What is the EMI for a 5 lakh loan?
- The EMI (Equated Monthly Installment) for a 5 lakh loan depends on the interest rate and the tenure of the loan.
- For example, if you take a 5 lakh loan at an interest rate of 12% per annum for a tenure of 3 years (36 months), the EMI would be approximately ₹16,607.
- You can use online EMI calculators provided by most banks and financial institutions to get an exact figure based on the interest rate and tenure you choose.