Apply for ₹5 Lakh Instant Loan Online
Get quick access to ₹5 Lakh with an Instant Loan from Poonawalla Fincorp. Whether you need to fund higher education, renovate your home, plan a wedding, consolidate existing debt, or meet urgent financial requirements, our streamlined process ensures a hassle-free borrowing experience. Benefit from minimal documentation, quick loan approval, and immediate disbursal to your bank account. Apply today!
Features and Benefits of an Instant Personal Loan for ₹5 Lakh
Getting a ₹5 Lakh Personal Loan has numerous features and benefits that make your borrowing experience seamless and convenient.
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Collateral-free Financing: No need to pledge any assets or securities against the loan amount since it's an unsecured loan
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Instant Loan Approval & Quick Disbursal: Quick verification and approval within minutes of application submission, with the loan amount credited to your bank account instantly
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Flexible Loan Tenure & EMI Options: Choose a tenure ranging from 12 to 36 months, and monthly instalments that fit your budget so you can manage repayments effectively
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Competitive Interest Rate: Personal loan interest rate starting at 16% per annum with a transparent pricing structure and no hidden charges
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Online Personal Loan: Complete an online application from the comfort of your home with hassle-free submission
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Minimal Documentation: Only basic KYC documents required (Aadhaar and PAN card), ensuring a quick process with zero paperwork
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Multi-purpose Usage: Use funds for home renovation, education, medical emergencies, weddings, or debt consolidation based on your needs
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Prepayment Freedom: Zero prepayment charges when paying from your sources, offering flexibility in loan closure
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Credit Score Improvement: Timely repayments help build and improve your credit history for future financial needs
What is the Formula for Calculating a Loan EMI?
Calculating your Personal Loan EMIs is easy, just follow this formula:
Calculate Personal Loan EMI using the formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N -1
Where:
P = Principal loan amount
R = Monthly interest rate (Annual interest rate divided by 12)
N = Tenure of loan in months
Let’s say you apply for a Personal Loan of ₹5,00,000 at an annual interest rate of 16% for a tenure of 36 months (3 years).
Here’s how it works:
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Loan amount (P) = ₹5,00,000
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Annual Interest Rate = 16%
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Monthly Interest Rate (R) = 16 ÷ 12 ÷ 100 = 0.0133
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Tenure (N) = 36 months
Using the EMI formula:
EMI=P×R×(1+R)N(1+R)N−1EMI=(1+R) N−1P×R×(1+R) N
Substituting the values:
EMI=500000×0.0133×(1+0.0133)36(1+0.0133)36−1
EMI=(1+0.0133)36−1500000×0.0133×(1+0.0133)36
The EMI comes to approximately ₹17,603 per month.
Why Choose Poonawalla Fincorp
Collateral-free Loan
Flexible EMIs
QuickApproval
Hassle-free Application
Minimal Documentation
Zero HiddenCharges
₹5 Lakh Loan EMI Calculator
Use our Personal Loan EMI calculator to plan your monthly payments accurately for your ₹5 Lakh Loan. Enter the loan amount, tenure and interest to calculate the EMI amount seamlessly. Calculate now!
Eligibility Criteria for an Instant Loan of ₹5 Lakh
Fulfil our simple eligibility requirements:
- Age: Between 24 and 55 years.
- Citizenship: Indian.
- Employment: Salaried and Self Employed, Full-time job with a government entity, public/private limited company, LLP, educational institution, or a company approved by Poonawalla Fincorp.
- Work Experience: Minimum 1 year, with at least 1 month in the current job.
- Income: ₹3 Lakh annual household income.
Documents Required for an Instant Loan of ₹5 Lakh
Skip the hefty paperwork and submit a few essential documents:
- KYC Documents: Aadhaar card and PAN card
Interest Rate and Charges for an Instant Loan of ₹5 Lakh
We offer personal use loans at competitive interest rate and nominal charges:
4% If paid from other sources
Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf
*T&C Apply
Different Uses Of An Instant Loan of ₹5 Lakh
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A ₹5 Lakh Personal Loan gives you the financial freedom to access funds for:
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Home Renovation
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Medical Emergencies
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Dream Vacation
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Wedding Expenses
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Education Funding
Tips for Successful Instant Loan Application
- Assess your needs
- Borrow mindfully
- Fulfil eligibility criteria
- Check your credit score
- Submit the required documents
Happy Customers, Happy Us
I opted for a Loan Against Property balance transfer with Poonawalla Fincorp, and the experience exceeded my expectations. The application process was completely digital, quick, and required minimal paperwork. Getting a significantly lower interest rate helped me reinvest in my business. With better financial flexibility, I was able to scale operations efficiently, leading to a 30% increase in business turnover. Poonawalla Fincorp made the entire journey stress-free, and I highly recommend their services to any business owner looking for smart financial solutions.
Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!
