In recent years the use of Unmanned Aerial Vehicles (UAVs) has considerably grown in the civil sectors, due to their high flexibility of use. Currently, two important key points are making them more and more successful in the civil field, namely the decrease of production costs and the increase in navigation accuracy. In this paper, we propose a Kalman filtering-based sensor fusion algorithm, using a low cost navigation platform that contains an inertial measurement unit (IMU), five ultrasonic ranging sensors and an optical flow camera. The aim is to improve navigation in indoor or GPS-denied environments. A multi-rate version of the Extended Kalman Filter is considered to deal with the use of heterogeneous sensors with different sampling rates, and the presence of non-linearities in the model. The effectiveness of the proposed sensor platform is evaluated by means of numerical tests on the dynamic flight simulator of a quadrotor. Results show high precision and robustness of the attitude estimation algorithm, with a reduced computational cost, being ready to be implemented on low-cost platforms.