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You can simply use our Personal Loan EMI calculator to find this out.
For a personal loan of Rs. 20 lakhs, with an interest rate of 10.50%, and a repayment tenure of 5 years, the EMI amount would be – Rs. 42,988.80.
A personal loan is an unsecured loan so the interest rate is a bit on the higher side. However, over the last decade or so, personal loan interest rates have greatly reduced. On an average, Axis Bank personal loan interest rate starts at 10.25% and goes to up to 21%. This used to be around 15% - 28% a few years back.
Why should you find the EMI amount before applying for a personal loan?
When applying for a loan, the most important consideration is how much the loan will cost you. That is taken care of by the EMI Calculator for Personal Loans. It functions similarly to a personal loan interest calculator and is the simplest way to determine how much your loan will cost in terms of interest.
Manually performing the arithmetic for each loan offer increases the likelihood of errors. Even if you use a calculator, there is still the possibility of human error while entering numbers. This could result in mistakenly selecting the wrong loan due to miscalculations. Using the Personal Loan Calculator, you may run many scenarios and get precise answers every time.