A personal loan EMI (Equated Monthly Installment) is the fixed monthly payment you make towards repaying your loan. It includes both the principal and interest components. The EMI for personal loans is spread across the loan tenure, ensuring that repayment is convenient and manageable. With RING, you can choose EMI terms ranging from 3 months to 24 months, offering flexibility and ease.
Quick and Convenient EMI Personal Loans Tailored for You
Instant access to personal loans with flexible EMI options, all in under 5 minutes.
Zero Pre-payment charges
Flexible Repayment
Instant Bank Transfer
About Our EMI For Personal Loan
With RING, accessing an instant personal loan is fast, simple, and completely digital. You can apply for a loan up to Rs. 5 lakhs and receive approval in minutes. With flexible EMI for personal loans, RING ensures that you have the freedom to choose a repayment option that best suits your needs. Whether you need a short-term loan for urgent expenses or a long-term loan for larger financial goals, RING is your trusted partner in fulfilling your financial aspirations.
Benefits of EMI For Personal Loan
Access loans up to Rs. 5 lakhs instantly
Unlock better loan offers with timely repayment
Flexible EMI options from 3 to 24 months
Paperless KYC process in under 5 minutes
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
We've made it easy and convenient to apply for an EMI For Personal Loan with us.
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
EMI For Personal Loan EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on EMI For Personal Loan
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take an EMI For Personal Loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Amit Sharma, 29
Delhi
I had an urgent medical emergency and needed funds fast. RING’s instant personal loan came to the rescue. The process was completely digital and hassle-free, which saved me a lot of time and effort. Within minutes, my loan was approved, and the amount was in my account. Plus, the flexible EMI options helped me choose a plan that suited my monthly budget perfectly. I could breathe easy knowing the repayments were manageable.
Priya Nair, 25
Bengaluru
RING is such a user-friendly app! I needed funds to expand my small boutique, and I was sceptical about applying for a personal loan online. However, RING made it so simple. In just 10 minutes, my loan was approved and credited to my account. The best part? I could select the EMI tenure that suited my business cash flow. It's the most seamless experience I've had with any loan app.
Rahul Verma, 34
Mumbai
Applying for a personal loan was always a hassle for me, but RING changed that completely. The 100% digital process meant I didn’t need to submit any paperwork, and I got Rs. 2 lakhs approved in no time. The EMI for personal loans was structured in such a flexible way that it didn’t pinch my monthly budget. I highly recommend it to anyone needing quick and easy loans.
Sneha Patel, 28
Ahmedabad
I needed money to fund my dream vacation and had no clue where to get a quick loan. RING was the perfect solution! I applied for a personal loan and, within 5 minutes, had the funds I needed to plan my trip. The EMI options were incredibly convenient, allowing me to repay at my own pace. I couldn’t have asked for a better experience.
Vikas Singh, 31
Pune
As a startup owner, managing cash flow can be tricky at times. I needed a quick loan to purchase some equipment for my business, and RING came through. I received Rs. 1.5 lakhs almost instantly, and the flexible EMI for personal loans made it easy for me to repay without straining my finances. RING’s customer service was also outstanding—highly responsive and helpful throughout.
Ritu Arora, 27
Chandigarh
I’ve used other loan apps before, but none of them compare to RING. Their approval process is super fast, and the terms are transparent. I applied for Rs. 3 lakhs, and the money was credited to my account within 10 minutes. What I really loved was the ability to choose an EMI plan that fit my financial situation perfectly. RING’s customer care team was also polite and helpful, which made the entire process stress-free.
Find the Right Personal Loan For You
Personal Loan for Travel
Fund your dream vacation and make unforgettable memories with our travel loans. From flights to hotels and everything in between, we’ve got you covered so you can focus on enjoying your trip.
Personal Loan for Students
Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
Give your home a makeover without breaking the bank. Whether it’s a new kitchen, a fresh coat of paint, or an extension, our loans make it possible.
Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
What is a personal loan EMI?
How does RING calculate the EMI for personal loans?
RING calculates your EMI using the loan amount, interest rate, and tenure. Our in-app EMI calculator helps you understand how much you'll need to repay each month before you apply, giving you full transparency and control over your finances. The EMI amount includes both principal and interest, ensuring a fixed payment that makes budgeting simpler.
Can I choose the EMI tenure for my personal loan?
Yes, RING offers complete flexibility when it comes to choosing the EMI tenure for your loan. You can pick a tenure ranging from 3 to 24 months, depending on your financial situation and preferences. This means you can customise your loan repayment schedule to suit your monthly income and expenses, making it easier to manage your finances without stress.
What are the interest rates on personal loans?
Interest rates on personal loans from RING vary between 18% to 36% per annum, depending on your credit profile and repayment history. The EMI for personal loans reflects this rate, ensuring transparency. For example, if you take a loan of Rs. 1 lakh with a 12-month tenure at an interest rate of 30%, your monthly EMI will include both the interest and the principal, giving you a clear idea of what to expect.
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