What is the interest on Rs.1 lakh personal loan?

A personal loan is an unsecured loan that doesn’t require any kind of collateral submission. But what makes borrowers think twice about a personal loan is the added interest rate charged on the principal loan amount. However, nowadays with the increasing competition, various online loan platforms provide instant personal loans at an attractive rate of interest.

 
HeroFinCorp, an instant personal loan product by HeroFinCorp is one such innovative and user-friendly online instant personal loan app that provides instant loans to suffice your immediate financial needs like wedding expenses, education fees, home renovation costs, medical bills, and much more. Here, you can avail of loans ranging from Rs.50,000 - Rs.1,50,000 instantly at a maximum interest rate of 25%* per annum. Loan tenure ranges between 6 months – 24 months.

What is the interest rate on Rs.1 lakh personal loans?

The rate of interest on a 1 lakh personal loan via the HeroFinCorp app is 25%* per annum. The loan tenure has an inverse relationship with the EMIs amount to be paid.  
Let us consider the interest to be paid on an Rs.1 lakh personal loan for a tenure of 1 year.
 

Months in a Year	Principal (Rs.) (A)	Interest (Rs.) (B)	Total Payment (Rs.) (A + B)	Balance (Rs.)
Jan	7,421	2,083	9,504	92,579
Feb	7,576	1,929	9,504	85,003
Mar	7,734	1,771	9,504	77,270
Apr	7,895	1,610	9,504	69,375
May	8,059	1,445	9,504	61,316
Jun	8,227	1,277	9,504	53,089
Jul	8,398	1,106	9,504	44,691
Aug	8,573	931	9,504	36,117
Sep	8,752	752	9,504	27,365
Oct	8,934	570	9,504	18,431
Nov	9,120	384	9,504	9,310
Dec	9,310	194	9,504	0

The total interest to be paid on an Rs.1 lakh personal loan for a period of 1 year is Rs.14,053.