At 10% annual interest over 5 years (60 months), the EMI for a ₹5 lakh loan is approximately ₹10,624 per month. The total interest paid over the loan tenure would be around ₹1,37,440. You can reduce this by choosing a shorter tenure or securing a lower interest rate.

Secured loans like gold loans or loans against fixed deposits typically offer the lowest rates (7-9%) for this amount. Personal loans from banks range from 10-15%, while online lenders may charge 12-24%. If you have an asset to pledge as collateral, you'll almost always get a better rate than with an unsecured personal loan.

Consider your monthly income and existing obligations. A 3-year tenure gives higher EMIs but saves on total interest, while a 5-year tenure keeps payments more manageable. As a rule of thumb, your total loan EMIs should not exceed 40% of your take-home pay. Use this calculator to compare different tenures before deciding.