EMI on ₹1.5 lakh for 18 months at different interest rates
| Interest rate (yearly) | Monthly EMI | Total interest | Total repayment |
|---|---|---|---|
| 10% | ₹9,009 | ₹12,154 | ₹1,62,154 |
| 12% | ₹9,147 | ₹14,652 | ₹1,64,652 |
| 14% | ₹9,287 | ₹17,171 | ₹1,67,171 |
| 16% | ₹9,428 | ₹19,712 | ₹1,69,712 |
| 18% | ₹9,571 | ₹22,276 | ₹1,72,276 |
| 20% | ₹9,714 | ₹24,861 | ₹1,74,861 |
| 22% | ₹9,859 | ₹27,467 | ₹1,77,467 |
| 24% | ₹10,005 | ₹30,096 | ₹1,80,096 |
Worked out with the standard reducing-balance formula. The rates are a range for comparison, not a lender's offer; processing fees and GST are extra and show in the lender's Key Fact Statement.
Month-by-month repayment at 16%
| Month | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| Month 1 | ₹7,428 | ₹2,000 | ₹1,42,572 |
| Month 2 | ₹7,528 | ₹1,901 | ₹1,35,044 |
| Month 3 | ₹7,628 | ₹1,801 | ₹1,27,416 |
| Month 4 | ₹7,730 | ₹1,699 | ₹1,19,687 |
| Month 5 | ₹7,833 | ₹1,596 | ₹1,11,854 |
| Month 6 | ₹7,937 | ₹1,491 | ₹1,03,917 |
| Month 7 | ₹8,043 | ₹1,386 | ₹95,874 |
| Month 8 | ₹8,150 | ₹1,278 | ₹87,724 |
| Month 9 | ₹8,259 | ₹1,170 | ₹79,465 |
| Month 10 | ₹8,369 | ₹1,060 | ₹71,096 |
| Month 11 | ₹8,481 | ₹948 | ₹62,616 |
| Month 12 | ₹8,594 | ₹835 | ₹54,022 |
| Month 13 | ₹8,708 | ₹720 | ₹45,314 |
| Month 14 | ₹8,824 | ₹604 | ₹36,489 |
| Month 15 | ₹8,942 | ₹487 | ₹27,548 |
| Month 16 | ₹9,061 | ₹367 | ₹18,486 |
| Month 17 | ₹9,182 | ₹246 | ₹9,304 |
| Month 18 | ₹9,304 | ₹124 | ₹0 |
Interest is charged on what you still owe, so early EMIs are mostly interest and later ones mostly principal: the first period's interest is about ₹2,000, the last about ₹124. Half the loan is repaid by around Month 10. A part-prepayment early in the tenure saves the most interest.
₹1.5 lakh over other tenures
| Tenure | Monthly EMI | Total interest |
|---|---|---|
| 6 months | ₹26,180 | ₹7,077 |
| 1 year | ₹13,610 | ₹13,316 |
| 18 months | ₹9,428 | ₹19,712 |
| 2 years | ₹7,344 | ₹26,267 |
| 3 years | ₹5,274 | ₹39,848 |
| 4 years | ₹4,251 | ₹54,050 |
Choosing 1 year raises the EMI but saves about ₹6,397 in interest. Stretching to 2 years lowers the EMI but adds about ₹6,555 in interest.
Nearby amounts over 18 months
What income does this EMI need?
Many lenders want all your EMIs to stay within roughly half of your monthly take-home pay. With no other EMIs, an EMI of ₹9,428 fits within half of about ₹19,000 a month. Lenders also set their own minimum income, which is often higher, and look at your credit score and banking — so treat this as a rough check, not a promise.
How to pay less on this loan
- Compare offers on the APR in the Key Fact Statement, not on the headline rate.
- Check the rate is reducing-balance, not flat — a flat rate costs far more.
- Pick the shortest tenure whose EMI you can pay comfortably every month.
- Prepay when you can: early prepayments cut the most interest. Check any prepayment charge first.
- Keep your credit score healthy — a better score usually means a better rate.