Personal loans are the most commonly availed loan products in the Indian debt industry, accounting for over 78% of all credits availed in the country. Their unsecured nature makes them a popular choice among prospective borrowers.
Individuals planning to avail such credits must be familiar with certain aspects before finalizing their decision. The first and primary loan feature a prospective borrower must decide is the EMI amount they will pay towards the repayment of the loan. The best way to calculate and determine EMIs is by using a personal loan EMI calculator.
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Here are the latest interest rates and EMI details for personal loans from major banks:
State Bank of India (SBI)
Interest Rate (p.a.): 11.25% – 15.40%
EMI (for a loan amount of Rs 5 lakh, tenure of 5 years): Rs 10,934 – Rs 12,000
Punjab National Bank (PNB)
Interest Rate (p.a.): 10.40% – 17.95%
EMI (for a loan amount of Rs 5 lakh, tenure of 5 years): Rs 10,772 – Rs 12,683
Bank of Baroda
Interest Rate (p.a.): 11.10% – 18.75%
EMI (for a loan amount of Rs 5 lakh, tenure of 5 years): Rs 10,896 – Rs 12,902
HDFC Bank
Interest Rate (p.a.): 10.50% onwards
EMI (for a loan amount of Rs 5 lakh, tenure of 5 years): Rs 10,747 onwards
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ICICI Bank
Interest Rate (p.a.): 10.80% onwards
EMI (for a loan amount of Rs 5 lakh, tenure of 5 years): Rs 10,821 onwards
Using a personal loan EMI calculator can help borrowers make informed decisions by providing an accurate estimate of the monthly repayments based on the loan amount, interest rate, and tenure.
