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Personal Loan

How to get a digital personal loan with low EMIs for high loan amounts like ₹5 lakh

Key Takeaways

A ₹5 lakh personal loan will have an EMI starting from ₹10,621per month for a 5-year tenure with interest rate of 9.99% p.a.
A personal loan EMI calculator helps you compare different tenures and estimate your monthly EMI before applying.
While a longer tenure lowers your monthly EMI, it also increases the total interest paid, making it important to balance affordability with overall borrowing cost.

04 Jul 2026 by Team FinFIRST

Digital Personal Loan with Low EMIs for ₹5 Lakh

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If you're looking for a personal loan of ₹5 lakh with affordable monthly repayments, compare lenders based on three factors: interest rate, repayment tenure, and loan flexibility. For example, FIRSTmoney by IDFC FIRST Bank offers personal loans from ₹50,000 up to ₹15 lakh with interest rates starting from 9.99% p.a., flexible repayment tenures of 9 to 60 months, and disbursal in as little as 10 minutes.

Also, before applying, use a personal loan EMI calculator to estimate your monthly EMI across different tenures. This helps you choose a repayment plan that fits your budget while keeping the total borrowing cost under control.

What are the benefits of using Account Aggregator with FIRSTmoney personal loan?

15 lakh personal loan EMI calculation India

Can you get a ₹15 lakh personal loan in India? Eligibility and EMI explained

How is EMI calculated for a ₹5 lakh personal loan?

A personal loan EMI is calculated using the loan amount, applicable interest rate and repayment tenure. Even for the same ₹5 lakh loan amount, your EMI may change depending on these three factors.

The applicable interest rate: Lower interest rates translate to lower EMIs, whereas a higher interest rate increases the EMI payable for the same tenure.

Your chosen repayment tenure: Shorter tenures result in higher EMIs but higher total costs. EMIs for longer tenures are lower, but the total cost of the loan increases.

Credit score: A higher credit score may improve your chances of receiving lower interest rates, although the final rate depends on the lender's credit assessment and eligibility criteria.

Besides these, the loan processing fees and other applicable charges also add to the overall cost of your loan.

How to use a personal loan EMI calculator

A personal loan EMI calculator is a freely available, online tool that allows you to estimate the approximate total cost of your loan. You can find it on any lender’s website and follow these simple steps to compute the EMI payable on your personal loan of ₹5 lakhs.

Step 1: Enter the loan amount, (e.g. ₹5 lakh) in the first tab.

Step 2: Enter the expected interest rate (starting as low as 9.99% p.a. for FIRSTmoney personal loans by IDFC FIRST Bank).

Step 3: Enter your preferred repayment tenure, lasting from 9 to 60 months.

The calculator instantly computes the EMI amount. You can get the loan amount you need and choose your preferred repayment tenure. However, the lender determines the interest rate based on factors like your credit history, income, employment status, etc.

What is the EMI for a ₹5 lakh personal loan for 1, 3 or 5 years

The below table gives you a rough estimate of the approximate total cost of a low-interest personal loan of ₹5 lakh sanctioned by IDFC FIRST Bank’s FIRSTmoney, repayable across tenures of 1, 3 and 5 years.

Tenure	Interest Rate	Monthly EMI	Total Repayment	Total Interest Paid
1 year (12 months)	9.99% p.a.	₹ 43,956	₹5,27,472	₹27,472
3 years (36 months)	9.99% p.a.	₹16,131	₹5,80,716	₹80,716
5 years (60 months)	9.99% p.a.	₹10,621	₹6,37,260	₹1,37,260

*Disclaimer: The interest rate levied by the bank is subject to bank policies, and is determined based on the borrower’s eligibility.

Should you choose a lower EMI or a lower interest?

Two factors primarily make your loan affordable: a low monthly EMI or a low interest cost. The trick is to find the balance between monthly comfort and the long-term total cost of the loan. Consider the below comparison table to understand the better option for you:

Factor	Low EMI	Low Interest Costs
Monthly Burden	Easier cash flow, smaller monthly payments	Higher EMI, tighter monthly budget
Total Cost of Loan	More interest amount payable over time	Lower overall repayment amount
Repayment Period/Tenure	Longer repayment period	Shorter repayment period
Best For	Immediate affordability	Minimising long‑term expense

Which features should you compare before choosing a personal loan?

While choosing a lender, ensure you take these factors into consideration:

Disbursal speed: It’s best to go with a lender who commits to a quick disbursal as opposed to one who may prolong the loan approval and disbursal process. For example, FIRSTmoney by IDFC FIRST Bank offers quick disbursal within 10 minutes.

Existing relationship: Having an existing relationship with a bank (e.g. savings account, FD, etc.,) may improve your chances of loan approval with low interest rates.

Transparency: Choose a lender that clearly displays all the applicable charges and terms upfront.

Flexibility: The flexibility to repay the loan earlier than scheduled, through services like low-cost prepayment and zero foreclosure, is an added benefit. E.g. with FIRSTmoney, you can enjoy zero foreclosure charges and zero processing fees on select loan amounts.

Customer service: You should be able to easily reach out to a lender any time for any loan-related queries, through their reliable customer care services.

Conclusion

If you're planning to take a personal loan of ₹5 lakh, start by calculating your EMI using a personal loan EMI calculator. Compare different repayment tenures to find a balance between an affordable monthly EMI and the total borrowing cost. If you're looking for a fully digital borrowing experience, FIRSTmoney by IDFC FIRST Bank offers loans up to ₹15 lakh with interest rates starting from 9.99% p.a., flexible tenures and disbursal in as little as 10 minutes.

Frequently Asked Questions

What is the EMI for a ₹5 lakh personal loan?

The EMI for a ₹5 lakh personal loan depends on your offered interest rate and repayment tenure. For example, at 9.99% p.a., the EMI is approximately ₹10,621 per month for a 5-year tenure. A personal loan EMI calculator can help you estimate your exact EMI.

How can I reduce my personal loan EMI?

You can reduce your EMI by choosing a longer repayment tenure, negotiating a lower interest rate if eligible, or borrowing only the amount you need. A personal loan EMI calculator lets you compare different repayment options before applying.

Is a longer tenure always better?

No. Longer tenures reduce the EMI, but increase the overall cost of the loan. Plan your repayment tenure in a way that it balances your EMI affordability with the interest costs.

What credit score is needed for lower EMIs?

You need a good credit score of 750 points or higher in order to get a loan with a lower EMI and interest rate. However, with FIRSTmoney, you only need a CIBIL score of 710 or above to apply for a personal loan if you are salaried and 760 or above if you are self-employed.

Which lenders offer the lowest loan interest rates?

You can get low interest personal loan starting at 9.99% p.a. (equivalent to 0.83% p.m.) with FIRSTmoney by IDFC FIRST Bank.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.