10 Lakh loan EMI for 5 years

Check Out 10 Lakh Personal Loan EMI for 5 Years

December 12, 2022 • 7557 views

A Personal Loan is a type of loan that a customer can avail to meet their ad-hoc requirements. The loan typically can be taken in scenarios of – buying some product, weddings, purchasing furnishings, medical expenses, etc.

As the loan is unsecured in nature, there is no collateral requirement for it. Personal Loan is disbursed by registered financial institutions as a lump sum in the account of the customer. This is done after the customer meets the basic loan eligibility criteria and assessment of risk as defined by the lender.

In terms of supporting documentation to show that the eligibility criteria are getting met, customers are required to produce some KYC documents when applying for a Personal Loan of 10 Lakh or any amount. The list of documents could include their address proof, identity proof, proof of working and a document of income.

Usually, lending institutions check the credit score and credit history of the customer for any discrepancies and make an offer of a Personal Loan with a fixed interest rate and a defined tenure.

A Personal Loan is generally available in different loan amounts with different tenures, for example, you can avail of a 10 Lakh Personal Loan for 5 years. But whenever you are planning to take the same you should check the repayment schedule of the loan by checking 10 Lakh Personal Loan EMI for 5 years as per your repaying capacity. And to calculate how much EMI you have to pay for a 10 Lakh loan, you need to use digital Personal Loan Calculator available on the internet. This will help you to apply for the best Personal Loan in India with proper planning.

Also Read: What Is FOIR And How Is it Calculated On A Personal Loan?

For a customer with no credit history, there are different risk policies that lending institutions follow to generate a loan offer.

What is EMI? Meaning & Definition

The repayment of the money borrowed is done in easy equal monthly installments, also termed as EMIs. This is the amount that customer pays to the financial institution for taking the loan.

EMIs are worked out with the three variables:

  • Principal Amount is the amount borrowed by a customer from the lending institution.
  • Tenure is the duration for which the loan amount is borrowed.
  • Rate of interest is the interest that lending institutions charge from the customer.

For any loan amount, there is an amortization schedule that lending institutions create, which shows the relationship between EMI payable, interest rates, tenure, interest payable, and principal payable.

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Features of a Rs.10 Lakh Personal Loan

A Personal Loan, as the name suggests, is a loan taken for any personal requirement or purpose like taking care of medical expenses, wedding costs, etc. Some of the key features of Personal Loans are listed below:

  • It is a multi-purpose loan without any restrictions on end usage.
  • The nature of this loan is unsecured, hence there are no collateral requirements.
  • Certain financial institutions offer Personal Loans at competitive interest rates.
  • Online Personal Loans can be applied for with minimal documentation.
  • The application process for an online Personal Loan is quick and hassle-free.

The availability of Personal Loans encompasses a range of loan amounts and varying durations of repayment periods. For example, one can avail of a Personal Loan from NBFCs like Poonawalla Fincorp for a defined period of up to 5 years. You can also calculate the EMI for a Personal Loan using an EMI calculator. For example, the amount for a Rs.10 Lakh Personal Loan EMI for 5 years at an interest rate of 9.99% will be approximately Rs.21,242.

Eligibility and Required Documents of Rs.10 Lakh Personal Loan

To become eligible for a Personal Loan of Rs.10 Lakh, a customer must meet certain eligibility criteria. So, while applying for the same, the customer must submit KYC (Know Your Customer) documents, which typically encompass the following

  • Address Proof
  • Identity Proof
  • Proof of Employment
  • Income Documents

After submission of the above-mentioned details, the lending institution checks your credit score and credit history and makes an offer of a Personal Loan with a certain interest rate accordingly.

What is a 10 Lakh Personal Loan EMI?

To explain a few scenarios on Personal Loans, let us take a few examples-

10 Lakh Personal Loan EMI for various tenures at the interest rate of 15%

The manual calculation of EMI for a 10 Lakh Personal Loan will be as follows:

  • Assume the following:

Principle:  Rs 10 Lakh

Rate of interest: 15% i.e., 0.0125 per month

N (Period): 2 years i.e., 24 months

  • The formula to calculate the EMI will be: [P*R*(1+R)^N ]  / [(1+R)^(N-1))]
        [1000000*0.0125*(1+0.0125)^24 ]  / [(1+0.0125)^(24-1))] = Rs 48,487
  • Therefore, the EMI applicable for this loan is Rs. 48,487

Also Read: 6 Easy Ways To Fast Pay Off Your Personal Loan

Personal Loan EMI Formula in Excel

The EMI can also be calculated in Microsoft Excel by using a simple formula:

Use the PMT (Rate, NPER, PV, FV, TYPE) formula by selecting any cell

  • Rate: The Rate of Interest on the loan
  • NPER: Total number of installments
  • PV: Principal amount of the loan
  • FV: Will be 0 for EMI calculation
  • Type: If EMI is paid at the beginning of the month, use 0. Otherwise, use 1.


EMI Calculation for the loan of 10 Lakhs







Principal (Rs.)






Rate per annum






Tenure (Months)













From the illustrated table it is apparent that the longer the tenure, the lesser will be the EMI; however, the amount paid will be higher in the form of interest.

It is advisable that the customer should keep the tenure as optimal as possible for a well-balanced Personal Loan. Also, the customer should pay their EMIs on time for avoiding any undue penalties and subsequently an impact on their credit score.

As a Personal Loan is an unsecured loan, it does not require any form of collateral or guarantee, hence it is comparatively at a higher interest rate than other secured loans.


Personal Loans are best suited for unexpected expenses. As these are multi-purpose loans, the customers can use the funds to fulfil their specific goals. Attractive interest rates and the hassle-free process of disbursement make them even more convenient. To secure a Personal Loan effortlessly, ensure that you fulfil the eligibility criteria and submit the required documents with the correct details.


We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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