Personal Loan of ₹5 Lakh

Age:

You should be at least 21 years of age to apply for a 5 lakh loan from us. The maximum age limit is 60. The risk of defaulting on a personal loan increases with an older adult aged between 50 - 60. Thus, such applicants have to pay a higher interest rate for their personal loans. Meanwhile, a younger applicant will be more creditworthy to repay the loan on time, enabling them to enjoy a comparatively lower interest rate.

Employment Status:

You get a lower rate of interest on your 5 lakh loan if you have a stable job and a steady income. This is why applicants working in top private sector companies, PSUs, or government sector agencies are offered lower interest rates than others. Their salaries always get credited on time, putting them at lesser risk of defaulting on the instant 5 lakh loan.

Credit Score:

Your credit score also decides what interest rate you get. Remember that the higher the credit score, the more creditworthy you are, and the lesser your risk of defaulting. This is why you get a lower interest rate with a credit score of 750 or above. However, Piramal Finance provides loans with affordable interest rates to people with low credit scores.

Work Experience:

The more your work experience, the more stable your job. This implies that an individual with years of work experience will be at a lesser risk of defaulting than someone with no or little work experience. This is why people with several years of work experience at PSUs, the private or government sectors, are offered lower interest rates on their 5 lakh loan than others.

Address Proof:

For address proof, you can provide any one of these documents: driving license, aadhaar card, passport, voter ID card, etc.

KYC Documents:

For ID proof, you need to provide any of these government-issued photo ID documents: voter ID card, aadhaar card, driving license, passport, PAN card, etc.

Photograph:

As an applicant, you may have to click a photo digitally via phone camera and submit it while applying for the 5 lakh loan online

Income Proof:

If you’re a salaried individual, you need to provide the last six-month bank statement of your salary account, income tax returns, Form 16, and a salary certificate or the last three months’ salary slip produced by your employer. If you’re a self-employed individual, you must provide financial statements (balance sheet, P/L statement), income tax returns, GST registration certificate, and trade licenses.