The probability of taking a 10 lakhs personal loan in India depends on various eligibility criteria like income, current debt obligations, employment stability, credit score etc. It is ideal to compute the EMI on your 10 lakhs personal loan before you avail of the credit. This is because you can be assured that you will be able to pay your monthly instalments easily. The EMI will vary depending on the rate of interest given by the lender. 

How To Compute the 10 Lakhs Personal Loan EMI for 5 years?

You can compute the EMI on your 10 lakhs personal loan using 2 ways. 

  • Formula Method: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P is the principal, R is the rate of interest, and N is the number of years. But, this method is time-consuming and cumbersome. It is easier to use a personal loan EMI calculator instead. 
  • Using the Personal Loan EMI Calculator: It is easier to use a personal loan EMI calculator. All you have to do is enter the principal amount, rate of interest, and number of years. The result will be displayed instantly. Use CreditMantri’s personal loan EMI calculator for computing. 

For example - Consider a 10 lakh personal loan EMI for 5 years at an interest rate of 10%. Enter the values in the EMI calculator. The EMI payment is 21, 247.04 Rs., the total interest payable is Rs. 2,74,822.4, and the total payment is Rs. 12,74,822.4. The results get displayed in seconds. 

Benefits of Availing A 10 Lakhs Personal Loan 

  • Timely accessible
  • Easy Approval for the loans
  • Nominal Interest rates
  • Flexibility in repayment period, varies from 1-5 years.