💳 Personal Loan Amortization Schedule
Interest rate range: 10.50% - 24.00% p.a. - Tenure: 1 - 5 years
Monthly EMI
Rs. 16,968
Rs. 5.00 lakh at 13.5%
Total Interest
Rs. 1.11 lakh
3 year term
Total Repayment
Rs. 6.11 lakh
Principal + Interest
Adjust to your loan details
Loan type
Monthly EMI
₹16,968
Total Interest
₹1.1L
18.14% of total
Total Repayment
₹6.1L
Break-even Year
Year 1
principal > interest
Amortization Schedule
36 EMIs total
Principal vs Interest paid each year
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance | % Paid off |
|---|---|---|---|---|---|
| 1break-even | ₹5.00 L | ₹1.45 L | ₹58,754 | ₹3.55 L | 29% |
| 2 | ₹3.55 L | ₹1.66 L | ₹37,942 | ₹1.89 L | 62% |
| 3 | ₹1.89 L | ₹1.89 L | ₹14,139 | ₹0 | 100% |
Personal Loan - Key Facts
- -Unsecured loan - no collateral required
- -Highest interest rate among all retail loan types
- -Approval in hours with digital lenders
- -No restrictions on end use of funds
- -Prepayment penalty of 2-5% is common in first 12 months
Tax Benefit
No direct tax benefit, except if used for home renovation (partial Section 24(b)) or education in some cases.
Frequently Asked Questions
What is the EMI on a Rs. 5.00 lakh personal loan at 13.5%?▾
For a Rs. 5.00 lakh personal loan at 13.5% p.a. for 3 years, the monthly EMI is Rs. 16,968. Total repayment is Rs. 6.11 lakh, of which Rs. 1.11 lakh is interest. The principal is Rs. 5.00 lakh.
What is the current personal loan interest rate?▾
Personal Loan interest rates currently range from 10.50% - 24.00% p.a. depending on the lender, loan amount, tenure, and your credit score. Major lenders include HDFC Bank, ICICI Bank, Axis Bank, Bajaj Finance, Fullerton India. Check the current rate directly with your lender before applying.
Is there a tax benefit on personal loan?▾
No direct tax benefit, except if used for home renovation (partial Section 24(b)) or education in some cases.