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Personal Loan
How to get a Rs. 5 Lakh Personal Loan?
A personal loan helps you to fulfil your short-term goals. It can be used for various purposes like funding medical expenses, education, travel, and so on. Personal loans are collateral-free loans and are easily available. There are many personal loan providers in India, including banks, NBFCs and personal money lenders.
The advent of technology has led to the rise of online lenders for personal loans. For example, Axis Bank is a recognised private lender for a personal loan. It provides both offline and online personal loans.
You can easily avail of a ₹5 lakh personal loan. However, with so many options available, select a personal loan that offers the best terms based on your repayment capability.
Features of a Personal Loan
You should understand the basic features of a personal loan as they differ between banks and other lenders. The basic features of Axis Bank personal loans are as below:
- Instant collateral-free personal loan starting from ₹50,000 to ₹40 lakhs.
- Can be used for multiple purposes.
- Attractive rate of interest that starts from 11.25% per annum.
- Tenure of up to 60 months available - flexible repayment tenure between 12 and 60 months.
- Online personal loan EMI calculator available to help you decide your loan amount and calculate compound interest and tenure based on your needs and repayment capability.
- Quick processing and speedy approval from Axis Bank.
- Minimal documentation.
- Option to transfer your existing high-interest personal loan to Axis Bank.
- Loan amount gets directly credited to your savings account with the bank.
[Also Read: How To Choose The Best Personal Loan Lender]
How to apply for ₹5 lakh loan with a personal loan provider near you?
There are many personal loan providers in India. A personal loan lender is available both online and offline. While selecting offline personal lenders, you will have to physically visit the bank or lender branch near you. Online personal loans can be applied by visiting the official website or the mobile app of the personal loan lender.
You should base your decision to avail of a personal loan by considering key factors like interest rates, processing fees, ease of applying and tenure. Some personal loan lenders like Axis Bank even offer pre-approved Personal Loan to their existing customers. You can simply apply on the Axis Bank mobile app or use net banking. The pre-approved loan gets disbursed within minutes.
How to apply for an online personal loan?
Step 1: Visit the official website of the personal loan provider or their mobile app.
Step 2: Fill in the required personal particulars.
Step 3: Evaluate the loan amount (₹5 lakh) based on your needs.
Step 4: Make use of the personal loan EMI calculator to determine the loan amount and tenure required based on your EMI repayment capability.
Step 5: Fulfil the basic eligibility criteria and Know Your Customer (KYC) norms.
Step 6: Post verification and approval, the personal loan of ₹5 lakh gets credited to your registered bank account.
Conclusion
A personal loan is an ideal option if you need cash immediately over the short term. It has multiple uses. Being a collateral-free loan, lenders may approve it easily, provided the basic eligibility criteria and KYC norms are met. At present, Axis Bank offers a variety of personal loans interest rates between 11.25% and 22%. Visit us online for more details on Rs. 5 lakh personal loan from Axis Bank.
Still unsure about eligibility? Check the personal loan eligibility criteria at Axis Bank's intuitive website.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
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