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â¹5 Lakh Personal Loan - Quick Info What is a â¹5 Lakh Personal Loan EMI?â¹5 Lakh Personal Loan EMI for Different Tenures EMI Calculation Formula for â¹5 Lakh Personal Loan â¹5 Lakh Personal Loan EMI at Top Banks (2025)What are the Eligibility Criteria for a â¹5 Lakh Personal Loan What are the Documents Required for â¹5 Lakh Personal Loan?How to Apply for a â¹5 Lakh Personal Loan or Cash Loan Online via NoBroker Insta Cash?Why Choose NoBroker Insta Cash Over Traditional Personal Loans?Cash Loan vs Personal Loan: Key Differences Get Instant â¹5 Lakh Cash Loan via NoBroker Insta Cash Frequently Asked Questions?

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Home Blog Cash Loan 5 Lakh Personal loan Emi

₹5 Lakh Personal Loan EMI: Monthly Payment, Calculation and Interest in 2025

Published : October 28, 2025, 12:45 AM

Updated : October 28, 2025, 12:45 AM

Author : kruthi

Cash Loan

Personal Loan

808 views

Summary

A ₹5 lakh personal loan is a smart option to manage significant expenses like weddings, higher education, travel, or home renovation. Interest rates generally range from 11% to 23% p.a., with flexible repayment tenures between 1 to 5 years and EMIs starting around ₹10,999. Processing fees can go up to 3.5%, while prepayment charges range from 2% to 5%. With NoBroker Insta Cash, borrowers benefit from instant approval, minimal documentation, and quick disbursal, ensuring a smooth and stress-free borrowing experience.

Table of Contents

A ₹5 lakh personal loan is a solution for various expenses. But understanding the Equated Monthly Instalment (EMI) is the first step towards responsible borrowing. Your 5 lakh personal loan EMI is determined by key factors: the interest rate offered by the lender, the chosen repayment tenure, and the policies of the financial institution, be it a bank or an NBFC. Using a reliable 5 lakh personal loan EMI calculator is essential for precise financial planning.

₹5 Lakh Personal Loan - Quick Info

Before diving into the details, here is a quick overview of what to expect when you apply for a ₹5 lakh personal loan in the current financial market. [1][2][3][4][5][6][7]

Feature	Typical Details
Loan Amount	₹5,00,000
Average Interest Rate	9.99% p.a. to 22% p.a.
Tenure	12 months to 60 months (1 to 5 years)
Lowest EMI (approx.)	Around ₹11,122 (for a 5-year tenure at 12% p.a.) [9]
Total Interest (avg.)	Varies significantly with rate and tenure
Processing Fee	0.5% to 5% of the loan amount + GST [10]
Prepayment Charges	1% to 5% of the outstanding principal amount + GST

What is a ₹5 Lakh Personal Loan EMI?

In simple terms, an EMI is a fixed monthly payment you make until repaying your ₹5 lakh loan and interest. It helps pay a large loan in smaller, manageable parts over a set period, typically 12 to 60 months, sometimes up to 7 years. Each EMI covers the principal and interest; initially, more goes to interest, but over time, the principal increases as interest decreases until the loan is fully paid off. This structure simplifies budgeting and planning monthly expenses.

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₹5 Lakh Personal Loan EMI for Different Tenures

Below is a detailed table illustrating how the EMI for a ₹5 lakh personal loan changes with different tenures. For these calculations, we have assumed a constant interest rate of 12% per annum to demonstrate the impact of tenure alone. [9]

Tenure	Interest Rate (p.a.)	Approx. Monthly EMI (₹)	Total Interest Paid (₹)	Total Amount Paid (₹)
1 Year (12 months)	12%	₹44,424	₹33,093	₹5,33,093
2 Years (24 months)	12%	₹23,537	₹64,882	₹5,64,882
3 Years (36 months)	12%	₹16,607	₹97,858	₹5,97,858
4 Years (48 months)	12%	₹13,167	₹1,32,012	₹6,32,012
5 Years (60 months)	12%	₹11,122	₹1,67,323	₹6,67,323
7 Years (84 months)*	12%	₹8,826	₹2,41,415	₹7,41,415
10 Years (120 months)*	12%	₹7,174	₹3,60,826	₹8,60,826

Note: Tenures longer than 5 years, such as the 5 lakh personal loan EMI for 7 years or 10 years, are uncommon for personal loans and are offered by very few lenders.

