By BillCut
Last updated: 6 November 2026
The 6 lakh personal loan emi depends on three things: the amount, the interest rate and the tenure. On an illustrative rate of 15% a year over 36 months, the EMI on a Rs 600,000 loan works out to about Rs 20,799. This guide shows the formula, a table across tenures and what to check before you borrow.
All rates in this article are made up for illustration. They are not BillCut offers and not the offer of any lender. Your actual rate depends on your lender, your credit profile and your income.
How is the EMI on a Rs 600,000 personal loan calculated?
Lenders use the standard reducing balance formula:
EMI = P x r x (1 + r)^n / ((1 + r)^n – 1)
- P is the loan amount, here Rs 600,000.
- r is the monthly interest rate, which is the yearly rate divided by 12 and by 100.
- n is the number of monthly instalments.
Each EMI has an interest part and a principal part. Early EMIs carry more interest. Later EMIs carry more principal. You can test other numbers with the tips in our guide to EMI calculators in India.
What is the 6 lakh personal loan emi across tenures?
The table below is illustrative. It uses three made up yearly rates of 12%, 15% and 18% on a Rs 600,000 loan.
| Tenure | EMI at 12% | EMI at 15% | EMI at 18% |
|---|---|---|---|
| 12 months | Rs 53,309 | Rs 54,155 | Rs 55,008 |
| 24 months | Rs 28,244 | Rs 29,092 | Rs 29,954 |
| 36 months | Rs 19,929 | Rs 20,799 | Rs 21,691 |
| 48 months | Rs 15,800 | Rs 16,698 | Rs 17,625 |
| 60 months | Rs 13,347 | Rs 14,274 | Rs 15,236 |
A longer tenure lowers the monthly payment. It also raises the total you pay, as the next section shows.
How much interest do you pay in total?
Total interest is the EMI times the number of months, minus the Rs 600,000 you borrowed. The figures below are illustrative and rounded to the nearest rupee.
| Tenure | Interest at 12% | Interest at 15% | Interest at 18% |
|---|---|---|---|
| 12 months | Rs 39,711 | Rs 49,860 | Rs 60,096 |
| 24 months | Rs 77,858 | Rs 98,208 | Rs 118,907 |
| 36 months | Rs 117,429 | Rs 148,771 | Rs 180,892 |
| 48 months | Rs 158,414 | Rs 201,526 | Rs 246,000 |
| 60 months | Rs 200,800 | Rs 256,437 | Rs 314,163 |
At 15%, moving from 36 months to 60 months cuts the EMI from about Rs 20,799 to about Rs 14,274. But the interest rises from about Rs 148,771 to about Rs 256,437. A lower EMI is not always a cheaper loan. Read more in why a lower EMI is not always cheaper.
Which tenure should you pick?
A tenure of 24 to 36 months often balances EMI size and total interest. Go shorter if your income can handle the higher EMI. Go longer only if you need the lower payment and plan to prepay when you can.
If you are unsure, this guide on choosing the wrong EMI tenure lists common mistakes.
What other costs come with the loan?
The EMI is not the only cost. Check these in your loan agreement and the Key Fact Statement your lender should share before you sign:
- Processing fee, which is often charged as a share of the loan amount and may carry GST.
- Prepayment or part payment charges, if any.
- Late payment and EMI bounce charges.
- Any insurance or add on that is bundled with the loan.
The Reserve Bank of India publishes rules and circulars on fair lending practices for regulated lenders. Fees differ between lenders, so compare the full cost and not only the EMI. See how to avoid overpaying on processing fees.
How do you check if the EMI is affordable?
A Rs 6,00,000 loan is a big commitment, so test it against your budget first.
- List your monthly take home income and every EMI you already pay.
- Add the new EMI and see what share of income it takes. Many lenders look closely when total EMIs go beyond about 40 to 50% of income, though policies differ.
- Keep a cushion for rent, food, bills and emergencies.
- Check your credit report and score with CIBIL or another credit bureau, since your score can affect the rate you are offered.
At this size, a gap of even one percentage point in the rate changes the total cost by thousands of rupees, so compare offers on full cost.
What if the EMI already feels heavy?
If you already pay several loans or card dues, a new loan can add pressure. Missed EMIs can bring charges and hurt your credit score. If you have a dispute with a lender, you can raise it through the National Consumer Helpline. For ideas on easing the load, read what to do when EMIs take too much salary. For tax questions on loans, see the Income Tax portal.
Check your options with BillCut
How BillCut can help
BillCut is a balance transfer and debt reduction platform. It works with lending partners to help eligible borrowers move high interest dues, such as credit card balances and personal loan EMIs, into one structured EMI. BillCut earns from helping borrowers refinance, so it has an interest in this option. Approval and terms depend on the partner lender.
Frequently asked questions
What is the EMI on a Rs 600,000 personal loan?
It depends on rate and tenure. At an illustrative 15% a year over 36 months, the EMI is about Rs 20,799. At the same rate over 60 months it is about Rs 14,274.
Which formula is used to calculate EMI?
The standard formula is EMI = P x r x (1 + r)^n / ((1 + r)^n – 1), where P is the principal, r is the monthly rate and n is the number of months.
Does a longer tenure make the loan cheaper?
No. A longer tenure lowers the monthly EMI but raises the total interest you pay over the loan.
Are the rates in this article real offers?
No. They are made up for illustration. They are not BillCut offers and not the offer of any lender.
Is the processing fee included in the EMI?
Usually not. It is often deducted from the amount you receive or charged separately. Check your loan agreement and Key Fact Statement.
Can I prepay a personal loan?
Many lenders allow it, but charges and rules differ. Check your loan agreement for prepayment terms before you decide.
Can BillCut guarantee a lower EMI?
No. BillCut works with lending partners, and approval and terms depend on the partner lender and your profile. No outcome is promised.
Disclaimer: This article is general information, not financial, tax or legal advice. The figures are illustrative and are not BillCut or any lender offer. Check your own loan agreement and Key Fact Statement before you decide.
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