Do you need a 5 lakh loan urgently? You might find yourself saying, 'I need 500,000 urgently' if you have unexpected expenses. These expenses could include medical bills, college fees, home repairs, or a wedding.

We at Piramal Finance understand that financial emergencies can happen to anyone. If you can give us proof of income, address, and ID, we will quickly give you the loan amount. Get a personal loan of 5 lakh at the most attractive interest rates and flexible tenures from us without any hassle.

How to get 5 lakh Personal Loan from Piramal Finance?

You can easily apply for a 5 lakh loan at Piramal Finance. Simply follow these steps:

  • Step 1:
    Go to Piramal Finance Personal Loan for 5 lakh Page.
  • Step 2:
    Click on Apply Now
  • Step 3:
    Enter your mobile number linked to your bank account.
  • Step 4:
    Enter the OTP received on your mobile number.
  • Step 5:
    Enter the required document and verify the same
  • Step 6:
    Bank account verification
  • Step 7:
    Income Verification
  • Step 8:
    Check the Loan Final Offer, Accept, and continue the final process.

After finishing the last step, we will transfer the loan of 5 lakh to your confirmed bank account within 24 hours.

Key Features of the Personal Loan

Attractive Interest Rates

We understand your interest rate will be key in deciding your 5 lakh personal loan EMI. That’s why we offer competitive interest rates to all our customers, starting from 12.99*%pa onwards. Our reasonable rate of interest will help you get easy EMIs.

No Collateral Loan

We ensure no collateral policy for loans. There is no need to pledge any asset or bring any guarantor, as obtaining a loan is more convenient than ever.

Quick Approval, Instant Disbursal

We at Piramal Finance offer the shortest processing time for our instant loan. We keep things minimal to ensure fast KYC document verification. Within an hour, we verify all documents and approve the loan application. Once approved, we will disburse your loan amount in your account within 24 hours.

Flexible Repayment Tenure

At Piramal Finance, you can select the repayment tenure of your choice. The shorter the tenure, the bigger the EMI amount, and vice versa. You can pick a term from one to five years, which will make it easier for you to pay back.

100% Digital, Paperless

We offer all customers digital, paperless documentation. No matter where you are or when you can apply for a 5 lakh loan at your convenience. The 100% paperless documentation process lets you do things with your fingertips in the comfort of your home or office.

EMI Calculation

Below is a table representing the personal loan EMI 5 lakh for 5 years, 4 years, 3 years, 2 years, and 1 year at a standard interest rate of 12.99*%pa.

YearPrincipal AmountInterest PayableTotal AmountAvg. Monthly EMIOutstanding Balance
₹ 83,670
₹ 52,848
₹ 1,36,518
₹ 11,377
₹ 4,16,330
₹ 89,426
₹ 47,092
₹ 1,36,518
₹ 11,377
₹ 3,26,904
₹ 95,220
₹ 41,299
₹ 1,36,518
₹ 11,377
₹ 2,31,684
₹ 1,08,363
₹ 28,155
₹ 1,36,518
₹ 11,377
₹ 1,23,321
₹ 1,23,321
₹ 13,198
₹ 1,36,518
₹ 11,377
₹ 0

Factors Responsible for ₹500000 Personal Loan Interest Rate

Get a personal loan of 5 lakh from Piramal Finance at a competitive interest rate starting from 12.99*%pa. Based on factors like your credit score, employment status, age, etc.


To be eligible for a personal loan of 5 lakh, you must be between the ages of 21 and 58. We typically view younger applicants as more likely to repay a loan and offer them reduced interest rates.

People between 50 and 60 may be charged higher interest rates. This is because they are more likely to struggle with repaying a personal loan.

Employment Status:

You get a lower interest rate on your 5 lakh loan if you have a stable job and a steady income. Applicants from top private companies, PSUs, or government agencies get lower interest rates than others. Their salaries always receive timely credits, reducing their risk of defaulting on the 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 default risk. This is why you get a lower interest rate with a credit score of 650 or above.

However, Piramal Finance provides loans with affordable interest rates to people with low credit scores.

Work Experience:

Having work experience decreases the likelihood of defaulting on obligations. This is especially true when comparing individuals with little or no work experience. People with work experience at PSUs, private or government sectors, get lower interest rates on their loan applications than others.

Documents Required for Availing of a Personal Loan of Rs. 5 Lakh

Need a 5 lakh loan Urgently? Below are some digital documents you must submit as part of the loan process.

Document TypeFor Self-Employed Individuals For Salaried Individuals
ID Proof
Aadhaar card, driving license, passport, pan card, voter id
Aadhaar card, driving license, passport, pan card, voter id
Residence Address Proof
Aadhar card, voter id, utility bills, driving license
Aadhar card, voter id, utility bills, driving license
Office Address Proof
GST registration certificate
Not applicable
Income Proof
P/L account and balance sheet for the previous three years, ITRs for the last three years, bank account statement of business account
Bank account statement of salary account, salary slip of the last three months, form 16

Fees and Charges for Personal Loan of ₹5 Lakh

Get an instant loan of 5 lakh at affordable interest rates and no hidden costs at Piramal Finance. Here is a table representing our fees and charges for better understanding:

Features & FeesDetails
Personal Loan Interest Rates12.99%* p.a. onwards
Loan Amount ₹ 25,000 to ₹ 5,00,000
Processing FeesUp to 5% plus applicable taxes
Loan Tenure3 - 60 months tenure
Prepayment Charges ₹ 0
Foreclosure Charges₹ 0
Stamp DutyAt actuals (as per state)
Cheque Bounce Charges₹ 500 plus applicable taxes
EMI Bounce Charges₹ 500 plus applicable taxes
EMI Pickup/Collection Charges₹ 250 per visit plus applicable taxes
Cash Collection Charges1% of collection amount of Rs. 50000 and above in cash + taxes
Change of Loan Repayment Mode₹ 500 plus applicable taxes
Loan Cancellation after DisbursementInterest accrued & due plus applicable taxes
Loan Repayment Schedule (applicable for physical copies only)₹ 500 plus applicable taxes
Change of Loan Repayment Mode₹ 1000 plus applicable taxes

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