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Loan Calculator: What will the EMI be for a ₹10 lakh personal loan taken for 3 years? Understand the full breakdown of total interest and total repayment at interest rates of 10%, 12%, 15%, and 18%.

Loan Calculator: Nowadays, people prefer taking personal loans for home renovations, weddings, medical emergencies, or other major expenses. However, before taking a loan, it is important to know the monthly EMI amount and the total interest payable over the loan tenure. If you are considering a personal loan of ₹10 lakh for 3 years (36 months), let’s look at the calculations for different interest rates.

How is the EMI determined?

The EMI for any loan depends on three factors:

Loan amount
Interest rate
Loan tenure
Most banks charge an annual interest rate of 10% to 18% on personal loans. This depends on your income, CIBIL score, and the bank's policy.

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What will the EMI be at 10% interest?

If you take a loan of ₹10 lakh for 3 years at an annual interest rate of 10%:

EMI: Approx. ₹32,267
Total repayment: Approx. ₹11.62 lakh
Total interest: Approx. ₹1.62 lakh

What will the EMI be at 12% interest?

If you take a loan of ₹10 lakh for 3 years at an annual interest rate of 12%:

EMI: Approx. ₹33,214
Total repayment: Approx. ₹11.96 lakh
Total interest: Approx. ₹1.96 lakh

What will the EMI be at 15% interest?

If you take a loan of ₹10 lakh for 3 years at an annual interest rate of 15%:

EMI: Approximately ₹34,666
Total repayment: Around ₹12.48 lakh
Total interest: Around ₹2.48 lakh

What would the EMI be at an 18% interest rate?

If you take a loan of ₹10 lakh for 3 years at an annual interest rate of 18%:

EMI: Approximately ₹36,152
Total repayment: Around ₹13.01 lakh
Total interest: Around ₹3.01 lakh

Why is comparing interest rates important?

Before taking a loan, make sure to compare the interest rates and terms offered by different banks. Doing so can help you save thousands of rupees.