EMI Calculation Formula for ₹5 Lakh Personal Loan

While online EMI calculators are the easiest way to determine your monthly payment, it is useful to understand the mathematical formula that powers them. This knowledge gives you a clearer picture of how lenders arrive at the EMI amount. [9]

The standard formula used to calculate the EMI is:

EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]

Where the variables stand for:

P: Principal Loan Amount (in this case, ₹5,00,000)
R: Monthly Interest Rate. This is calculated by taking the annual interest rate and dividing it by 12, and then by 100. For example, if the annual rate is 12%, then R = (12 / 12 / 100) = 0.01.
N: Number of monthly instalments, which is the loan tenure in months. For a 5-year loan, N = 5 * 12 = 60 months.

₹5 Lakh Personal Loan EMI at Top Banks (2025)

The interest rate greatly influences your EMI, varying by lender and depending on your credit score, income, employment, and bank relationship. A lower rate means lower EMI and total loan cost. Comparing offers from banks and NBFCs is wise. Below is a table of approximate EMIs for a ₹5 lakh personal loan from top Indian lenders over 5 years.

Bank/NBFC	Indicative Interest Rate (p.a.)	Tenure (in years)	Approx. EMI for ₹5 Lakh Loan (₹)
State Bank of India (SBI) [1]	10.05% - 15.30%	5	₹10,909 - ₹11,971
HDFC Bank [2]	9.99% - 24.00%	5	₹10,747 - ₹14,383
ICICI Bank [3]	10.60% - 16.65%	5	₹10,821 - ₹12,339
Axis Bank [4]	9.99% - 22.00%	5	₹10,747 - ₹16,383
Kotak Mahindra Bank [5]	9.98% onwards	5	₹10,750 onwards
Bajaj Finserv [6]	15.00% onwards	5	₹10,871 onwards
Tata Capital [7]	10.99% onwards	5	₹10,868 onwards

Disclaimer: The interest rates mentioned below are indicative and subject to change based on the bank's policies and the applicant's profile. Please check with the respective bank for the current rates.

What are the Eligibility Criteria for a ₹5 Lakh Personal Loan

Here are the common 5 lakh personal loan EMI eligibility criteria:

21 and 65 years of age and an Indian citizen.
Either salaried individuals or self-employed.
Minimum net monthly income starting from ₹15,000 to ₹25,000, depending on your city of residence.
Total work experience of at least 1-2 years and be employed with their current company for a minimum of 6 months.
A good credit score, typically 750 or above, is crucial.

What are the Documents Required for ₹5 Lakh Personal Loan?

Having the correct documentation ready can significantly speed up the loan application and approval process. [8]

Here is a list of the standard documents required:

Photo ID proof and address proof from PAN Card, Aadhaar Card, Passport, or Voter ID Card, Rent agreement etc.
Latest 3-6 months' salary slips, latest 6 months' bank statements showing salary credits, and Form 16 or recent Income Tax Returns.
For Self-Employed, provide financial statements (Profit & Loss, Balance Sheet) for the last 2 years, recent 6 months' business bank statements, and Income Tax Returns for the last 2-3 years.
Passport-sized Photographs.

How to Apply for a ₹5 Lakh Personal Loan or Cash Loan Online via NoBroker Insta Cash?

