EMI on ₹1.5 lakh for 6 months at different interest rates
| Interest rate (yearly) | Monthly EMI | Total interest | Total repayment |
|---|---|---|---|
| 10% | ₹25,734 | ₹4,405 | ₹1,54,405 |
| 12% | ₹25,882 | ₹5,294 | ₹1,55,294 |
| 14% | ₹26,031 | ₹6,184 | ₹1,56,184 |
| 16% | ₹26,180 | ₹7,077 | ₹1,57,077 |
| 18% | ₹26,329 | ₹7,973 | ₹1,57,973 |
| 20% | ₹26,478 | ₹8,871 | ₹1,58,871 |
| 22% | ₹26,628 | ₹9,771 | ₹1,59,771 |
| 24% | ₹26,779 | ₹10,673 | ₹1,60,673 |
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 | ₹24,180 | ₹2,000 | ₹1,25,820 |
| Month 2 | ₹24,502 | ₹1,678 | ₹1,01,319 |
| Month 3 | ₹24,829 | ₹1,351 | ₹76,490 |
| Month 4 | ₹25,160 | ₹1,020 | ₹51,330 |
| Month 5 | ₹25,495 | ₹684 | ₹25,835 |
| Month 6 | ₹25,835 | ₹344 | ₹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 ₹344. Half the loan is repaid by around Month 4. 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 |
Stretching to 1 year lowers the EMI but adds about ₹6,238 in interest.
Nearby amounts over 6 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 ₹26,180 fits within half of about ₹53,000 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.