What is EMI in a Personal Loan?
EMI (Equated Monthly Installment) is the fixed amount you pay every month to the bank or financial institution until your loan is repaid. It includes both:
- Principal Amount – The actual loan amount (₹9 lakh in this case).
- Interest Amount – The cost of borrowing charged by the lender.
Factors That Affect Your ₹9 Lakh Loan EMI
- Interest Rate (ROI): Higher interest means higher EMI. Personal loan interest rates usually range between 10% – 20% p.a.
- Loan Tenure: A longer tenure reduces monthly EMI but increases total interest.
- Credit Score: A CIBIL score above 750 can help you get lower interest rates.
- Lender Policies: Each bank or NBFC has its own EMI rules and charges.
EMI for ₹9 Lakh Personal Loan for 4 Years
If you borrow ₹9 Lakh for 4 years (48 months), your EMI will depend on the interest rate. Let’s look at some scenarios:
- At 10% interest rate → EMI will be around ₹22,800.
- At 12% interest rate → EMI will be around ₹23,700.
- At 15% interest rate → EMI will be around ₹25,000.
Tip: Use a personal loan EMI calculator online to get exact figures for your loan.
Benefits of Taking a Personal Loan
- Quick approval & disbursal – Money in your account within 24–48 hours.
- No collateral required – Completely unsecured loan.
- Flexible usage – Use for medical bills, marriage, education, or travel.
- Multiple tenure options – Repay in 1 to 7 years as per your comfort.
Smart Tips to Reduce Your EMI Burden
- Maintain a high credit score (750+) for lower interest rates.
- Compare lenders before applying to get the best deal.
- Choose a longer tenure if you want smaller EMIs.
- Make part-prepayments whenever you have surplus funds.
- Negotiate with the bank if you are an existing loyal customer.
Eligibility for a ₹9 Lakh Personal Loan
- Age between 21–60 years.
- Salaried or self-employed with regular income.
- Minimum monthly salary of ₹25,000 (may vary by bank).
- Good credit history and repayment track record.
Documents Required
- Identity Proof (Aadhaar/Passport/PAN).
- Address Proof (Utility bill/Ration card).
- Income Proof (Salary slips, bank statement, ITR).
- Recent photographs.
FAQs
Q1. What will be the EMI for a ₹9 lakh loan for 4 years?
It will range between ₹22,000 – ₹25,000 depending on the interest rate.
Q2. Can I reduce my EMI after taking the loan?
Yes, by prepayment, refinancing, or increasing tenure.
Q3. Is a ₹9 Lakh loan without collateral possible?
Yes, personal loans are unsecured and need no collateral.
Q4. How do banks decide my loan EMI?
It depends on your loan amount, tenure, income, and credit score.
Q5. Which bank offers the lowest EMI for a ₹9 lakh loan?
It varies, but leading banks like HDFC, ICICI, SBI, and Axis often provide competitive rates.
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.