Personal loan

What is the EMI for a Rs 10 lakh personal loan?

Personal loans are priced far above home loans, so the tenure you pick changes the total cost more than most borrowers expect.

A Rs 10 lakh personal loan at 12% a year over 5 years has an EMI of Rs 22,244. You repay Rs 13,34,667 in total, so Rs 3,34,667 of it is interest. At the 16% many salaried applicants are actually offered, the same loan costs Rs 24,318 a month and Rs 4,59,083 of interest.

Worked out 2026-09-04 (IST) · Reducing-balance interest, excludes processing fee and GST

EMI at every rate and tenure

Personal loan rates in India span roughly 10.5% to 24%, decided almost entirely by your credit score and employer category.

Monthly EMI on a Rs 10,00,000 personal loan (Rs)
Interest rate	1 year	2 years	3 years	5 years	7 years
10.5%	88,149	46,376	32,502	21,494	16,861
12.0%	88,849	47,073	33,214	22,244	17,653
14.0%	89,787	48,013	34,178	23,268	18,740
16.0%	90,731	48,963	35,157	24,318	19,862
18.0%	91,680	49,924	36,152	25,393	21,018
20.0%	92,635	50,896	37,164	26,494	22,206
24.0%	94,560	52,871	39,233	28,768	24,676

Total interest, which is the number that hurts

Total interest paid on Rs 10,00,000 (Rs)
Interest rate	1 year	2 years	3 years	5 years	7 years
10.5%	57,783	1,13,025	1,70,088	2,89,634	4,16,297
12.0%	66,185	1,29,763	1,95,715	3,34,667	4,82,830
14.0%	77,445	1,52,309	2,30,395	3,96,095	5,74,161
16.0%	88,770	1,75,115	2,65,653	4,59,083	6,68,413
18.0%	1,00,160	1,98,178	3,01,486	5,23,606	7,65,498
20.0%	1,11,614	2,21,499	3,37,889	5,89,633	8,65,321
24.0%	1,34,715	2,68,906	4,12,383	7,26,078	10,72,768

Read those two tables together. A 7-year loan at 18% has an EMI of only Rs 21,018 — comfortable-looking — but costs Rs 7,65,498 in interest, more than the loan itself. On a personal loan, always pick the shortest tenure whose EMI you can survive.

Check your own numbers

Personal loan rates vary by 8 percentage points between applicants. Put your actual sanctioned rate in and see the real number.

EMI CalculatorLoan amount, rate, tenure to EMI, total interest and month-by-month schedule.

Frequently asked

What is a good interest rate for a personal loan in India?

In 2026, salaried applicants with a CIBIL score above 750 and a salary account at the lending bank are typically offered 10.5-13%. Scores in the 700-750 band see 14-17%, and NBFC or fintech offers to thin-file borrowers run 18-24%. Anything above 20% is worth refusing in favour of a secured option such as a gold or top-up loan.

Does a personal loan have a prepayment penalty?

Usually yes, unlike floating-rate home loans. Most lenders charge 2-5% of the outstanding principal plus GST, and many impose a lock-in of 6-12 EMIs before you may prepay at all. Check the sanction letter: on a Rs 10 lakh loan a 4% foreclosure charge is Rs 40,000, which can wipe out the interest saving if you prepay late in the tenure.

What is the real cost once processing fees are added?

A 2% processing fee plus 18% GST on a Rs 10 lakh loan is Rs 23,600, deducted upfront — so you receive Rs 9,76,400 but repay as if you borrowed the full Rs 10 lakh. That pushes the effective annual rate on a 5-year, 12% loan to roughly 13%. Always compare offers on the total amount repaid, not on the quoted rate.

Is a longer personal loan tenure a bad idea?

At personal-loan rates, yes, sharply so. Stretching Rs 10 lakh at 12% from 3 years to 7 years drops the EMI from Rs 33,214 to Rs 17,653 but raises total interest from Rs 1,95,715 to Rs 4,82,830 — you pay Rs 2,87,114 extra for the lower instalment.

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