Personal Loan of ₹ 30000 at Different Interest Rates

Here’s a breakdown of how different interest rates would impact your monthly repayments for a ₹30,000 personal loan:

The interest rate on a personal loan can significantly impact your monthly repayments and total cost of borrowing. Here’s a breakdown of a ₹30,000 loan at various interest rates:

Interest Rate Monthly EMI Total Interest Paid Total Repayment
10% ₹1,374 ₹6,205 ₹36,205
12% ₹1,441 ₹7,704 ₹37,704
14% ₹1,511 ₹9,287 ₹39,287
16% ₹1,584 ₹10,956 ₹40,956
18% ₹1,660 ₹12,712 ₹42,712
20% ₹1,738 ₹14,555 ₹44,555

As you can see, a higher interest rate leads to a higher monthly EMI and significantly higher total interest paid over the loan term.

Additional Factors to Consider:

  • Loan Tenure: The loan tenure also affects the EMI amount. A longer tenure will result in lower EMIs but higher total interest paid.
  • Processing Fees and Other Charges: Some lenders charge processing fees, prepayment penalties, and other charges. Factor these into your total cost comparison.
  • Your Credit Score: Your credit score significantly impacts the interest rate you qualify for. A higher credit score generally earns you a lower interest rate.

Finding the Best Deal:

  • Compare loan offers from multiple lenders: Use online loan comparison platforms or reach out to different banks and NBFCs.
  • Negotiate the interest rate: Don’t hesitate to negotiate for a better interest rate, especially if you have a good credit score.
  • Read the fine print: Carefully review the loan agreement before signing, understanding all fees and charges associated with the loan.

Comparison of lenders:

Here are some lenders in India offering personal loans of ₹30,000:

  • Bajaj Finance: Interest rate starts from 13.5% p.a.
  • CASHe: Interest rate starts from 30% p.a.
  • SBI: Interest rate starts from 11% p.a.
  • Home Credit: Interest rate starts from 15.95% p.a.


It’s crucial to compare interest rates, fees, and terms from various lenders before choosing the best option for your needs. You can use online loan comparison tools or consult with a financial advisor to find the most suitable loan for your situation.

Remember: Choosing the right personal loan depends on your individual financial situation and needs. Consider all factors before making a decision.

Check Free Cibil Score
Apply Here
I authorize & its partnering banks to contact me to explain the product & I Agree to Privacy policy and Terms and Conditions.