A personal loan of ₹8 lakh can help you cover expenses such as home renovation, medical bills, education costs, a wedding, travel or other planned and urgent needs. It is important to know how much you will need to repay each month before taking the loan. The EMI for an ₹8 lakh personal loan depends on factors such as the interest rate, repayment tenure and the lender’s terms. You can use NoBroker's ₹8 lakh personal loan EMI calculator to estimate your monthly EMI and total interest. This blog explains how the EMI for a personal loan of ₹8 lakh is calculated and what factors can affect your repayment amount.
₹8 Lakh Personal Loan: Quick Info
Some important details to know when considering an ₹8 lakh personal loan, including the loan amount, interest rate, repayment tenure and EMI, are as follows:
| Feature | Details |
|---|
| Loan amount | ₹8,00,000 |
| Indicative interest rate | Starting from 9.99%per annum* |
| Tenure | 1 to 9 years |
| Lowest EMI | Depends on the interest rate and tenure |
| Processing Fee | Up to 6% of the loan amount + applicable taxes |
| Collateral | Not required for unsecured personal loans |
Note: Charges and loan terms vary by lender. Check the applicable charges before accepting a loan offer.
₹8 Lakh Personal Loan EMI at Top Banks 2026
The EMI for an ₹8 lakh personal loan varies across lenders because each bank. To compare the difference, the table below shows the approximate EMI for an ₹8 lakh loan over available tenures, based on the indicative starting interest rates available from these lenders in 2026:
| Lender | Interest Rate | Tenure | Approx. EMI |
|---|
| HDFC Bank | 9.99% onwards | Up to 5 years | ₹16,993.70 |
| ICICI Bank | 9.99% onwards | Up to 6 years | ₹14,816.64 |
| Axis Bank | 9.99% onwards | Up to 7 years | ₹13,276.81 |
| Kotak Mahindra Bank | 10.99% onwards | Up to 6 years | ₹15,223.17 |
| Bajaj Finance | 10% onwards | Up to 9 years | ₹11,262.95 |
| TATA Capital | 10.99% onwards | Up to 6 years | ₹15,223.17 |
Note: EMIs are approximate and calculated for a loan amount of ₹8 lakh over available years using the indicative starting interest rate shown. The actual interest rate and EMI may vary based on the borrower's eligibility, credit profile, income and the lender's terms. Interest rates are subject to change.
How Is ₹8 Lakh Personal Loan EMI Calculated?
You can calculate the EMI for an ₹8 lakh personal loan using the loan amount, interest rate and repayment tenure through the reducing balance method, where the interest is calculated on the outstanding principal. The standard EMI formula used for this method is:
EMI = [P × r × (1 + r)ⁿ] / [(1 + r)ⁿ − 1]
Where:
P = Principal loan amount
r = Monthly interest rate
n = Number of monthly instalments
For example, if you take an ₹8 lakh personal loan at 10% p.a., the EMI will change depending on the repayment tenure. For a 3-year tenure, the EMI would be approximately ₹25,813.75 per month, while choosing a 5-year tenure would bring it down to around ₹16,997.64 per month. However, the longer the tenure, the higher the total interest will be.
₹8 Lakh Personal Loan EMI at Different Interest Rates
The interest rate you get on an ₹8 lakh personal loan directly affects your monthly EMI and the total amount you repay. If you choose a higher interest rate, your EMI and interest cost will be higher, even when the loan amount and tenure remain the same.
Use the interactive EMI calculator to enter the interest rate offered by your lender and check the corresponding EMI. This can help you compare loan offers before deciding which one works better for your budget.
How Much Interest Will You Pay on an ₹8 Lakh Loan?
The interest you pay on an ₹8 lakh personal loan depends on the offered interest rate and repayment tenure. While choosing a longer tenure can make your monthly EMI easier to manage, it also means you will have to pay interest for a longer period.
For example, if you borrow ₹8 lakh at 12% p.a. for 5 years, your approximate monthly EMI would be around ₹17,795.56, and you would have to pay around ₹267,733.49 in total interest over the loan period. If you choose a longer tenure, your monthly EMI might decrease, but the total interest will increase.
Before taking the loan, check both the monthly EMI and total interest payable rather than looking at the EMI alone. Enter your preferred loan tenure and the interest rate offered by the lender in the EMI calculator to see how much the loan could cost you over the repayment period.
Factors That Affect Your ₹8 Lakh Personal Loan EMI
The EMI you will pay on an ₹8 lakh personal loan will vary based on the loan terms offered to you, along with these factors:
- A higher interest rate means a higher EMI and more interest paid over the loan tenure
- A longer tenure can reduce your monthly EMI, but you might have to pay more total interest over the loan period.
- If you borrow less than ₹8 lakh, your EMI will be lower, provided the interest rate and tenure remain the same
- Your credit score, income, existing EMIs and repayment history can affect the interest rate offered by the lender, which can in turn affect your EMI.
