Many situations arise where you need instant funds. For example, you might have a medical emergency, or you want to study at your dream institution. Maybe a sudden renovation is necessary, or you want to plan the wedding of your dreams, and you need quick money in no time.
Getting a personal loan can be a good option. With a reasonable personal loan interest rate of 5 lakhs, you can fulfill your essential requirements.
Hence, if you are looking for a personal loan, read this article further to learn more about personal loans and learn how to get Rs.5 lakh personal loans at low rates in just 24 hours.
An instant personal loan is a go-to option whenever you need funds to cover your financial requirements. Whether you’re self-employed or a salaried professional, or a first-time borrower, a personal loan can help you get the situation under control to a degree.
With a personal loan, you can also improve your credit history by making timely repayments. They are available at reasonable EMIs, where you don’t have to worry about the overwhelming amount of money getting reduced from your account every month.
Time, as people may say, can become an important factor. If you have your money in time, you can go ahead with your repayments and expenses at the earliest.
You can get your loan approved in just 24 hours with Buddy Loan.
Buddy Loan can help you to avail of your loan, in just 24 hours, by following some really simple steps. All you need is your phone or laptop, to begin with.
Step By Step Guide to Getting Your Personal Loan
With Buddy Loan, you can apply for a personal loan with minimal documentation, and the loan application process is quick as they have simple steps:
Steps To Apply For a Personal Loan with Buddy Loan
1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
5: Enter your work details (Including company name, years of service and Designation)
6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
7: Provide your communication address, and income details and Click the ‘Submit’ button.
Benefits of Instant Personal Loan:
- Online Personal Loan Overview:
The application process for a personal loan is easy, to begin with. You can repay the loan through monthly EMIs over a tenure starting from 12 months to 5 years. Depending on the user’s requirement, they can take up to 5 lakh personal loans online without going through any paperwork.
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Collateral-Free Instant Personal Loan:
With Personal Loan, you don’t have to submit any collateral to avail of a personal loan. Hence, the application process is easy and quick and requires minimal documentation.
Immediate situation asks for immediate solutions; you can get about 5 lahks instant personal loan online, where you can take care of your and your family’s emergencies.
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Flexible Loan Tenures:
A flexible tenure can help you build a positive credit report and a better credit score. And you can confidently manage your personal finance efficiently, balancing your other financial goals simultaneously.
You can put up a loan up to Rs. 5 Lakhs and repay through the EMI over 60 months. You can choose the tenure period as per your requirement and convenience.
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High Approval Rates:
Loan aggregator has disbursed personal loans throughout the country as it has a hassle-free process and a vast pool of instant loan providers. Therefore, to increase the chance of your loan approval rate, you must submit all the necessary documents and ensure they are up to date.
You can check your credit score here and plan your loan effectively.
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Loan Amount:
The minimum and maximum loan amounts you can choose when applying for a personal loan are between Rs.10000 to Rs. 15 lakhs.
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Better Interest Rate:
The interest rates for a personal loan start from 11.99% p.a. If your credit history is good, you can avail of a personal loan at lower interest rates and get instant approval.
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Instant Personal Loan Approval:
Your loan will be approved within 48 hours of verification. And that, too, from the comfort of your home. On Buddy Loan, you can avail 5 lahks instant personal loan online.
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No Hidden Charges:
There are no prepayment or hidden charges included. Also, Buddy Loans do not hold any agreements that could moderate the means between you and the lender.
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Safety Of Your Loan:
By law, the information you provide during the loan application process will be confidential with Buddy Loan.
Flexible tenures, better interest rates on the loan amount, and by keeping your information confidential, you can keep your tasks going without any hassle.
It not only helps you to plan your future loan goals but helps you to budget your monthly spending and EMIs.
You can calculate your monthly expenditure by the time of availing your loan or you can go through the table below so that you can have a clear idea about how you can go ahead with your expenditure journey with personal loans.
EMI Calculation For Rs.5 Lakh Personal Loan From Buddy Loan
The interest rate on Buddy Loan is quite reasonable. For around 5 lakh personal loan interest rate is 11.99%.
We have analyzed the interest availed in different tenures, so we have a 5 lakh personal loan EMI calculator is given below
| Loan Amount (Rs) | Interest Rate (p.a.) | Tenure (years) | EMI (Rs) |
| Rs 5 Lakhs | 11.99% | 1 | 44,422 |
| 2 | 23,534 | ||
| 3 | 16,605 | ||
| 4 | 13,164 | ||
| 5 | 11,120 |
You can choose the best tenure and EMI option that works for you. With Buddy Loan, you can proceed with your instant loan journey without the hassle of lengthy and burdensome paperwork.
Eligibility Criteria for Personal Loan From Buddy Loan
Before signing up for the loan amount, one should fulfill specific criteria.No matter what, 5 lakh personal loan eligibility remains the same.
For both salaried and self-employed applicants, you must satisfy the following eligibility criteria to get instant loan approval:
- You must be a citizen of India.
- Age must be between 18 to 60 years.
- You must have at least two years of employment with your current organization.
- Your monthly income should be a minimum of Rs.15,000
- If you are self-employed, you should have a minimum of two to three years in the profession/business you have now
- It would be best if you had a credit score of at least 750
It is compulsory for the applicant to be clear of the above-given eligibility criteria; if you want, you can look into the Buddy Loan website to get more information on Do’s and Don’ts’ to proceed with.
