EMI on ₹15 lakh for 1 year at different interest rates
| Interest rate (yearly) | Monthly EMI | Total interest | Total repayment |
|---|---|---|---|
| 10% | ₹1,31,874 | ₹82,486 | ₹15,82,486 |
| 12% | ₹1,33,273 | ₹99,278 | ₹15,99,278 |
| 14% | ₹1,34,681 | ₹1,16,168 | ₹16,16,168 |
| 16% | ₹1,36,096 | ₹1,33,155 | ₹16,33,155 |
| 18% | ₹1,37,520 | ₹1,50,240 | ₹16,50,240 |
| 20% | ₹1,38,952 | ₹1,67,421 | ₹16,67,421 |
| 22% | ₹1,40,392 | ₹1,84,699 | ₹16,84,699 |
| 24% | ₹1,41,839 | ₹2,02,073 | ₹17,02,073 |
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 12%
| Month | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| Month 1 | ₹1,18,273 | ₹15,000 | ₹13,81,727 |
| Month 2 | ₹1,19,456 | ₹13,817 | ₹12,62,271 |
| Month 3 | ₹1,20,650 | ₹12,623 | ₹11,41,620 |
| Month 4 | ₹1,21,857 | ₹11,416 | ₹10,19,763 |
| Month 5 | ₹1,23,076 | ₹10,198 | ₹8,96,688 |
| Month 6 | ₹1,24,306 | ₹8,967 | ₹7,72,382 |
| Month 7 | ₹1,25,549 | ₹7,724 | ₹6,46,832 |
| Month 8 | ₹1,26,805 | ₹6,468 | ₹5,20,027 |
| Month 9 | ₹1,28,073 | ₹5,200 | ₹3,91,954 |
| Month 10 | ₹1,29,354 | ₹3,920 | ₹2,62,601 |
| Month 11 | ₹1,30,647 | ₹2,626 | ₹1,31,954 |
| Month 12 | ₹1,31,954 | ₹1,320 | ₹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 ₹15,000, the last about ₹1,320. Half the loan is repaid by around Month 7. A part-prepayment early in the tenure saves the most interest.
₹15 lakh over other tenures
| Tenure | Monthly EMI | Total interest |
|---|---|---|
| 1 year | ₹1,33,273 | ₹99,278 |
| 2 years | ₹70,610 | ₹1,94,645 |
| 3 years | ₹49,821 | ₹2,93,573 |
| 5 years | ₹33,367 | ₹5,02,000 |
| 7 years | ₹26,479 | ₹7,24,244 |
| 10 years | ₹21,521 | ₹10,82,477 |
Stretching to 2 years lowers the EMI but adds about ₹95,367 in interest.
Nearby amounts over 1 year
| Loan amount | Monthly EMI | Total interest |
|---|---|---|
| ₹10 lakh | ₹88,849 | ₹66,185 |
| ₹12 lakh | ₹1,06,619 | ₹79,423 |
| ₹15 lakh | ₹1,33,273 | ₹99,278 |
| ₹20 lakh | ₹1,77,698 | ₹1,32,371 |
| ₹25 lakh | ₹2,22,122 | ₹1,65,464 |
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 ₹1,33,273 fits within half of about ₹2,67,000 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.