Personal loans

Personal loan EMI for ₹5 lakh at 11%, 13% and 16%

Updated October 2026 · 5 min read

A ₹5 lakh personal loan at 11% costs about ₹10,871 a month for 5 years. At 16%, the same loan costs ₹12,159 a month and ₹77,000 more in interest. Your credit score decides which rate you get.

EMI for ₹5 lakh

Current starting rates

Large banks advertise personal loans from about 9% to 10%, but the rate you are offered can go much higher. Published ranges in mid-2026 were around 10% to 15% at SBI, 9.99% to 24% at HDFC Bank and 9.99% to 16.5% at ICICI Bank (BankBazaar). People with a credit score above 750 and a stable salary get the lower end.

Costs beyond the EMI

• Processing fee: usually up to 2% of the loan, plus 18% GST on the fee. On ₹5 lakh, that can be ₹11,800.
• Prepayment charges: some lenders charge 2% to 5% if you close the loan early. Ask before signing.
• Insurance add-ons: lenders sometimes add loan insurance to the amount. You can ask to remove it.

Before you take a personal loan

• Choose 3 years over 5 if you can afford the EMI. At 13%, it saves about ₹76,000 in interest.
• Check your credit score free on CIBIL or a bank app before applying.
• Apply to one or two lenders at a time. Many applications in a short time lower your score.
• For a purchase you can wait for, a 12-month recurring deposit or SIP is cheaper than any loan.