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Get instantly-approved Personal Loans

Secure a ₹5 lakh personal loan online, instantly.

Approval of up to ₹5 lakh personal loan in a flash
Multiple On-demand Loans upto 5 lakh
Repay anytime with ZERO foreclosure charges
100% digital process & 24x7 access to funds

Apply Now

Approval of up to ₹5 lakh personal loan in a flash
Multiple On-demand Loans upto 5 lakh
Repay anytime with ZERO foreclosure charges
100% digital process & 24x7 access to funds

Overview
Benefits
Eligibility
How to apply
FAQs
Fees & Charges

Apply Now

Get a personal loan of ₹5 lakhs with FIRSTmoney Instantly

Financial hardship can arise anytime and being prepared for it requires proper financial planning. Relying on your savings may be an option for you but this could impact your long-term saving goals. In this case, personal loans can be the go-to solution for meeting your financial requirements quickly. However, traditional loans often involve tedious paperwork and long approval times, which does not help your case if you need funds urgently. This is where IDFC FIRST Bank’s FIRSTmoney smart personal loans can transform your borrowing experience with a 100% digital platform that makes obtaining a ₹5 lakh personal loan quick and hassle-free. Read on for more

EMI Calculator for Personal Loan

Personal Loan EMI Calculator

Amount in ₹

10000 1000000

Amount

Period

2 months 60 months

Period

Rate of Interest

10.99% 60%

Rate of Interest

You will pay EMI of only, per month

The calculations provided are for illustrative purposes only. For precise figures, please use a personal loan EMI calculator and refer to the Repayment Schedule and Loan Agreement

Benefits of a ₹5 lakh personal loan using FIRSTmoney

100% digital journey

FIRSTmoney offers a complete digital journey with zero paperwork. You can customise your loan as per your financial requirement along the application process. Simply scan the QR code and get going.

Greater flexibility

Need additional loans to meet your expenses? Get unmatched flexibility to obtain multiple loans on-the-go in just a few clicks.

Foreclosure benefits

Willing to foreclosure your loan? Not a concern with FIRSTmoney. You can use the ₹5 lakh personal loan and repay the used funds in full anytime without incurring a foreclosure charge.

Flexible loan repayment options

Get the flexibility to choose a customisable loan EMI plan that suits your requirements. Opt for any tenure ranging between two months to 60 months to repay your loan without financial stress and comparatively low personal loan interest rates

Personal loan amount flexibility

Enjoy instant approval of loans of up to ₹10 lakhs based on your financial requirements and eligibility.

Swift disbursal

Enjoy a completely paperless application process. The advanced technology behind FIRSTmoney makes it easy to access a ₹5 lakh personal loan instantly with a completely online process.

Eligibility criteria for a ₹ 5 lakh personal loan

FIRSTmoney smart personal loans are available to individuals with a good credit score. Here are the basic eligibility requirements.

CIBIL score: To obtain the FIRSTmoney smart personal loan, applicants need to have a good credit record and a CIBIL score of 730 and above.

Employment: FIRSTmoney smart personal loans are available to salaried and self-employed individuals.

Age: Anyone aged between 21 to 60 years can apply for this loan.

* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

Documents required for a ₹ 5 Lakh personal loan

Remove the hassles of lengthy documentation with FIRSTmoney smart loans.

To apply for a ₹5 lakh personal loan from FIRSTmoney, all you need is to present your physical PAN card at the time of video KYC.

How can you calculate your personal loan EMI?

The reducing balance calculation method is commonly employed to calculate the EMI for a ₹5 lakh personal loan, this technique determines interest based on the remaining loan balance. While the EMI remains constant throughout repayment, the portion allotted to principal repayment grows while the interest component diminishes over time. Read on for more

How to apply for ₹5 lakh personal loan using FIRSTmoney?

Scan the QR code to apply for a 5 lakh personal loan.

Step 1

Start by scanning the QR code or clicking loan from your smartphone

Step 2

Register using your mobile number and confirm basic/personal details to check your eligibility

Confirm basic details to check your 4 lakh loan eligibility.

Step 3

Choose your loan preferences, including the tenure and repayment terms

Choose your loan preferences and link your bank account

Step 4

Link your bank account where you wish the funds to be disbursed

Once verified, receive the 4 lakh loan amount in your account within 24 hours

Step 5

Complete the video KYC verification process with your physical PAN card

After your loan is approved, you can start using the funds as per your needs .

Frequently asked questions

How can I check my eligibility for a ₹5 lakh personal loan?

You can check your eligibility for a ₹5 lakh personal loan in the eligibility section of your lender’s official portal. For FIRSTmoney, basic eligibility requirements are a credit score of 730 or above, a stable income through salary or self-employment, and the age bracket between 21 to 60 years.

How is the interest rate for a ₹5 lakh personal loan determined?

Which documents are required for a ₹5 lakh personal loan application?

Can I get loan amounts above ₹5 lakh with FIRSTmoney?

How to get a loan worth ₹5 lakh in one day?

With a FIRSTmoney smart personal loan, you can get a quick loan approval within the same day. In case you need quick funds to meet your urgent requirements, it is one of the most suitable loan options to rely on.

What is considered a good CIBIL score to apply for a personal loan of ₹5 lakh?

A CIBIL score of 730 and above is generally considered to be good when applying for a personal loan of ₹5 lakh. However, a higher score typically increases the likelihood of loan approval and a favourable interest rate.

What is the monthly interest on a ₹5 lakh personal loan?

The monthly interest on a ₹5 lakh personal loan depends on the applicable interest rate and the loan tenure. You can use the online IDFC FIRST Bank EMI calculator to estimate the monthly interest component based on the chosen interest rate and loan duration.

What does a foreclosure charge mean?

A foreclose charge refers to the fee charged by a bank if you choose to repay the entire loan amount before the end of the loan tenure. This charge is typically expressed as a percentage of the outstanding loan amount and may vary among lenders. However, a FIRSTmoney smart personal loan gives you the flexibility to repay the amount in full before maturity without any foreclosure charges. This, in turn, helps you close your loan and eliminate financial liabilities early without incurring any additional costs, and hidden personal loan fees & charges

What is EMI of a ₹5 Lakh Loan?

To calculate the EMI for a ₹5 Lakh Loan, you can use a personal loan EMI calculator.

What is the processing fee on a ₹5 Lakh Loan?

The personal loan processing fees for a ₹5 lakh loan at IDFC FIRST Bank generally start from 2%, depending on the loan terms.

More FAQs

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