Digital platforms have made applying for a personal loan simpler and faster than ever before. You can apply for an instant ₹5 lakh cash loan online through NoBroker Insta Cash. Get quick approval, minimal documentation, and instant transfer in just a few clicks. [8]

Here is a simple, step-by-step guide to the online application process:

Step 1: Check Eligibility & Loan Offer: Visit NoBroker Insta Cash online. Enter your mobile number, name, and PAN to check eligibility. This quick process provides an instant loan offer based on your profile.
Step 2: Customise Your Loan Plan: Once you receive your loan offer, you can choose the precise loan amount you need (up to ₹5 lakh) and select a repayment tenure that is most comfortable for you. The platform will show you the corresponding EMI in real-time.
Step 3: Complete KYC & Upload Documents: Next, complete your Know Your Customer (KYC) verification digitally. You will need to upload basic documents like your PAN card and address proof. The entire process is online and requires no physical paperwork.
Step 4: Set Up Repayment & Receive Funds: Provide your bank details and set up auto-debit for EMI payments. After approval, the loan is disbursed to your account within hours.

Why Choose NoBroker Insta Cash Over Traditional Personal Loans?

NoBroker Insta Cash offers several advantages over the conventional loan application process offered by traditional banks.

100% Digital Process: Apply from anywhere, anytime, without visiting a branch.
Minimal Documentation: Only basic KYC and income details are needed.
Instant Approval: Get to know your loan eligibility and approval status in minutes.
Transparent EMI and Interest: No hidden charges, with all details provided upfront.
Trusted by Thousands of Users: A reliable platform with a strong user base.
High Availability: The online platform is accessible around the clock for your convenience.

Cash Loan vs Personal Loan: Key Differences

While often used interchangeably, there are subtle differences between a quick cash loan offered by fintech platforms and a traditional personal loan from a bank.

Here is a table highlighting the key distinctions:

Feature	Cash Loan (NoBroker Insta Cash)	Personal Loan (Bank/NBFC)
Processing Time	Within minutes to a few hours	2–7 business days
Loan Amount	₹10,000 – ₹5,00,000	₹50,000 – ₹40,00,000
Tenure	Up to 24-36 months	1–5 years (sometimes longer)
Documents Required	Basic digital KYC and income proof	Multiple physical documents and extensive verification
Disbursal Mode	Instant transfer to your bank account	Post-verification via cheque or bank transfer
Eligibility	Flexible for salaried/self-employed	Primarily focused on salaried individuals with high scores
Purpose	Best for short-term needs and emergencies	Suitable for long-term financial planning
Best For	Urgent funds and quick access	Planned large expenses like weddings or renovation

Get Instant ₹5 Lakh Cash Loan via NoBroker Insta Cash

Ultimately, the choice between a quick cash loan and a traditional personal loan depends on your specific needs, particularly the urgency for funds and the amount required. For immediate financial requirements up to ₹5 lakh, a digital service like NoBroker Insta Cash offers unmatched speed, convenience, and transparency. By providing a fully online, hassle-free process, it ensures that you get the financial assistance you need without the delays and complexities of traditional lending.

Frequently Asked Questions?

Q1: What will be the EMI for a ₹5 lakh loan for 3 years?

Ans: The EMI for a ₹5 lakh loan for 3 years, assuming an interest rate of 12% p.a., would be approximately ₹16,607. The exact amount will vary based on the interest rate offered.

Q2: Which bank gives the lowest EMI for ₹5 lakh personal loan?

Ans: Banks with the lowest interest rates, such as HDFC Bank or SBI (depending on offers and your profile), will typically provide the lowest EMI. It is best to compare current rates before applying.

Q3: Can I get ₹5 lakh personal loan without salary slip?

Ans: Salaried individuals generally need to provide salary slips. However, self-employed individuals can get a loan by providing their business's financial statements and Income Tax Returns as proof of income.

Q4: What happens if I miss an EMI payment?

Ans: Missing an EMI payment will result in late payment fees and will negatively impact your credit score, which can make it difficult to get loans in the future.

Q5: How to check my ₹5 lakh loan EMI schedule online?

Ans: Most lenders provide access to an online portal or mobile app where you can log in to your account and view your detailed loan statement, which includes the full EMI schedule.

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kruthi,Author

Kruthi is a Chartered Accountant has worked for various Real Estate firms across India, she is well versed with the legal and financial aspects of all real estate transactions. There are numerous documents and plenty of hidden fees that people get lost in, her goal is to shed some light on it all.

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