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Interest rate on Rs. 5 Lakhs of loan depends on various factors. It is hard to tell the fixed interest rate for a loan amount. If your loan is a secured loan such as a car loan, home loan, two-wheeler loan, or gold loan, the interest rate will be lower. The interest rate on a secured loan may range between 8% to 17% depending on your credit profile.

On the other hand, if your loan is an unsecured loan such as a personal loan or a collateral-free business loan, the interest rate may range between 12% to 37%. However, this also purely depends on your credit profile.

Apart from the above factor, interest rate on your loan is influenced by credit score, employment, monthly income, tenure, relationship with the lender, your age and residential area. Before applying for a loan, you must ensure that you have a good eligibility criteria to avail a low interest rate loan. It is important to check your credit score before applying for a loan as it will help get an idea of your credit health status.

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