How to get a 5 lacs loan?

  • Updated on: 26 Dec 2023
  • Published on: 1 Apr 2022
How to get a 5 lacs loan?

Personal loans help you address both unexpected and planned expenses. From managing unforeseen medical costs to funding your dream vacation, it helps you finance a range of expenses. In fact, according to the Statista report, personal loans in India increased from 6.47 trillion in the financial year 2021 to approximately 8 trillion in 2022. This significant increase explains the popularity of these kind of loans among the Indian borrowers.

With various lenders offering attractive loan offers, you are spoilt for choice. To top it all, paperless documentation and quick disbursement features make it easier for you to get funds instantly. One such instant loan provider is Fibe, where you can get a loan of up to 5 lacs. 

As there are no usage restrictions, you may use the loan amount to renovate your home or even purchase the latest gadget. With the attractive features of Fibe’s Instant Personal Loan, this credit facility is an ideal solution for young professionals. 

To understand how to get a 5 lacs loan from Fibe, read on.

Check out the crucial eligibility parameters

When you’re looking for a loan, eligibility criteria are key to ensuring hassle-free approval. Here are a few essential parameters you need to be aware of before applying for a Fibe Instant Loan.

  • You must be above 21 and less than 55 years old 
  • You must be resident of India
  • Your minimum in-hand salary should be ₹15,000/month if you are living in 2- or 3-tier cities
  • Your monthly in-hand salary should be at least ₹18,000/month if you are residing in tier 1 cities

Submit the required KYC documents

After checking the eligibility, all you have to do is complete your KYC verification. With Fibe, the process is straightforward. You need to upload only the most basic documents when availing of a loan.

Here are a few vital documents you have to provide:

  • Proof of Identity: Aadhaar card, PAN card, Passport or Voter ID
  • Proof of Address: Aadhaar card, Passport, Utility bills or Ration card
  • Proof of Income: Previous 3 months’ salary slips
  • Selfie

In most cases, submitting these documents is enough to complete your KYC verification. However, additional documents may be required in some cases. 

Simply upload these documents in PDF formats for hassle-free approval and receive a credit of ₹5 lacs in your bank account after the quick verification process is completed.

Apply for a Fibe Personal Loan instantly

Now that you are clear about the loan eligibility parameters and documentation, all you have to do is follow the process mentioned below to avail of a loan in no time.

  • Step 1: Visit the Fibe website and click on ‘Apply Now’
  • Step 2: Register on the site with your mobile number
  • Step 3: Enter a few basic details
  • Step 4: Check your approved limit instantly
  • Step 5: Get the loan approval in seconds
  • Step 6: Upload the KYC documents after receiving the approval
  • Step 7: Select the amount you want to borrow
  • Step 8: Receive the funds in the bank account mentioned with just a single click!

You can also install the Fibe App on your smartphone and avail of a loan instantly by following the process mentioned above. 

While the loan application process at Fibe is simple and easy, calculate your loan EMI beforehand using Fibe’s online EMI calculator. For instance, to know how much you will pay EMI for a loan of ₹5 lacs, simply enter the amount you wish to borrow and repayment tenure. This way you can compute your monthly repayment within seconds.

With features like minimal documentation and flexible loan amounts starting from ₹5,000 up to 5 lacs, Fibe is a go-to destination for all your financial needs. Moreover, Fibe charges you low processing fees and offers affordable interest rates and a convenient repayment tenure of up to 36 months. Apply for a personal loan today and enjoy these features!

FAQs on how to get 5 lakhs loan

What is the EMI for a ₹5 lacs loan?

The EMI amount varies as per your repayment tenure. For instance, if you want to clear your outstanding loan in 12 months at an interest rate of 14%, your EMI is approximate ₹47,405. You can easily calculate this using the personal loan EMI calculator.

Can I get ₹5 lac personal loan?

Yes, if you meet the required eligibility criteria and submit the required documents, you can get a loan of ₹5 lac instantly.

What is the bank interest for ₹5 lacs?

The interest rates charged on loans vary from one financial institution to another. Moreover, it depends on factors like your credit score, repayment schedule, loan amount and more. At Fibe, you can get interest rates as low as ₹9 per day.

Can I get a ₹5 lac loan without income proof?

Getting a loan without showing proof of income is usually not possible, as lenders assess your repayment capability based on it.

Can I get a lower interest rate on a ₹5 lac personal loan?

Yes, you can get a lower interest rate by increasing your tenure, having a high credit score and showcasing job stability. The interest rates are also based on market conditions and differ among lenders, so compare offers to get the lowest rate.


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