A ₹5 lakh personal loan is the most commonly requested amount in India, typically taken for a wedding, a medical bill or debt consolidation. Most salaried applicants earning above ₹40,000 a month qualify.
EMI on a ₹5 Lakh personal loan
At an indicative rate of 11.5% a year, here is what a ₹5 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 | ₹23,420 | ₹62,084 | ₹5,62,084 |
| 3 years | ₹16,488 | ₹93,568 | ₹5,93,568 |
| 4 years | ₹13,045 | ₹1,26,136 | ₹6,26,136 |
| 5 years | ₹10,996 | ₹1,59,778 | ₹6,59,778 |
| 6 years | ₹9,646 | ₹1,94,482 | ₹6,94,482 |
| 7 years | ₹8,693 | ₹2,30,231 | ₹7,30,231 |
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 4-year tenure the EMI is ₹13,045, which implies a net income of about ₹26,089 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 ₹30,000, 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