The EMI for 5 lakh personal loan will depend on the rate of interest of the bank. You must be aware that not all banks have set the same interest rate for personal loans. For example, HDFC has an interest rate of 10.75% to 24% whereas Axis Bank has an interest rate starting from 10.49% onwards.
What will be the EMI for 5 Lakh Personal Loan?
To find out what is the EMI for 5 lakh personal loan, you have two options:
Calculate the EMI amount manually
Calculate the EMI amount using the bank’s EMI option, which is usually available on their website
When I visited the HDFC bank to find out what would be my EMI amount for a Rs 5 lakh personal loan, I was advised to
Visit the
HDFC portalEnter the amount, tenure and interest rate
Click on the Calculate option and get it
So I entered
Amount = 5,00,000
Tenure = 5
Interest Rate = 10.75% (ask the official about it, as it may vary depending on your needs)
My EMI came to around Rs 10,809. If you want, you can calculate it manually. Here is the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P here stands for the principal amount
R stands for the rate of interest at which you are availing the loan
And N stands for the time period (in months)
Let me share what will be the EMIs for 1 to 5 years with the same principal amount and interest rate here:
| Tenure in Years | Payable EMI |
1 |
Rs. 44,132 |
2 |
Rs. 23,245 |
3 |
Rs. 16,310 |
4 |
Rs. 12,862 |
5 |
Rs. 10,809 |
If you have an account with some other bank, visit their official website and get to know about your EMI amount there.
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Authors Of The Question
What is the EMI for 5 Lakh Personal Loan?
Falguni
81 Views
1 Answers
10 months
2024-02-19T08:46:14+00:00 2024-02-19T09:07:56+00:00Comment
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