A ₹10 lakh personal loan usually needs a net monthly income above ₹75,000 and a credit score above 750. At this size the rate matters enormously — a single percentage point is worth around ₹30,000 over five years.
EMI on a ₹10 Lakh personal loan
At an indicative rate of 11.5% a year, here is what a ₹10 Lakh loan costs across the tenures lenders commonly offer. The longer tenure always shows the smaller EMI and the larger total cost.
| Tenure | Monthly EMI | Total interest | Total payable |
|---|---|---|---|
| 2 years | ₹46,840 | ₹1,24,168 | ₹11,24,168 |
| 3 years | ₹32,976 | ₹1,87,136 | ₹11,87,136 |
| 4 years | ₹26,089 | ₹2,52,272 | ₹12,52,272 |
| 5 years | ₹21,993 | ₹3,19,556 | ₹13,19,556 |
| 6 years | ₹19,291 | ₹3,88,963 | ₹13,88,963 |
| 7 years | ₹17,386 | ₹4,60,463 | ₹14,60,463 |
Change the rate and tenure to your own numbers in the personal loan EMI calculator.
What income do you need?
Lenders cap total EMIs at roughly 50% of net monthly income. On a 5-year tenure the EMI is ₹21,993, which implies a net income of about ₹43,985 a month with no other loans running. If you already pay other EMIs, add those to the requirement.
Eligibility
- Aged 21 to 60, salaried or self-employed with documented income
- Net monthly income above ₹45,000, higher in metro cities
- Credit score of 750 or above for the best rates; 700+ for approval
- At least 6 months with your current employer, or 2 years of business vintage
Documents
- PAN and Aadhaar
- Last 3 months salary slips, or 2 years of ITR if self-employed
- Last 6 months bank statements