To apply for a ₹5 lakh personal loan, you need to be at least 21 years old and an Indian citizen. The basic documents required include your PAN card and Aadhaar card for verification. As long as you meet these criteria, you can easily apply for the loan through the RING app.
Get ₹5 Lakh in Your Pocket
Anytime, Anywhere!
Flexible Repayment
Instant Bank Transfer
Affordable Rates
About Our ₹5 Lakh Personal Loan
Need a large amount but want the convenience of instant access? RING’s ₹5 lakh personal loan is your go-to solution for all your big plans, from funding a dream vacation to managing unexpected medical expenses. With a fully digital application and quick approvals, it’s the easiest way to get a personal loan of ₹5 lakhs without the hassle. No paperwork, no long waits—just pure financial convenience.
Benefits of ₹5 Lakh Personal Loans
Get up to ₹5 lakh in under 5 minutes
Zero Paperwork Required
Flexible repayment options from 3 to 60 months
Attractive interest rates to make your payments more affordable.
Features of ₹5 Lakh Personal Loans
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
₹5 Lakh Personal Loan EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Personal Loan
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a Personal loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Priya Sharma
New Delhi
I was in the middle of planning my wedding when I realized I needed a personal loan of ₹5 lakhs to cover some last-minute expenses. I had heard about RING and decided to give it a try. I was amazed by how fast the process was! In less than 10 minutes, my loan was approved, and the amount was transferred to my account. The best part? The repayment terms were so flexible, it didn’t put a strain on my monthly budget. RING really came through when I needed them most.
Rajesh Nair
Bengaluru
Earlier this year, I had to deal with some unexpected medical bills. I needed money urgently, so I applied for a ₹5 lakh personal loan from RING. The entire process was incredibly easy, from applying to receiving the money in my bank account. There were no long forms or complex paperwork. It was fast, hassle-free, and I could choose the EMI that worked best for me. I’m glad I chose RING when I needed financial support.
Neha Joshi
Mumbai
As a small business owner, I needed a personal loan of ₹5 lakhs to restock my inventory quickly. RING was recommended to me by a friend, and I’m so glad I used it. The approval process was super quick, and I had the loan amount in my account the very same day. What really impressed me was the transparency—there were no hidden charges or surprises. It was all very clear and easy to understand, which is rare when it comes to loans.
Aakash Patel
Ahmedabad
When it came time to pay for my MBA course fees, I needed a personal loan of ₹5 lakhs. I applied through RING, and the whole process was shockingly fast. I didn’t have to leave my house or deal with any paperwork, everything was done online. The interest rate was reasonable, and I’ve been able to manage the EMIs comfortably. RING is definitely my go-to for any financial emergencies in the future.
Seema Agarwal
Kolkata
We decided to renovate our home but quickly realized that we needed a personal loan of ₹5 lakhs to complete the project. RING was the perfect solution. The loan was disbursed quickly, and the entire process was transparent. I was able to track my EMI payments easily, and I knew exactly what I was paying each month. It made the renovation process much smoother, and I couldn’t be happier with the service.
Find the Right Personal Loan For You
Personal Loan for Travel
Fund your dream vacation and make unforgettable memories with our travel loans. From flights to hotels and everything in between, we’ve got you covered so you can focus on enjoying your trip.
Personal Loan for Students
Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
Give your home a makeover without breaking the bank. Whether it’s a new kitchen, a fresh coat of paint, or an extension, our loans make it possible.
Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
What is the eligibility to apply for a ₹5 lakh personal loan?
How do I apply for a ₹5 lakh personal loan through RING?
Applying for a ₹5 lakh personal loan through RING is incredibly simple. Just download the RING app, fill in the online application form, and upload your PAN and Aadhaar for KYC verification. Once that’s done, your loan will be processed within minutes, and the funds will be transferred directly to your bank account.
What is the interest rate for a ₹5 lakh personal loan?
The interest rate for a ₹5 lakh personal loan from RING typically ranges from 18 percent to 36 percent per annum, depending on your credit score and repayment history. You will be informed of the exact interest rate at the time of your loan approval, ensuring complete transparency.
Can I repay the ₹5 lakh loan early without any penalties?
Yes, RING allows you to repay your ₹5 lakh personal loan early without any penalties. This means you can save on interest costs if you choose to repay your loan before the tenure ends. Simply log into your RING account and follow the instructions for early repayment.
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