Emergency can arise at any time and not everyone has adequate funds to deal with them. In such situations, personal loans can be very helpful. Quick personal loans provide funds and the confidence to cater to immediate needs such as unexpected medical expenses, debt consolidation to save interests or even home repairs.
If you need immediate funds for a short tenure, you can apply for a 5 lacs loan online. The foremost benefit of online applications is the quick verification of documents and rapid approvals. rate.
A personal loan online is a good option for young professionals looking to meet their credit needs.
Eligibility Criteria for the Personal Loan
Before you apply for personal loans up to 5 lacs, you must check your eligibility for the loan. Every lender has outlined eligibility criteria of their own that you must meet to avail of the loan.
EarlySalary has easy-to-meet eligibility criteria for personal loans:
- Age – 21 years to 55 years
- Income – Minimum salary of 15,000 for non-metro cities and ₹ 18,000 for applicants living in metro cities
- Residence – Resident of India
If you meet these eligibility criteria, you can apply for the loan and get the amount transferred directly to your bank account in 10 minutes.
Documents Required for the Personal Loan
After you have checked your eligibility for a personal loan, you need to collect the following documents required at the time of application. The documents required for a 5 lacs loan from EarlySalary are minimal and can be uploaded online for hassle-free approval.
- Identity Proof – Proof for Identity like your PAN, Aadhaar, Passport or Voter ID.
- Residence Proof – Proof of residence like Aadhar, PAN, Passport, Voter ID or Ration Card.
- Income Proof – 3 months of salary slips – not mandatory for every customer.
- A selfie
Just upload the documents in PDFs for a hassle-free application and get a personal loan up to 5 lacs transferred.
How to Apply for a ₹5 lacs Personal Loan?
Now that you have checked the eligibility and the minimum documents required let’s know the procedure for applying for a 5 lacs loan.
Download the EarlySalary app or register on the website. Fill in the few basic details.
Get Instant Approval
Get approval in seconds. Once approved upload your KYC documents on the app.
Choose the amount
Choose the amount of cash you want to borrow.
How to Calculate the EMI on the Personal Loan?
- Open the personal loan EMI calculator.
- Enter the loan amount you wish to avail.
- Choose the loan repayment tenure as per your financial situation at the time.
- Enter the interest rate, and the EMI will be displayed in a few seconds.
Benefits of a Personal Loan of up to 5 lacs
Personal loans up to 5 lacs is unsecured loan sanctioned based on the borrower’s financial profile. Such loans don’t have any usage restrictions; hence, the borrower can use the amount to fund any immediate requirement.
In addition to this foremost advantage, availing of this loan brings several other benefits:
- No Collateral – Lenders do not ask for collateral or security. The credit score and spending habits act as a guarantee.
- Attractive Interest Rates – Interest rates charged are manageable, ranging from 7 per day.
- Flexible Repayment Tenure – Repayment tenure can be anywhere between 6 to 36 months, based on the borrower’s preference and the lender’s affirmation of the same.
- Minimal Documentation – With EarlySalary, the process is completely digitally completed with minimal KYC and financial verification. The disbursal time is just 10 minutes.
- No or Minimal Pre-closure Charges – The lender may choose to offer a pre-closure facility without levying any penalties.
- Borrow Anytime– The emergency 5 lacs loan can be availed any time through a quick and easy online loan app.
Applying for an instant 5 lacs personal loan is easy. Just check your eligibility, EMI and documentation for a manageable application and repayment. You can apply for a personal loan online by filling out the application form and avail of the loan in 10 minutes.