Whether it’s your sudden family medical expense, kids’ college fees, an unwanted home repair/renovation cost, or some wedding expense, you may suddenly find yourself in a phase of life telling people, ‘I need 5 lakh rupees urgently.’ In most cases, people – even your close ones – will take a step back after hearing such an amount. But not us!

We at Piramal Finance understand that financial emergencies can happen to anyone. No matter the reason, if you can provide an income, address, and ID proof to us, we will disburse your loan amount in no time. Get a personal loan of 5 lakh at the most attractive interest rates and flexible tenures from us without any hassle.

How to get a 5 lakh Personal Loan from Piramal Finance?

You can easily apply for a 5 lakh rupees 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 completing the final process within 24 hours, the personal loan for 1 lakh will get credited to your verified bank account.

Key Features of the Personal Loan

Minimal Documentation

We ensure minimal documentation requirements for our personal loan of 5 lakh. What we need is your ID proof, address proof, and income proof. To save the hassle and accelerate the processing time, we let you upload all these documents digitally in PDF format.

Attractive Interest Rates

We understand that your interest rate will play a key role 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 know how emergencies come uninvited on our doors, leaving us financially helpless. That’s why we ensure no collateral policy for our 5 lakh loan. 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 5 lakh loan. We keep things minimal to ensure fast KYC document verification. Within an hour or so, we verify all documents and approve the loan application. Once approved, we will disburse your loan amount within seconds.

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 choose the tenure to be as short as a single year or as long as five years. No matter what tenure you pick, it will make your repayment much easier

100% Digital, Paperless

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

EMI Calculation

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

Year Principal Amount Interest Payable Total Amount Avg. Monthly EMI Outstanding Balance
1₹ 83,670₹ 52,848₹ 1,36,518₹ 11,377₹ 4,16,330
2₹ 89,426₹ 47,092₹ 1,36,518₹ 11,377₹ 3,26,904
3₹ 95,220₹ 41,299₹ 1,36,518₹ 11,377₹ 2,31,684
4₹ 1,08,363₹ 28,155₹ 1,36,518₹ 11,377₹ 1,23,321
5₹ 1,23,321₹ 13,198₹ 1,36,518₹ 11,377₹ 0

Factors Responsible for ₹500000 Personal Loan Interest Rate

Get a personal loan of up to 5 lakh from Piramal Finance at a competitive interest rate starting from 12.99*%pa. We offer you the most reasonable personal loan interest rate based on factors like your credit score, employment status, age, etc. Here is a snapshot of such factors:


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.

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

When applying for an instant personal loan of 5 lakh, you need to submit the following documents:

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.


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.

Fees and Charges for Personal Loan of ₹5 Lakh

Get an instant loan of up to 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:

FeesMaximum Tenor
Loan Processing ChargesUp to 4% of the loan amount, along with applicable taxes
Interest RateStarting at 12.99*% p.a.
Cheque Bounce ChargeRs. 500 + applicable taxes
Interest on Overdue EMIsRs. 500 + applicable taxes
Pre-closure4% of the loan amount + applicable taxes
Loan cancellationInterest accrued & due + applicable taxes

Types of Personal Loans:

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Frequently asked questions

What is the processing time for a Rs 5 lakh personal loan?
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Can I get a personal loan of Rs. 5 lakh without any collateral?
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What credit score do I need for an instant Rs. 5 lakh loan?
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Can I avail Rs. 5 lakh loan without documents?
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Why choose Piramal Finance for an instant loan of up to 5 lakh?
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