Securing a loan to purchase a commercial property with rental income was crucial for my business. Having previously worked with Poonawalla Fincorp, I was confident in their services. The process was incredibly smooth and transparent. The quick disbursement and excellent post-sales support made the entire experience stress-free. Thanks to Poonawalla Fincorp, I now own a prime commercial property in Mumbai, which has significantly boosted my business. Their quick turnaround time and excellent post-sales support made all the difference. I wholeheartedly recommend them to anyone in need.
I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!
A friend in need, is a friend indeed. Poonawalla fincorp has been like one of those friends for me, who has supported me in my journey. With no hidden charges and no prepayment charges, the company has provided me with the adequate funds I needed for me professional practice. From the loan application process to the disbursal of funds, I did not face any problems. My experience was hassle-free and smooth. Not just me, all my fellow professionals and friends have had a wonderful experience with Poonawalla Fincorp’s Professional Loan.
I am practicing Chartered Accountant (CA) based out of Hubli. There were working capital issues that i was facing like upgrading my firm’s overall infrastructure, hiring well-qualified staff and digitization. Poonawalla fincorp hab been of great support when it comes to funding these requirements. I’ve got one of the best interest rates available in the market, my documentation process was fast & hassle-free. and the digital application process made it very simple to get a Professional Loan as a CA. I recommend to CAs to consider Poonawalla Fincorp for their working capital or any other funding requirements.
I run a chain of farmacy stores with 5 branches in pune. With the growing polpularity of home delivery, my customers were expecting the same from me as well. However, the extra capital requirement made it difficulf for me to hire delivery persons. With Poonawalla fincorp’s Business loan, I am now able to compete with online pharmacy retailers, manage working capital and upgrade my system. My customers have grown 50-60%. The loan applicatipn process is digital, simple and speedy. I was delighted to get my loan amount disbursed quickly, allowing me to upgrade my operationg seamlessly.
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Frequently Asked Questions
The processing time for a ₹5 lakh Personal Loan usually ranges within 24 hours, based on the lender. Poonawalla Fincorp's loan amount is disbursed instantly upon successful verification of your application.
Yes, you can use ₹5 Lakh Instant Loan of Poonawalla Fincorp for home renovation, meeting unexpected medical bills, funding higher education costs or travelling. The loan provides complete flexibility to address various personal financial needs without any usage restrictions.
A high credit score of 750 or above reflects your creditworthiness and may help you get better loan terms and fast approval. However, applications with lower credit scores might also be considered based on other eligibility factors and income stability.
To get a ₹5 Lakh Loan instantly, all you need to do is follow the application process, which is as follows -
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Click on "Apply Now" on the website.
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Enter your personal details like DOB, PAN number, monthly income, and residential information.
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Submit required KYC documents (Aadhaar and PAN card)
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Complete the verification process
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Upon successful verification, the loan amount will be disbursed instantly to your bank account.
To get a ₹5 lakh Personal Loan, the documents required are very minimal. You only need to submit basic details, which include KYC documents (Aadhaar card and PAN card). This makes the application process hassle-free.
You'll find the eligibility criteria for a ₹5 lakh Personal Loan online at the lender's website. You're an eligible customer if you meet these criteria:
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Age between 24 and 55 years
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Indian citizenship
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Salaried or self-employed with full-time employment
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Minimum 1 year of work experience with at least 1 month in the current job
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Annual household income of ₹3 lakh or more
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Credit score of 750 or above for better terms
There's a flexible repayment tenure for a ₹5 lakh Personal Loan, ranging from 12 to 36 months. You can choose the tenure that best suits your financial situation and monthly budget. Longer tenures result in lower EMIs but higher total interest cost, while shorter tenures have higher EMIs but lower overall interest burden.
Financial Institutions like Poonawalla Fincorp offer instant approval on an online Personal Loan of ₹5 lakh. Once you submit your complete application with the required documents, the verification process is completed within minutes, and you receive instant approval.
No, collateral is not required for a ₹5 lakh Personal Loan from Poonawalla Fincorp. This is an unsecured Personal Loan, meaning you don't need to pledge any assets, property, or securities against the loan amount. The loan is approved based on your creditworthiness, income, and repayment capacity.
Yes, you can get a ₹5 Lakh loan without income proof as Poonawalla Fincorp has minimal documentation requirements, provided you meet the minimum monthly income. However, income verification is necessary, meaning you need to provide income details in the application form. In addition, any previous income proof documents would also not be required, as the eligibility is verified through your stated monthly income and employment details.
You cannot get a completely document-free loan application as basic KYC compliance is mandatory. However, financial institutions like Poonawalla Fincorp require minimal documentation; only your Aadhaar card and PAN card are needed.
Yes, interest rates may vary depending on your age profile. While our competitive interest rates start at 16% per annum, higher interest rates may apply to individuals aged between 50 and 60 due to perceived repayment risks.
Yes, customers can typically apply for Personal Loans online from home or office, making the process convenient. Our digital platform allows you to complete the entire application process without visiting any branch or physical location.