10 lakh loan emi for 5 years
Introduction
If you’re looking to take out a loan, you’ll likely have to make monthly payments called an “EMI” (equal monthly installment). The amount of your EMI will depend on the loan amount, interest rate, and loan tenure (the length of time you have to repay the loan). Here’s an example: let’s say you take out a 10 lakh loan with an interest rate of 9% per annum and a loan tenure of 5 years. Your monthly EMI would be approximately 21,600.
How to Calculate Your Loan EMI
There are a few things you need to know in order to calculate your loan EMI. First, you need to know the loan amount, the interest rate, and the loan tenure. You can use an online EMI calculator to get an estimate of your monthly payments.
Once you have this information, you can use the following formula to calculate your EMI:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P is the loan amount, R is the interest rate, and N is the number of months.
For example, if you have a loan of Rs 1 lakh at an interest rate of 10% for a tenure of 5 years, your EMI will be Rs 2,016. You can use an online EMI calculator to get a more accurate estimate of your monthly payments.
Top 10 Lenders in India
There are many different types of loans available in India, and it can be difficult to choose the right one for your needs. Here are 10 of the top lenders in India that you can consider:
1. SBI: State Bank of India is one of the largest and most trusted banks in India. They offer a wide range of loan products, including personal loans, home loans, and vehicle loans.
2. HDFC Bank: HDFC Bank is another large and well-known bank in India that offers a variety of loan products. Their personal loans come with competitive interest rates and flexible repayment options.
3. ICICI Bank: ICICI Bank is another major bank in India that offers a range of loan products. They offer both personal and home loans, and their interest rates are competitive.
4. Axis Bank: Axis Bank is another leading bank in India that offers both personal and home loans. Their personal loan interest rates are very competitive, and they offer flexible repayment options.
5. Bajaj Finserv: Bajaj Finserv is a leading financial services provider in India that offers a variety of loan products, including personal loans, home loans, and vehicle loans
How to Apply for a Personal Loan
There are a few things you need to have in order before you apply for a personal loan. Firstly, you will need to have a good credit score. Secondly, you will need to have a steady income. Thirdly, you will need to be employed.Fourthly, some lenders may require collateral.
Once you have all of these things in order, you can begin the process of applying for a personal loan. The first step is to find a lender that you are comfortable with. Once you have found a lender, you will need to fill out an application. The application will ask for basic information about you and your finances. After you have submitted the application, the lender will review it and decide whether or not to approve your loan. If your loan is approved, you will then sign a contract and begin making payments on your loan.
FAQs
1. How much can I borrow with a lakh loan?
You can typically borrow up to Rs. 1 lakh with a personal loan. However, this amount may vary depending on the lender and your personal financial situation.
2. How long do I have to repay a lakh loan?
The repayment period for a personal loan is usually between one and five years. However, some lenders may offer longer repayment periods for larger loans.
3. What is the interest rate on a lakh loan?
The interest rate on a personal loan is typically between 10% and 20%. However, this may vary depending on the lender and your personal financial situation.
4. Do I need collateral to get a lakh loan?
No, you do not typically need collateral to get a personal loan.