₹5,00,000 Personal Loan with Bankstore
Apply a ₹5,00,000 Personal Loan with Bankstore
Bankstore offers ₹5,00,000 personal loans that are unsecured, meaning you don't have to pledge any assets like real estate, gold, or fixed deposits. This makes it highly accessible for salaried individuals and self-employed professionals alike.
Whether you’re gearing up for a wedding, facing unexpected medical bills, renovating your home, pursuing higher education, or looking to invest in a small business, this loan gives you the financial freedom to tackle a variety of personal needs without having to touch your savings.
One of the standout features of Bankstore’s services is how quickly they disburse funds—typically, you’ll see the money in your account within 24 hours of getting your loan approved. Their interest rates are competitive, with flexible repayment terms from 12 to 60 months. The application process is easy, digital, and transparent with no hidden charges.
Eligibility Criteria for a ₹5,00,000 Personal Loan
To qualify, you must meet these requirements:
Age: 21–60 years
Income: Minimum ₹30,000 monthly for salaried; stable income for self-employed
Credit Score: 700+ (750+ for lower rates)
Employment: 1 year in the current job for salaried; 2 years of business for self-employed
Residency: Proof of Indian residency
Bankstore’s online eligibility tool simplifies the verification process.
Documents Required for a ₹5,00,000 Personal Loan
Submit these documents for a smooth application:
Identity Proof: Aadhaar, PAN, passport, or voter ID
Address Proof: Utility bills, rental agreement, or bank statements
Income Proof: 3 months’ salary slips and 6 months’ bank statements (salaried); 2 years’ ITR (self-employed)
Photographs: Recent passport-sized photos
Ensure documents are current to avoid delays.
Eligibility Criteria for Flexi Personal Loan
Check if you meet the simple eligibility criteria to get your loan approved:
Age Requirement
Applicants must be between 21 to 60 years old.
Monthly Income
Minimum ₹ 30,000 (Salary in Account)
Nationality
Must be an Indian citizen
Employment Type
Salaried and self-employed both eligible
How to Apply for a ₹5,00,000 Personal Loan Online
1. Verify Your Eligibility: Make sure you are eligible by using the online calculator.
2. Collect Documents: Make digital copies of the necessary paperwork.
3. Compare Lenders: Use Bankstore's tool to find affordable rates.
4. Submit Application: Fill out the online form and attach supporting documentation.
5. Receive Funds: After approval, funds are released within 24 hours.
This procedure guarantees timely access to personal loans.
How to Get a ₹5,00,000 Personal Loan Urgently
Maintain a credit score above 750 for faster approval.
Prepare digital documents in advance.
Apply during business hours to avoid delays.
Check for pre-approved offers if you’re an existing customer.
Interest Rates for ₹5,00,000 Personal Loans
Depending on your income and credit score, interest rates range from 10.5% to 24% annually. Higher scores result in lower rates.
Repayment Options and EMI Calculation
Bankstore offers tenures from 12 to 60 months. Below is an EMI table at 12% p.a.:
1 year: ₹45,000 EMI, ₹30,000 interest, ₹5,30,000 total
2 years: ₹23,500 EMI, ₹54,000 interest, ₹5,54,000 total
3 years: ₹16,500 EMI, ₹78,000 interest, ₹5,78,000 total
5 years: ₹11,000 EMI, ₹1,32,000 interest, ₹6,32,000 total
Use Bankstore’s EMI calculator for accurate planning.
Benefits of a ₹5,00,000 Personal Loan
No Collateral: No need to pledge assets.
Flexible Use: Suitable for any purpose, from travel to business.
Quick Disbursal: Funds within 24 hours.
Fixed EMIs: Predictable payments for budgeting.
Credit Score Boost: Timely repayments can improve your score.
Interest Rates and Repayment Options
Your EMI Details
Loan EMI
₹ 0.00
Total Interest Payable
₹ 0.00
Total Payment
₹ 0.00
While a 7-year tenure reduces your EMI but raises the overall cost, a 5-year tenure results in higher monthly payments but less interest overall. Find a tenure that strikes a balance between cost and affordability by using our EMI calculator. You can prevent financial strain by using this tool to plan your repayments.
Loan Insurance and Financial Protection
Loan insurance can boost your financial security. It typically costs 1–2% of the loan (₹5,000–₹10,000). Insurance can protect against job loss, disability, or death. Bankstore collaborates with reliable insurers to offer custom plans. Always check terms and conditions for exclusions or specific clauses.
How to Choose, Secure, and Manage a Personal Loan Wisely
Applying may temporarily reduce your credit score by 5–10 points due to a hard inquiry. Timely repayments can raise it by 20–50 points, while missed payments may reduce it by 50–100 points.
Prepayment is allowed with most lenders, often with a 2–4% fee on the outstanding balance. Loan insurance, while optional, helps protect repayment during unexpected situations.
Compare interest rates, processing fees (1–3%), and repayment flexibility. Choose a lender with good customer service and fast disbursal. Keep your credit score above 750, prepare your documents, and review your application before submitting.
Once approved, manage your loan responsibly. Budget for EMIs, avoid new debt, and enable auto-payments to stay on track.
FAQs on ₹5,00,000 Personal Loans
Yes, with additional documentation like ITR.
Up to 60 months with Bankstore.
No, the loan is unsecured.