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A personal loan can be an ideal solution for meeting various financial needs, whether it's for home renovation, education, medical expenses, or consolidating debt. Before applying for a personal loan of 5 lakhs, it's essential to understand factors like interest rates, loan tenure, and monthly EMI payments. The repayment terms for a loan of this amount typically depend on your credit score and income, which also influence the interest rate you'll be offered. Using an EMI calculator can help you estimate the monthly installments for a personal loan of 5 lakhs, making it easier to plan your finances and ensure timely repayments.
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