Interest rates vary across lenders based on creditworthiness, income, and repayment history. Below are the interest rate ranges for ₹5 lakhs loans from top financial institutions:
Lender
Annual Interest Rate
Lender
Annual Interest Rate
LTFS
12% to 25% p.a
PREFR
17% to 30% p.a
Aditya Birla
14% to 30% p.a
RING
23% to 33% p.a
FIBE
20% to 30% p.a
CASHE
14% to 30% p.a
NIRO
13% to 30% p.a
Bajaj Finserv
Starts at 10.5% p.a
InCred Finance
14% to 39%
Tenure and Loan Amount
The loan tenure for ₹5 lakhs personal loans ranges from 3 months to 60 months, depending on the lender.
Below is the complete information on lender-wise loan amounts, tenure and interest rates for personal loans offered by our lending partners
Check Best Loan Offers For You
Lender Name
Interest rates (Min-Max)
Tenure (Min -Max)
Amount (Min -Max)
LTFS
12% to 25% p.a
12 to 48 months
₹50,000 to 10 lakhs
Aditya Birla
14% to 30% p.a
18 to 36 months
₹50,000 to 5 lakhs
FIBE
20% to 30% p.a
3 to 36 months
₹8,000 to 5 lakhs
NIRO
13% to 30% p.a
6 to 60 months
₹20,000 to 5 lakhs
PREFR
17% to 30% p.a
12 to 36 months
₹50,000 to 3 lakhs
RING
23% to 33% p.a
9 to 24 months
₹30,000 to 1 lakh
CASHE
14% to 30% p.a
6 to 18 months
₹30,000 to 4 lakhs
Bajaj Finserv
Starts at 10.5% p.a
12 to 96 months
₹2,00,000 to 50 lakhs
InCred Finance
14% to 39% p.a
12 to 60 months
₹50,000 to 10 lakhs
Eligibility Criteria
To apply for a ₹5 lakhs personal loan, you must meet the following conditions:
age
Applicants should be between 21 and 60 years old.
Employment
Both salaried individuals and self-employed professionals are eligible.
Income
Applicants must meet the lender’s minimum income requirements.
Credit Score
A good credit score i.e. one above 750 increases the chances of loan approval.
For business loan, the business vintage should be a minimum 2 years and applicant must be between 23 -70 years of age.
Evaluate prepayment options to reduce interest burden.
FAQs
Can I get a ₹5 lakh personal loan instantly?
Yes, some lenders offer instant loans with digital processing, subject to eligibility.
What is the minimum salary required for a ₹5 lakh personal loan?
Most lenders require a minimum salary of ₹30,000 to ₹40,000 per month.
Can I prepay my ₹5 lakh loan early?
Yes, but some lenders may charge a prepayment fee.
How can I check my loan eligibility?
Use an online eligibility calculator by entering your income, employment details, and credit score.
How can I get ₹5 lakh immediately without a salary?
If you don’t have a fixed salary, you can still get a ₹5 lakh personal loan by applying as a self-employed individual or showing alternate income sources such as:
Freelance income or business revenue
Rental income
Fixed deposit or investments as proof of financial stability
A guarantor or co-applicant with a stable income
Some lenders offer loans to students, homemakers, and unemployed individuals if they have strong creditworthiness or financial backing.
Can I get a ₹5 lakh loan without a credit score?
Some lenders offer loans to individuals with no credit history, but interest rates may be higher.
How long does it take to receive a ₹5 lakh loan?
Most lenders disburse the loan within 24 to 48 hours after approval.
Can I get a ₹5 lakh loan if I have an existing loan?
Yes, but lenders will evaluate your repayment capacity before approving another loan.
Can I take two personal loans together?
Yes, you can take multiple loans at the same time, provided you meet the lender’s eligibility criteria. Lenders check:
Your debt-to-income (DTI) ratio, which should generally be below 50% of your monthly income
Your credit score (750+ preferred)
Your repayment history and existing EMIs
Taking multiple loans may impact your credit score and increase financial burden, so it’s advisable to plan repayments wisely.
What happens if I miss an EMI payment?
Missing an EMI payment can result in:
Penalties
Higher interest rates
Negative impact on your credit score
Can I get a ₹5 lakh loan with a guarantor?
Some lenders may allow a guarantor for applicants with lower credit scores or unstable income.
Is collateral required for a ₹5 lakh loan?
No, personal loans are unsecured loans, so you don’t need collateral. However, secured loan options (like gold loans or fixed deposit-backed loans) may offer lower interest rates. Apply today for a ₹5 lakh personal loan and meet your financial needs with ease!
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
Suresh V Rangnathan
The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Low Interest Rate
Instant Disbursal
Multiple Offers
100% Digital Process
EarlySalary Services Pvt. Ltd.
Aditya Birla Finance Ltd.
L&T Finance Limited
100% Digital
Quick Disbursal
Low Interest Rates