EMI on ₹10,000 for 18 months at different interest rates
| Interest rate (yearly) | Monthly EMI | Total interest | Total repayment |
|---|---|---|---|
| 10% | ₹601 | ₹810 | ₹10,810 |
| 12% | ₹610 | ₹977 | ₹10,977 |
| 14% | ₹619 | ₹1,145 | ₹11,145 |
| 16% | ₹629 | ₹1,314 | ₹11,314 |
| 18% | ₹638 | ₹1,485 | ₹11,485 |
| 20% | ₹648 | ₹1,657 | ₹11,657 |
| 22% | ₹657 | ₹1,831 | ₹11,831 |
| 24% | ₹667 | ₹2,006 | ₹12,006 |
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 | ₹495 | ₹133 | ₹9,505 |
| Month 2 | ₹502 | ₹127 | ₹9,003 |
| Month 3 | ₹509 | ₹120 | ₹8,494 |
| Month 4 | ₹515 | ₹113 | ₹7,979 |
| Month 5 | ₹522 | ₹106 | ₹7,457 |
| Month 6 | ₹529 | ₹99 | ₹6,928 |
| Month 7 | ₹536 | ₹92 | ₹6,392 |
| Month 8 | ₹543 | ₹85 | ₹5,848 |
| Month 9 | ₹551 | ₹78 | ₹5,298 |
| Month 10 | ₹558 | ₹71 | ₹4,740 |
| Month 11 | ₹565 | ₹63 | ₹4,174 |
| Month 12 | ₹573 | ₹56 | ₹3,601 |
| Month 13 | ₹581 | ₹48 | ₹3,021 |
| Month 14 | ₹588 | ₹40 | ₹2,433 |
| Month 15 | ₹596 | ₹32 | ₹1,837 |
| Month 16 | ₹604 | ₹24 | ₹1,232 |
| Month 17 | ₹612 | ₹16 | ₹620 |
| Month 18 | ₹620 | ₹8 | ₹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 ₹133, the last about ₹8. Half the loan is repaid by around Month 10. A part-prepayment early in the tenure saves the most interest.
₹10,000 over other tenures
Choosing 1 year raises the EMI but saves about ₹426 in interest. Stretching to 2 years lowers the EMI but adds about ₹437 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 ₹629 fits within half of about ₹2,000 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.