Before You Pick a Personal Loan This October, Look at Fees as Well as EMI

Personal loan rates for October 2026 are out, and the list covers 22 lenders. According to reporting by Livemint, it compares EMIs and processing fees side by side.

For you, the message is simple. Don't choose a loan by its interest rate alone. Fees and your own credit profile change what you really pay.

Key takeaways

• Livemint's October 2026 list compares EMIs and processing fees across 22 lenders.
• A lower rate doesn't always mean a cheaper loan once fees are added.
• Your credit score decides which rate you actually get.
• Compare the total you'll repay, not just the monthly EMI.

How personal loan costs work

A personal loan is money you borrow without pledging anything as security. You repay it in fixed monthly instalments called EMIs. Each EMI holds some interest and some of the original amount.

Two things set your cost. The first is the interest rate. The second is the processing fee, a one-time charge for setting up the loan. Lenders usually deduct it from the amount you receive.

Rates in published lists are often starting rates. Your own rate depends on your income, job type and credit score. A credit score is a three-digit number that shows how well you've repaid past loans.

What this means for your EMI

Here's a worked example. Say you borrow ₹5 lakh for 3 years. The table shows how the rate changes your repayment. These are our own illustrations, not figures from the Livemint list.

Interest rate	Monthly EMI (approx.)	Total repaid (approx.)	Interest paid (approx.)
12% a year	₹16,600	₹5.98 lakh	₹98,000
15% a year	₹17,330	₹6.24 lakh	₹1.24 lakh
18% a year	₹18,080	₹6.51 lakh	₹1.51 lakh

The gap between 12% and 18% is about ₹53,000 over three years. That's real money.

Fees add to this. A 2% processing fee on ₹5 lakh is ₹10,000. GST of 18% on that fee adds ₹1,800. So you'd pay about ₹11,800 upfront.

To test your own numbers, try our EMI calculator. It takes a minute.

Who is affected

Salaried borrowers with strong credit scores are likely to see the best offers. They're the ones lenders compete for.

If your score is average, expect a higher rate than the one in any list. If you're self-employed or new to credit, lenders may also ask for more paperwork.

Anyone planning a loan this month can use the comparison. So can people thinking of moving an existing loan to a cheaper lender. Our personal loan guides explain both routes.

What to do before you apply

A short checklist can save you a lot. Work through it in order.

1. Check your credit score before you apply anywhere.
2. Decide how much you really need and for how long.
3. Note the rate, the processing fee and any prepayment charge from each lender.
4. Ask each lender for the total amount you'll repay.
5. Pick the offer with the lowest total cost, not the lowest EMI.

A long tenure gives a smaller EMI. But it also means you pay more interest overall. Keep the tenure as short as your budget allows.

Check our interest rate tables for reference bands. You can also run a quick eligibility check before you apply. Too many applications in a short time can pull your score down.

RBI rules ask lenders to tell you the full cost of a loan, including fees, before you sign. Read that summary page carefully.

Frequently asked questions

Is the lowest interest rate always the best personal loan?

Not always. A lender with a slightly higher rate may charge a much smaller processing fee. Compare the total amount you'll repay.

Will I get the exact rate shown in the list?

Probably not. Published rates are usually the lowest on offer. Your rate depends on your income, credit score and job profile.

Does a longer tenure make a personal loan cheaper?

It makes the EMI smaller, but the total cost goes up. You pay interest for more months. Choose the shortest tenure you can comfortably afford.