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Aditya Birla Capital LimitedAditya Birla Capital Limited (“ABCL”) is a listed systemically important non-deposit taking Non-Banking Financial Company (NBFC) and the holding company of the financial services businesses. ABCL and its subsidiaries/JVs provides a comprehensive suite of financial solutions across Loans, Investments, Insurance, and Payments to serve the diverse needs of customers across their lifecycles. Powered by over 66,000 employees, the businesses of ABCL have a nationwide reach with over 1,742 branches and more than 200,000 agents/channel partners along with several bank partners.
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How to Get a Personal Loan for ₹5 Lakh
Need a loan for ₹5 lakh to manage an urgent expense? A personal loan gives you instant access to funds without the need for collateral. Whether it is arranging funds for a wedding or covering your medical bills, Aditya Birla Capital’s seamless online application process can help you secure a loan for ₹5 lakh within a day or two. Here’s everything you need to know to get started.
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
Find out the interest payable on the Personal Loan of ₹5 Lakhs to plan your repayments effectively.
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
Your estimated EMI amount
₹ 0Total Interest
₹ 0Total Payout
₹ 0You are eligible for a loan of
₹ 0*EMI @ 9% Interest Rate
₹ 0*
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, one app - ABCD
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
Hear from our happy customers what they have to say about their experience with us.
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
FAQs on Personal Loans of ₹5 Lakhs
You can get a Personal Loan of ₹5 Lakhs if you fulfil the specified eligibility parameters and when you submit the relevant documents.
Your credit usage increases when you take a Personal Loan of ₹5 Lakhs. This reduces your credit score in the short-term. However, you can establish a good credit history if you repay the loam EMIs on time. This would increase your credit score in the long run.
The loan has no effect if you lose your job after it is sanctioned. However, if you lose your source of income, repaying the loan can become a concern. If you keep repaying the EMIs on time, your loan will continue unaffected. However, if you miss the EMIs, you will incur additional interest expenses, and your credit score will also fall.
You can decrease the interest rate of your ₹5 Lakhs Personal Loan in the following ways -
• By having a high credit score
• By negotiating the interest rates with the lender
• By adding a co-applicant to the loan and increasing your eligibility
A ₹5 Lakhs Personal Loan is an unsecured loan which does not need collaterals. So, you can get the loan without collateral security.
You can apply for a ₹5 Lakhs Personal Loan with a co-application. In fact, if you add a co-applicant, you can boost your loan eligibility and qualify for a higher loan amount.
There are no specified purposes for which you can use the Personal Loan of ₹5 Lakhs. The loan is multipurpose and can be used for personal or commercial needs.
Yes, the loan EMI will depend on your repayment tenure. The shorter the repayment tenure, the higher the EMI, and vice-versa.
You can check the eligibility parameters specified by Aditya Birla Capital to know whether you qualify for the loan. You can also use the online eligibility calculator to determine whether you can get a ₹5 Lakhs Personal Loan.
No charges are involved for using the online EMI calculator. The calculator is completely free of cost.
You need a minimum CIBIL score of 750+ to get the ₹5 Lakhs Personal Loan. You will not be eligible for the loan if your score is lower.
You cannot avail of a ₹5 Lakhs Personal Loan without documents. Documentation is an important step in loan processing and you should submit the required documents for speedy disbursements.
You can get the lowest interest rate on a ₹5 Lakhs Personal Loan if you have a good credit score and negotiate with the lender to offer you the most competitive rates.
Your Aadhaar or PAN Card serves as an important document for loan sanction. However, you need other documents, like valid income proof and bank statements, to get the loan sanctioned.
You can get a ₹5 Lakhs Personal Loan if you get your salary in cash provided you can show proof of your income and you qualify on the specified eligibility parameters.