Documents Required
The loan applicant should keep their documents handy while applying for personal loans. Requirements may vary from Salaried employee to Self-employed, which we can look into in the tables given below:
For Salaried Employee:
| Sl. No. | Particulars | Documents Required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Salaried: Bank statement for the past six months |
| 4 | Work experience | Employment Certificate for a minimum of 1-year experience |
For Self-Employed:
With standard documents such as ID proof and address proof, Self-employed need to produce their recent bank statements, tax returns, or a lease agreement of their business as income proof.
| Sl. No. | Particulars | Documents Required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Aadhar Card, Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income |
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Let us have a look at the interest rates of personal loans offered by other Banks and NBFCs.
Personal Loan Interest Rates From Top Banks and NBFCs
| Bank | Best For | Key Highlights |
| Citibank Personal Loan | Low-Interest Rate |
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| HDFC Personal Loan | Self-Employed Professional |
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| Kotak Mahindra Personal Loan | Quick Turnaround Time |
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| Tata Capital Personal Loan | Flexible Interest Rates |
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| Standard Chartered Personal Loan | Short-term Requirement |
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| IDFC First Personal Loan | Top-Up Loans |
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| Fullerton India Personal Loan | Quick Approval |
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| IIFL Personal Loan | Easy Eligibility Checks |
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| HDBFS Personal Loan | Special Offers |
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| SBI Personal Loan | Different Income Categories |
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| PNB Personal Loan | Affordable Interest Rates |
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Also Read: Factors That May Affect Your Personal Loan Interest Rate
Remember This Before You Apply For a Personal Loan
Getting a personal loan is easy as it is easily accessible and convenient. However, you must remember these essential points before you apply for a personal loan:
- Find why you need the loan amount and plan your budget or affordability.
- Do proper research on various lenders and choose the lender that offers the best interest rate.
- Check your credit history and credit score before you apply for the loan.
- Check if all your documents have any errors.
- Loan repayment tenure after you determine your repayment ability.
- The interest rate you can afford so you can make repayments on time.
- The loan amount is only for what you need.
- Calculate your EMI beforehand to know your repayment ability.
- Before choosing the loan, compare the processing fee and other charges with various lenders.
- Choose if you want a fixed or variable interest rate according to your requirement.
Also Read: Apply for Personal Loan Online On Aadhaar Card With No Paperwork
Effective planning of your budget, Interests and keeping a tag on your credit scores can help you in the long run. Calculate your EMI and consider a few tips to reduce your interest rate.
Tips To Cut-down 5 Lakh Personal Loan Interest Rate
- Credit Score:
The first thing lenders check is your credit score to find your creditworthiness. And if you have a high score above 750, it indicates that you are a low-risk borrower who can repay your loan on time. It will also help you get personal loans at comparatively lower interest rates. And also, remember to check your credit score using Buddy Score and get an instant credit report to keep track of your credit health. To get 5 lakh personal loan eligibility, you should have a credit score above 750.
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Monthly Income:
Lenders usually check your monthly income to know if you can repay the loan without defaulting. Therefore, you should have a stable income if you want low-interest rates on your loans.
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Type of Employment and organization:
If you work in a Government organization/ MNC/ reputed private sector, you have higher chances of getting personal loans at lower interest rates. Lenders will perceive that you have an excellent job with a stable income and will be ready to offer you a personal loan as you will meet their EMIs quickly. You can break down a personal loan of 5 lakh EMI into easily payable options with a decent monthly income.
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Relationship with your lender:
If you are an existing customer with a good credit history and repayment track, lenders will trust you and may offer personal loans at low-interest rates. And, sometimes, they offer you pre-approved personal loans at minimum rates.
Also Read: Cash Loan Know all you need about Cash Loan
One Final Note
Financial crises can occur anytime, and you may only be ready to handle them with your savings. In such situations, it is better to opt for a personal loan from Buddy Loan.
Buddy Loan is one of the largest loan aggregators that helps you get personal loans at affordable interest rates. It is the easiest way to apply for funds to cover all your financial requirements on time. With Buddy Loan, you can apply for a 5 lakhs personal loan and get benefits like instant funds, attractive interest rates, and easy EMIs. Personal loans do not need collateral, pledges, or documentation. Hence there is no lengthy application process.
Moreover, you can also keep track of your credit health by checking your credit score using Buddy Score.
Download Personal Loan App
Get a loan instantly! Best Personal Loan App for your needs!!
Looking for an instant loan? Buddy Loan helps you get an instant loan from the best verified lenders. Download the Buddy Loan App from the Play Store or App Store and apply for a loan now!
Apply for Loan on BUDDYLOAN App
Interest rates starts @11.99% p.a. onwards
Having any queries? Do reach us at info@buddyloan.com
Frequently Asked Questions
Q. What is the eligibility for 5 lakh personal loan?
A. For both salaried and self-employed applicants, you must satisfy the following eligibility criteria to get instant loan approval:
- You must be a citizen of India.
- Age must be between 18 to 60 years.
- You must have at least two years of employment with your current organization.
- Your monthly income should be a minimum of Rs.15,000
- If you are self-employed, you should have a minimum of two to three years in the profession/business you have now
- It would be best if you had a credit score of at least 750
It is compulsory for the applicant to be clear of the above-given eligibility criteria; if you want, you can look into the Buddy Loan website to get more information on Do’s and Don’ts’ to proceed with.
Q. Can I get a 5 lakhs loan without collateral?
A. Nowadays, banks focus on your stable financial status rather than on securities and collateral. With a good track record, you can get a personal loan in 5 minutes. eKYC helps your banks save your information that helps when you apply for a loan at any time.