- Lender's terms: Different lenders offer different interest rates, fees and repayment options for the same ₹8 lakh loan amount.
What is the Eligibility Criteria for ₹8 Lakh Personal Loan?
To qualify for a personal loan of ₹8 lakh, you must meet the lender's eligibility criteria, which are designed to verify your repayment capacity and financial discipline. These criteria are likely to vary across lenders, and a general one is as follows:
- Must be 21 to 60 years old and an Indian citizen, or of age as set by the lender
- Both salaried employees of reputable companies and self-employed individuals can apply. But salaried employees must have a total of two years of work experience and six months of consistent salary to show financial stability
- A strong credit score, ideally 750 or above for loan approval and for securing low interest rates.
Can You Afford an ₹8 Lakh Personal Loan?
Before taking an ₹8 lakh personal loan, the first thing to take into consideration is to check whether the EMI fits comfortably into your monthly budget. Calculate your regular income, existing EMIs and other fixed expenses before deciding on your loan amount:
- Calculate how much you have left after rent, household expenses, existing EMIs and other regular payments. Your new EMI should fit within this amount.
- Consider your existing EMIs. If you already have loans, adding another EMI will only increase your monthly repayment commitments
- Look beyond the EMI and check the total interest, processing fee and other charges and account for the total loan cost
- Choose a tenure which suits you best. A longer tenure can reduce the monthly EMI, while a shorter tenure can help you pay less interest
- Avoid using your entire monthly surplus for loan repayment. Keeping room for unexpected expenses can make repayments easier to manage.
How to Reduce Your ₹8 Lakh Personal Loan EMI
If the EMI for an ₹8 lakh personal loan is higher than you can comfortably afford, these points can help you reduce your EMI:
- Go for a longer repayment tenure, as it can reduce your monthly EMI, but you will have to pay more total interest over the loan period
- Compare interest rates, as even a small difference can affect your EMI and total interest cost
- Borrow only what you need. If you do not need the full ₹8 lakh, taking a lower loan amount will help reduce the EMI
- A good credit score and repayment history can help you qualify for more favourable loan terms
- If your lender permits part-prepayment, using surplus funds can lower your future interest cost.
How to Apply for an ₹8 Lakh Personal Loan
Digital platforms have made the loan application easier and more convenient. You can apply for an ₹8 lakh personal loan online through NoBroker InstaCash, subject to eligibility, and complete the application through the following steps:
- Step 1: Visit the NoBroker InstaCash platform online. Enter your basic personal details to perform a quick eligibility check and view the loan offer available to you.
- Step 2: Once you receive your offer, select the loan amount you need and choose a repayment tenure that suits your budget.
- Step 3: Next, complete your KYC verification. For that, you will need to upload basic documents such as your PAN card and address proof through the portal.
- Step 4: The final step is to provide your bank account details and set up the auto-debit facility. Once your application is approved and the required formalities are completed, the loan amount will be disbursed directly to your account.
Get an ₹8 Lakh Personal Loan With NoBroker InstaCash
If you're in need of urgent funding, NoBroker InstaCash offers personal loans of up to ₹10 lakh, with interest rates ranging from 12.99% to 29.99% per annum, a processing fee between 2 to 4% of the loan amount, plus applicable GST. Check your eligibility online, explore the loan offer available to you and choose a repayment tenure that best suits you.
- Loan amounts of up to ₹10 lakh
- Interest rate starting at 12.99% p.a.
- Repayment tenure of up to 5 years
- 100% online application process.
Disclaimer: NB InstaCash facilitates loan applications by connecting borrowers with lending partners. The respective partner is responsible for approving and providing the loan. Read our Privacy Policy for more.
Frequently Asked Questions:
Q. What salary do I need for an ₹8 lakh personal loan? Ans: There is no fixed salary requirement, but a minimum net monthly salary of ₹25,000 to ₹30,000 can help you qualify for an ₹8 lakh personal loan. Your eligibility will depend on your income, credit score, existing EMIs, employment profile and the lender's eligibility criteria.
Q. Can I get an ₹8 lakh personal loan with a low credit score? Ans: Yes, some lenders do offer personal loans of up to ₹8 lakh with a lower credit score, but approval and the interest rate offered will depend on the lender's assessment of your credit and income profile.
Q. What happens to my EMI if the interest rate increases? Ans: If your personal loan has a fixed interest rate, the EMI will remain unchanged during the agreed period. For loans where the rate can change, the EMI or repayment period will change depending on the lender's terms.
Q. Can I repay an ₹8 lakh personal loan early? Ans: Yes, you can repay an ₹8 lakh personal loan early, either through part-prepayment or full foreclosure, subject to your lender's policies.
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With over 23 years of experience in Real Estate, and an architecture degree, Vivek is here to help others buy/sell or rent the right way. Through his writing you will find out what people look for, and what you can do to get the best out of your home, and also how to get the best for your home.
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