Are you looking for Rs. 5 lakh loan? Then you have come to the right place. In this article, we will elaborate on the steps needed to get a personal loan of Rs. 5 lakh.
Steps to Avail Rs. 5 lakh Personal loan
There are a number of loan providers in the market today that provide personal loans at competitive prices and hassle-free application processes. Although banks have been popular providers of personal loans, due to the sheer number of benefits offered, more and more individuals today are opting for personal loans from online lenders such as Money View. Take a look at the steps given below to find out the Rs. 5 lakh personal loan eligibility criteria and other requirements.
- Check Your Loan Eligibility in 2 Minutes
Visit the lender's website or download the app to check your eligibility criteria. Most lenders have a minimum income requirement or age-related restrictions. Money View’s eligibility check takes under 2 minutes to complete.
- Decide Loan Amount and Repayment Term
Once you have finished the eligibility check, you can choose the amount of loan you wish to avail as well as the repayment term you are comfortable with.
- Upload Documents
The next step is to upload all the documents. When it comes to online loan providers such as Money View, only minimal documents are required and they can all be uploaded online. So customers will no longer have to run around trying to get photocopies of their documents and submit it physically to the bank.
- Verification and Disbursal
The lender will then verify the documents uploaded and post verification, the loan amount will be credited to your account within 24 hours.
That’s it! By following the steps mentioned above you can easily avail Rs. 5 lakh loan easily.
5 Lakh Personal Loan EMI
EMI or Equated Monthly Installment is the amount you pay to the lender as a borrower. This amount is determined by the amount of loan you wish to avail, the interest rate charged, and the repayment term chosen.
Knowing the Rs. 5 lakh personal loan EMI will help you plan out your finances better and allow you to go through your repayment without hassles. Check out our Personal Loan EMI calculator to help you with this. All you need to do is enter details such as loan amount, interest rate, and repayment term. The rest will be taken care of by us.
Factors Affecting Personal Loan Interest Rates
One of the most important criteria that determine the amount of EMI you need to pay is the interest rate. A low rate of interest will significantly decrease the amount you pay as the interest rate. Therefore, it is essential to understand the factors that influence your interest rate and ensure that it is on the lower side.
- 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
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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
Frequently Asked Questions (FAQs)
- What are the eligibility criteria for Rs. 5 lakh personal loan from Money View?
The criteria for Rs. 5 lakh personal loan eligibility from Money View is as follows -
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You must be salaried
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You must be between the ages of 21 to 57 years old
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You must be earning a monthly income of Rs. 13,500 or more and this amount must be credited to your bank account
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You must have a minimum CIBIL score of 600 or a minimum Experian score of 650
If you meet the above eligibility criteria, then visit the Money View website or download the app and apply for an instant 5 lakh rupees personal loan.
- What are the documents needed to receive a personal loan from Money View?
Here’s the list of documents you will need to apply for a loan on our app or website:
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Identity Proof – Aadhaar card/PAN Card/Voter ID/Valid Indian Passport
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Current Address Proof:Aadhaar card/Valid Indian Passport/Voter ID/ Utility Bills dated within the last 60 days/Ration Card
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Bank Statement (Salary A/C):Last 3 months’ statement with salary credits
- What are the documents needed to receive a 10,000 rupees personal loan from Money View?
Here’s the list of documents you will need to apply for a loan on our app or website:
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Identity Proof:Aadhaar Card/PAN Card/Voter ID/Valid Indian Passport
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Current Address Proof:Aadhaar card/Valid Indian Passport/Voter ID/ Utility Bills dated within the last 60 days/Ration Card
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Bank Statement (Salary A/C):Last 3 months’ statement with salary credits
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What are the fees and charges applicable for personal loan from Money View?
The fees and charges applicable for Money View personal loans are as follows -
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If I am in urgent need of funds, can I get a personal loan from Money View without providing collateral?
Money View loans are popular as they are versatile, easy on the pocket, and are disbursed within 24 hours of loan approval. Additionally, there is no need for applicants to provide any form of collateral or security.
