directly to your bank account within 24 to 48 hours.
No Need for Collateral
This is an unsecured loan, meaning you don’t have to pledge any assets.
Tailored Repayment Plans
Choose a repayment term as per your financial needs, ranging from 12 to 60 months.
Competitive Interest Rates
Enjoy affordable EMIs with attractive interest rates based on your creditworthiness.
Transparent Loan Terms
With Aditya Birla Capital, there are no hidden fees just a simple and transparent process.
Interest Rates Available for Personal Loans of ₹5 Lakhs
Loans up to 12 months
| Loan Type | Interest |
|---|---|
| The Short Term Reference Rate (STRR) | 19.45% p.a. w.e.f.from March 1, 2024 |
Loans more than 12 months
| Loan Type | Interest |
|---|---|
| The Long Term Reference Rate (LTRR) | 20.45% p.a. w.e.f. from March 1, 2024 |
How to Apply for a ₹5 Lakh Personal Loan Online?
Visit the Aditya Birla Capital Portal
Go to the official website or download the Aditya Birla Capital app to begin your loan application.
Check Your Loan Eligibility
Use the online loan calculator to check how much you qualify for and estimate your EMIs.
Submit Your Loan Application
Fill out the online form with your personal details, employment information, and loan requirements.
Upload the Necessary Documents
Scan and submit identity proof, income proof, and bank statements for verification.
Loan Processing and Approval
After verification, your loan for ₹5 lakh application will be reviewed and approved if you meet all criteria.
Receive Your Funds
Upon approval, the loan amount will be credited to your bank account within 24 to 48 hours.
Eligibility Criteria for a Personal Loan Worth ₹5 Lakh
Documents Required for Personal Loans of ₹5 Lakh
- Identity & Address Proof: Aadhaar card, PAN card, passport, or voter ID.
- Residential Proof : Utility bills, rental agreements, or passport
- Income Verification : Latest salary slips (for salaried applicants) or income tax returns (for self-employed applicants).
- Bank Transaction History : Bank statements from the last 6 months to assess income and repayment capability.
- Recent Photographs : Passport-sized photographs required for verification.
Eligibility Criteria for Personal Loans of ₹5 Lakh
- Age Requirement : Applicants must be between 21 and 60 years old.
- Employment Type : Both salaried professionals and self-employed individuals can apply.
- Income Stability : A steady and verifiable income is required to be eligible for a loan for ₹5 lakh
- Credit Score Consideration : A credit score of 700 or above increases your chances of getting approved at a lower interest rate.
- Work Experience Criteria : Salaried individuals should have at least 1 year of total work experience, with a minimum of 6 months in their current job.
Fees and Charges for Personal Loans of ₹5 Lakhs
| Charge Type | Amount |
|---|---|
| Cheque Return charges | ₹500 + GST per instance |
| Default Penal charges | 3% of the pending amount per month |
| Charges for cancellation of Loan | 4% of loan amount disbursed + applicable taxes |
| CIBIL report retrieval fees | ₹100 + GST per instance |
| Charge for Exchanging PDCs / ECS | ₹750 + GST per instance |
| Loan reschedule charges | ₹5000 + GST per instance |
| Stamp Duty | As per Actual if applicable |
| Insurance Premium | As per Actual, if applicable |
| Pre-closure Quote | ₹1000 + GST per instance |
| Any other charges | As per Actual, if applicable |
| Part - Pre-Payment Charges | Charges:
A) Nil Charges - If Part prepayment is equal to 20% of the total disbursed amount in a year B) 3% + GST on Remaining Loan amount - If part payment is greater than 20% of the total disbursed Conditions: A) No pre-payment is allowed in the first 6 months from the date of disbursement B) Part Pre-Payment amount should be equal to OR greater than a total of 3 EMIs. C) Part-prepayment is allowed only once in the first year of loan tenure. |
| Foreclosure Charges |
4% of the Principal outstanding amount + GST
Condition: Foreclosure is allowed only after 12 months from the date of loan disbursal. |
ABC Of Calculators
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BALANCE TRANSFER LOAN
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Reduced Interest Rates. -
Lower Monthly Payments.
TOP UP LOAN
- Easy application process
- Borrow up to 80% of property value
Different financial needs, different loans,
For weddings, travel, vehicle purchases, or any other obligation, fulfil any need with personal finance solutions offered by the ABCD app.
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Range of loan options for different needs
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Quick sanctions and disbursals
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Customer Satisfaction Stories
Aditya Birla Finance Customer
Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.
Aditya Birla Housing Finance Customer
Hyderabad, India
Aditya Birla Finance Customer
I appreciate the online documentation process which helped in ease of my loan process. I could get loan information through WhatsApp and other digital platforms.
Aditya Birla Housing Finance Customer
Belapur, India
ABC Of Personal Loan