5Paisa Personal Loan review 2025: 5Paisa Personal Loan is a popular Loan option for borrowers looking for a quick and easy way to finance their needs.
What is 5Paisa Personal Loan?
5Paisa Personal Loan is a peer-to-peer (P2P) lending loan product offered by 5Paisa. P2P lending is a type of lending where borrowers can get money directly from lenders, without having to go through a bank or other financial institution.
| Feature | 5paisa Personal Loan |
|---|---|
| Loan amount | Up to ₹10 lakhs |
| Interest rates | Starts from 10% |
| Loan tenure | 3 to 60 months |
| Repayment options | EMI, lump sum |
| Eligibility | Minimum income of ₹18,000 per month |
| Collateral | Not required |
| Processing fee | ₹500 |
| Application process | Online |
5Paisa Personal Loan Features/Benefits
- Collateral-Free Personal Loans: This means you can obtain a personal loan without having to pledge any assets or property as security.
- Instant System-Based Approval (2 Minutes): 5pasia Loans employs an automated system that can assess your loan application and provide approval within just 2 minutes.
- Quick Loan Disbursal (24 Hours): Once your loan is approved, the funds will be disbursed to your account within 24 hours.
- Competitive Interest Rates (Starting at 10% per annum): 5pasia Loans offers interest rates that start as low as 10% per annum.
- Zero Foreclosure Charges: If you decide to repay your loan early, you won’t incur any additional charges.
- Paperless Application: The entire loan application process is conducted digitally, eliminating the need for paperwork. You can apply for a loan from the comfort of your home or office using your computer or smartphone.
5Paisa Personal Loan Eligiblity
To be eligible for a 5Paisa Personal Loan, borrowers must meet the following criteria:
Personal Loan Eligibility Criteria for Salaried Individuals:
- Residency: You should be a resident of India.
- Documentation: You’ll need a PAN Card, a valid ID, and an address proof.
- Bank Account: You should have your own valid bank account.
- Income: Your monthly income should be a minimum of INR 18,000.
- Age: You should be between 21 and 55 years old.
Personal Loan Eligibility Criteria for Self-Employed Individuals:
- Residency: You should be a resident of India.
- Documentation: You’ll need a PAN Card, a valid ID, and an address proof.
- Bank Account: You should have your own valid bank account.
- Age: You should be between 21 and 55 years old.
- Income: For self-employed individuals, a minimum annual income tax return (ITR) of 2.5 Lakhs is required.
Also Read: 5Paisa App Review 2024: Features, Charges, Demat Account, Complete Guide
5Paisa Personal Loan Interest Rates and Charges
Rates & Fees for Personal Loans
At 5paisa Loans, they offer instant personal loans with competitive interest rates. His goal is to provide personal loans that are not only affordable but also come with pocket-friendly
EMIs and complete transparency, with no hidden fees. They value the creditworthiness you’ve built over the years.
Interest Rate
- His personal loan interest rates start as low as 10% per annum.
Processing Fee
- They charge a minimal processing fee, starting from just 2.5%.
Pre-Closure Charges
- Good news! There are no pre-closure charges. You can settle your loan early without any extra fees.
Late Payment Charges
- In the event of a late repayment, a late fee of 24% per annum will be applied to the EMI amount. He encourage timely repayments to avoid this charge.
5Paisa Personal Loan Required Documents
| Salaried Individuals | Self-Employed Individuals |
|---|---|
| PAN Card | PAN Card |
| Aadhaar Card | Aadhaar Card |
| 3 months salary slip or ITR | Last 2 years ITR |
| 6 months bank statement | 6 months bank statement |
5Paisa Personal Loan EMIs Calculator
How to use the 5Paisa Personal Loan EMI calculator:
- Visit “Loan Calculator” Or Search EMIs Calculators on Google.
- Enter the loan amount, interest rate, and tenure in the calculator.
- Click the “Calculate” button.
- The calculator will display your estimated EMI, principal amount, interest amount, and total payment.
You can use the 5Paisa Personal Loan EMI calculator to get an idea of how much your monthly EMI will be for a given loan amount, interest rate, and tenure.
This can help you make informed decisions about whether or not to apply for a personal loan.
Also Read: Kissht Personal Loan: Is Kissht Loan App RBI Registered?
5Paisa Personal Loan Apply Online Process
Getting a personal loan with 5paisa Loans is fast and hassle-free, with approvals in just 2 minutes and funds disbursed within 24 hours.
Here’s a simple 4-step process to guide you through:
Step 1: Register Online
- Begin by registering online. This allows you to digitally connect with potential lenders and start the borrowing process.
- Simply provide your basic details to get started.
Step 2: Complete Verification
- To ensure your identity and credibility, you’ll be asked to submit your documents online.
- Once the verification process is complete, you’ll be listed on our borrowers list, making it easier for lenders to connect with you.
Step 3: Accept Loan Agreement
- Based on your credit profile, you can easily find lenders who are willing to provide you with a personal loan.
- Once you’ve identified a suitable lender, simply accept the loan agreement to proceed with receiving the desired loan amount.
Step 4: Receive the Loan
- After the verifications are done, the loan amount will be disbursed to your account in less than 24 hours.
- You can now access the funds you need to fulfill your financial requirements.
5paisa Loans makes it convenient for you to apply for a personal loan, connecting borrowers and lenders swiftly while ensuring a quick and efficient lending process.
5Paisa Personal Loan Customer Care Number
If you have any questions, concerns, or require assistance, they have dedicated support team is ready to help us.
Here are the ways to connect with us:
Email:
Send 5paisa an email at [email protected].
Phone:
You can also give him a call at +91 89767 89767.
Visit:
If you prefer an in-person interaction, you can find them at Sun Infotech Park, Road No. 16V, Plot No. B-23, Thane Industrial Area, Wagle Estate, Thane – 400. They said, “Our office is open to welcome you”.
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FAQs
Is 5 paisa personal loan safe?
5paisa Loans is a registered NBFC-P2P with the Reserve Bank of India (RBI).
How much loan amount will be provide by 5Paisa Loan?
5paisa Loans offers personal loans up to ₹10 lakhs. The specific loan amount that you are approved for will depend on your credit score, income, and other factors.
Conclusion: 5Paisa Personal Loan Review
5paisa Loans is a peer-to-peer (P2P) lending platform that offers personal loans up to ₹10 lakhs. The application process is quick and easy, and borrowers can typically get a decision within a few minutes.
Once approved, the loan funds are disbursed directly to the borrower’s bank account within 24 hours.
5paisa Loans offers a number of advantages over traditional bank loans, such as:
- Faster approval process: 5paisa Loans can typically approve a loan within a few minutes, while traditional banks can take weeks or even months.
- More flexible repayment options: 5paisa Loans offers a variety of repayment options, so borrowers can choose a repayment plan that fits their budget.
- No collateral required: 5paisa Loans does not require borrowers to provide collateral for their loans.
However, it is important to note that 5paisa Loans is a P2P lending platform, It means that the interest rates on 5paisa Loans can be higher than the interest rates on traditional bank loans.
👍 Pros
- Fast approval process
- More flexible repayment options
- No collateral required
- Easy online application process
👎 Cons
- Higher interest rates than traditional bank loans
- Not all borrowers may be eligible
- Some borrowers may experience difficulty repaying their loans
Overall, 5paisa Loans is a good option for borrowers who are looking for a fast, easy, and flexible way to borrow money. However, borrowers should be aware that the interest rates on 5paisa Loans can be higher than the interest rates on traditional bank loans.
