What is EMI in Personal Loans?
EMI (Equated Monthly Installment) is the fixed amount you repay every month to your lender. It includes two components:
- Principal Amount – the original loan amount.
- Interest Amount – the cost of borrowing money.
The formula for EMI is based on the loan amount, interest rate, and tenure. For a ₹30 lakh loan for 5 years, the EMI will vary depending on the interest rate charged by the bank or NBFC.
Factors Affecting EMI on ₹30 Lakh Personal Loan
- Interest Rate – Higher interest = higher EMI. Personal loan rates usually range between 9% – 18% per annum.
- Loan Tenure – Longer tenure = lower EMI but higher total interest paid.
- Credit Score – A good CIBIL score (750+) can help you secure a lower interest rate.
- Income & Employment – Stable income and job security improve your chances of approval.
EMI Calculation for ₹30 Lakh Loan (Example)
Let’s take a quick example assuming different interest rates for a 5-year (60 months) tenure:
- At 10% p.a. → EMI approx. ₹63,750/month
- At 12% p.a. → EMI approx. ₹66,880/month
- At 15% p.a. → EMI approx. ₹71,405/month
The higher the interest rate, the more you pay every month.
How to Calculate EMI Instantly?
You don’t need complex math. Just use a Personal Loan EMI Calculator available online. Enter the loan amount (₹30 lakh), tenure (5 years), and interest rate, and you’ll get an instant EMI breakdown.
Tips to Reduce Your EMI Burden
- Choose Longer Tenure: Increases repayment time but lowers EMI.
- Compare Lenders: Always check multiple banks/NBFCs before finalizing.
- Maintain High Credit Score: Improves chances of getting lower rates.
- Prepayment or Part-Payment: Reduce outstanding balance whenever you have surplus funds.
Best Banks & NBFCs Offering ₹30 Lakh Personal Loan in India
- HDFC Bank Personal Loan
- ICICI Bank Personal Loan
- SBI Personal Loan
- Axis Bank Personal Loan
- Bajaj Finserv Personal Loan
These lenders offer competitive rates, flexible repayment, and quick disbursal.
Final Thoughts
A ₹30 lakh personal loan for 5 years can be a good option if you have a stable income and repayment plan. Always check your eligibility, compare lenders, and calculate your EMI in advance. By planning smartly, you can manage your debt without financial stress.
Disclaimer: This article is for general information only. The interest rates and terms mentioned in it depend on the policies of the bank and NBFC. These may change from time to time. Before taking any type of loan, get complete information from your bank.