Rs 5 Lakh Personal Loan

No collateral required | Tenure up to 84 months |
Balance Transfer facility

Personal Loan of Rs. 5 Lakh

Financial needs can arise unexpectedly or as part of planned events, and Axis Bank is well-equipped to cater to these demands through its Personal loan services. Whether you're facing an urgent requirement or planning for a future expense, you can easily get a Rs 5 lakh loan from Axis Bank.

5 Lakh Personal Loan EMI for 1 Year

The following details will help us to calculate a Personal Loan of 5 lakh EMI.

Loan Amount (₹)	5,00,000
Interest Rate (p.a.)	10.75% - 22%

*considering 11% interest in the below scenarios.

5 lakh Personal Loan EMI for 1 year will be:

Equated Monthly Instalments (EMI in ₹)	44,191
Principal Amount (₹)	5,00,000
Interest Amount (₹)	30,290
Total Amount Payable (₹)	5,30,290

5 Lakh Personal Loan EMI for 3 Years

For a 3-year tenure, a 5 lakh Personal Loan will have an EMI of:

Equated Monthly Instalments (EMI in ₹)	16,369
Principal Amount (₹)	5,00,000
Interest Amount (₹)	89,297
Total Amount Payable (₹)	5,89,297

5 Lakh Personal Loan EMI for 5 Years

Are you planning to apply for a Personal Loan for 5 lakh? Check the EMI payable below:

Equated Monthly Instalments (EMI in ₹)	10,871
Principal Amount (₹)	5,00,000
Interest Amount (₹)	1,52,273
Total Amount Payable (₹)	6,52,273

How to apply for 5 Lakh Personal Loan online at Axis Bank?

To start your Rs 5,00,000 loan application, click on this link
Enter your mobile number, PAN card and Date of Birth.
Verify your mobile with OTP.
Upload six-month bank statements and salary slips or verify income online
Complete eKYC and Video KYC.
Authenticate AADHAAR with OTP.
Provide employment and education details.
Choose loan amount and tenure. Confirm details and click "avail now".
If your documents are in order and if your Rs 5 Lakh loan is approved and your funds will be disbursed within a few hours.

Eligibility Criteria to get Personal Loan up to Rs 5 Lakh

For a Rs 5 lakh Personal Loan from Axis Bank, the eligibility criteria are as follows:

The applicant should be within the age range of 21 to 60 years.
A minimum monthly income of Rs 15,000 is mandatory for existing Axis-Bank customers and Rs 25,000 for non-Axis Bank customers
This loan option is exclusively available to individuals who are salaried employees
A minimum CIBIL score of 720-750 is helpful to qualify.

Documents Required for Rs 5 Lakh Personal Loan

Bank statements from the last three months.
The three most recent payslips alongside the latest Form 16.
One of the following KYC documents is needed:

Passport
Driving Licence
PAN Card

Additional Documents for Salaried Individuals

Proof of employment: This could be an offer letter from your job, an employee ID, or a salary slip.

Rs 5 Lakh Personal Loan Fees & Charges

Fees and Charges to avail a loan for Rs 5,00,000

Type of Charges	Charges
Repayment instruction / Instrument return charges	Rs 339/- per instance of dishonour of cheque /SI/ECS/NACH debit instruction + GST as applicable
Swap charges (Cheque/Instrument)	Rs 500/- per instance + GST as applicable
Penal Interest	@24% per annum i.e. 2% per month on the overdue instalment.
Duplicate statement issuance charges	Rs 250/- per instance per set + GST as applicable.
Duplicate Amortisation schedule issuance charges	Rs 250/- per instance per set + GST as applicable.
Credit Information Companies (CICs) Report Issuance Charges	Rs 50/- per instance per set + GST as applicable.
No Dues Certificate generation charges (Duplicate)	Rs50 per instance per set + GST as applicable.
Stamp Duty Charges	As per State Stamp Act
Part Payment / Pre-Payment Charges	5% + GST (as applicable) For loans disbursed 4th October, 2023 onwards: Fee for more than 36 months, 2% fee is applicable otherwise 3%
Processing fee charges	up to 2% of the loan amount + GST as applicable

Frequently Asked Questions

What is the processing time for a Rs 5 lakh Personal loan?

Your Axis Bank Rs 5 lakh Personal Loan is processed quickly and can be disbursed in a few hours provided that you have applied for the 5 lakh loan online.

Can I get a Personal Loan of Rs 5 lakh without collateral?

Yes, you can obtain a Rs 5 lakh Personal Loan from Axis Bank without providing any collateral. Axis Bank offers unsecured Personal Loans based on your credit profile and income, not on collateral.

What credit score do I need for an instant loan of Rs 5 lakh?

For an instant, Rs 5 lakh loan, Axis Bank typically looks for a credit score of 720-750 or above. A higher credit score improves your chances of approval and may secure you a better interest rate.

I need a 5 lakh rupee loan, can I avail it without documents?

Axis Bank requires certain documents for processing your loan application. But existing customers as well as new customers who have pre-qualified loan offers from Axis Bank may benefit from online paperless loans.

Can I avail Rs 5 Lakh loan without income proof?

Obtaining a Rs 5 lakh loan without income proof is challenging, as income verification is a key part of assessing your loan eligibility. However, if you have a strong relationship with the bank or an exceptional credit history, Axis Bank may consider other factors to evaluate your application. You can verify income online or upload income documents during the safe and secure online journey.

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