Personal Loan EMI Calculator
Get a Personal Loan of up to Rs 5 Lakh instantly from Hero FinCorp. You can avail the loan with a minimum income requirement of just Rs 15,000 per month. Enjoy flexible repayment options with a tenure of up to 36 months, making it easier to manage your finances. With interest rates starting at 1.58% per month, you can easily manage your loan repayments. Apply online with minimal documentation and get instant approval of your loan online.
While looking for a 5 Lakh loan, you can opt for a loan tenure of up to 5 years, according to your repayment capacity. For instance, assuming that the interest rate is 19% per annum, a 5 Lakh loan EMI calculator can calculate the EMI for for various loan terms as follows:
| Loan Amount | Tenure (in Months) | Interest Rate (per annum) | Monthly EMI | Total Interest | Total Amount Payable |
|---|---|---|---|---|---|
| Rs 5,00,000 | 12 | 19% | Rs 46,078 | Rs 52,936 | Rs 5,52,936 |
| Rs 5,00,000 | 18 | 19% | Rs 32,142 | Rs 78,556 | Rs 5,78,556 |
| Rs 5,00,000 | 24 | 19% | Rs 25,204 | Rs 1,04,896 | Rs 6,04,896 |
| Rs 5,00,000 | 30 | 19% | Rs 21,066 | Rs 1,31,980 | Rs 6,31,980 |
| Rs 5,00,000 | 36 | 19% | Rs 18,328 | Rs 1,59,808 | Rs 6,59,808 |
Disclaimer: The EMI calculations provided are approximations, and actual figures may differ.
The online calculator computes the EMI of a Personal Loan of 5 Lakh using the following mathematical formula:
EMI = [P x R x (1+R)^N] / [((1+R)^N)-1)]
Here, P is the principal amount, N is the tenure in months, and R is the interest rate.
In the above table, you may have noticed that the EMI for a Personal Loan of Rs 5 Lakh decreases as you increase the loan term. That’s because the total payable amount gets divided into more instalments, reducing the EMI amount. It makes the decision-making process easier for you and the loan more manageable.
Are you looking for a Rs 5 Lakh loan? Here’s a look at its most important features and benefits:
A Rs 5 Lakh Personal Loan can cover medical emergencies, home renovation, weddings, education, travel, or debt consolidation.
A Rs 5 Lakh loan comes with competitive interest rates, offering affordability—especially if you have a good credit score and a low DTI ratio.
Personal Loans are popular in India as they require no collateral and are approved based on your credit history and repayment capacity.
Personal Loans offer up to 36 months tenure. You can use the Personal Loan EMI Calculator to choose affordable EMIs.
Get instant approval for a Rs 5 Lakh Personal Loan when you apply through the Hero FinCorp website or loan app.
At Hero FinCorp, securing Rs 5 Lakh loan is easy with our simple Personal Loan eligibility criteria. Just meet the basic conditions and apply online!
You must be between 21 and 58 years of age.
You must be an Indian citizen to apply for a Rs 5 Lakh Personal Loan at Hero FinCorp.
Minimum work experience for salaried employees is 6 months, and 2 years for self-employed.
Minimum income requirements of Rs 15,000 per month.
Hero FinCorp has minimal documentation requirements for Personal Loans. You can submit online via the website or app. The documents required for a Personal Loan vary for salaried and self-employed individuals.
Duly filled application form, Passport-size photograph
Driving License, Passport, PAN Card, Aadhaar Card (Any One)
Driving License, Passport, Aadhaar Card, Ration Card, Utility Bill (Any One)
Residence Ownership Proof (Electricity Bill, Maintenance Bill, Property Document)
Last 6 Months Salary Slips, Bank Statements, and Form 16
Duly filled application form, Passport-size photograph
Driving License, Passport, PAN Card, Aadhaar Card (Any One)
Driving License, Passport, Aadhaar Card, Ration Card, Utility Bill (Any One), Office Address Proof (if applicable)
Business Existence Proof (Tax Registration, Shop Establishment Proof, Company Registration Certificate)
Last 6 Months' Bank Statements and ITR for 2 Years
Hero FinCorp charges nominal interest on Personal Loans, making the repayment of a Rs 5 Lakh loan manageable. However, several factors can influence Personal Loan interest rates.
Applying for a Rs 5 Lakh loan online is a straightforward process that requires minimal time and effort. These are the simple steps to follow:
Visit the Hero FinCorp website or install the Personal Loan app
Go to the Personal Loan page and click ‘Apply Now’
Enter your mobile number and verify with the OTP received
Choose the loan amount you need
Verify your KYC details to check income eligibility
Click ‘Submit’ to complete your application
A Personal Loan of Rs 5 Lakh can be used for various financial needs, including:
Yes, with a decent credit score and low DTI ratio, you can secure a Rs 5 Lakh loan at a lower interest rate.
