If you are looking for a personal loan of Rs. 5 lakh loan then you have come to the right place. By following the quick and easy steps given below, you can easily avail a Rs. 5 lakh personal loan without any hassles.

Money View - The Best Option for Personal Loans

While there are many lenders available in the market today not all provide the benefits that Money View offers. Minimal documentation, hassle-free application process, and instant disbursement all make Money View the best choice for a personal loan.

Steps to Get Rs. 5 Lakh Personal Loan

Follow the steps given below to get a Rs. 5 lakh loan from Money View -

Eligibility Verification

Check your eligibility for a personal loan on the Money View website or loan app. It will take just 2 minutes.

Choose Your Loan Scheme

Select the appropriate loan amount and payment term based on your eligibility from several options.

Upload Documents

Upload all the relevant documents such as ID, address, income proof, etc., and complete your KYC verification online.

Get the Loan

Get the loan amount transferred to your account within 24 hours of successful verification of your documents.

Eligibility Criteria for Rs. 5 Lakh Personal Loan

In order to avail a Rs. 3 lakh loan from Money View, you will have to fulfill the eligibility criteria given below -

  • You must have a monthly income of at least Rs. 13,500.
  • Your income must get credited directly to a bank account.
  • A minimum CIBIL score of 600 or Experian score of 650.
  • Your age must be between 21 to 57 years.
Income and Credit Score Eligibility Criteria*
Salaried Individuals Minimum In-Hand Income Area of Residence CIBIL Credit Score Requirement
Rs 13,500 Any CIBIL Score of 600 /Experian Score of 650 and above
Rs 20,000 Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.) New to Credit orCIBIL Score of 600 /Experian Score of 650 and above
Rs 15,000 Metro City other than Mumbai and NCR CIBIL Score of 600 /Experian Score of 650 and above
Self-Employed Individuals Rs. 15,000 Any CIBIL Score of 600 /Experian Score of 650 and above

Documents Required for Rs. 5 Lakh Personal Loan

In order to get an instant loan from Money View, you need only 3 key documents, as listed below -

Identity Proof Address Proof Income Proof
PAN Card - This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any 1 of the officially valid documents given below will suffice)
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
Any 1 of the following -
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
  • Utility Bills (Electricity, Water, Gas) dated within the last 60 days

Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary credits

OR

Self-Employed Applicants - Last 3 months’ bank statements in PDF format if you are self-employed

Fees and Charges for Rs. 5 Lakh Personal Loan

Money View’s personal loans come with competitive interest rates and have no hidden charges whatsoever. Our fees and charges are as follows -

Fees & Charges Amount Chargeable
Interest Rate Starting from 1.33% per month
Loan Processing Charges Between 2% to 8% of the approved loan amount
Interest on Overdue EMIs 2% per month on the overdue EMI/Principal loan amount
Cheque Bounce Rs.500/- each time
Loan Cancellation
  • No additional/hidden charges levied
  • The interest amount for the period between loan disbursement and loan cancellation will be payable.
  • Processing fees will also be retained

In Conclusion

Availing a Rs. 5 lakh personal loan does not have to be complicated. With Money View you can avail a versatile personal loan that can be used for multiple purposes very easily. Not only are the documentation requirements minimal, the application process is quick and hassle-free. Log on the Money View website or download the App and apply now!

5 Lakh Personal Loan - Related FAQs

At Money View, we use an in-house credit rating model to assess our applicant’s credit worthiness. As long as your CIBIL score is over 600, you can avail personal loans from us.

Given below are the factors that impact Money View's interest rates -

  • Credit Score Your credit score is a numerical representation of your creditworthiness. The higher the credit score, the lower is the risk of defaulting for the lender therefore interest rates are on the lower side. If your credit score is lower than 700, your chances of getting a low-interest rate will be less. However, there are a number of steps that can be taken to increase your credit score
  • Repayment History Having a flawless repayment history will help you get personal loans at low-interest rates as this shows the lender that you are capable of repaying your debts on time
  • Employment Type Having a steady secured job will reduce the risk of defaulting on loans as salary is credited regularly and therefore those with secure jobs can generally avail of personal loans at lower rates of interest
  • Income Having a good income every month is essential but if you have taken multiple loans that need to be paid from that income, then the risk of default is high, therefore the interest rate charged in this case will be on the higher side

Some of the reasons for which you can avail a personal loan from Money View are -

  • To buy household gadgets like fridge, washing machine, etc
  • To pay down-payment for another loan
  • To clear credit card dues
  • For house renovation expenses
  • Pay fee for college/school education
  • To pay for a vacation
  • To pay for the repair/breakdown of your vehicle
  • To meet wedding expenses 
  • To meet expenses towards relocation

Yes, you can foreclose your personal loan after a certain number of EMIs have been paid, as illustrated below -

Fees & Charges Amount Chargeable
Interest Rate Starting from 1.33% per month
Loan Processing Charges Varies from 2% to 8% of the approved loan amount. The processing fee is deducted upfront from the approved loan
Interest on Overdue EMIs 2% per month on the overdue EMI/Principal loan amount
Cheque Bounce Rs.500/- each time
Loan Cancellation
  • No additional/hidden charges levied
  • Processing fees will also be retained