EMI on ₹15 lakh for 10 years at different interest rates
| Interest rate (yearly) | Monthly EMI | Total interest | Total repayment |
|---|---|---|---|
| 10% | ₹19,823 | ₹8,78,713 | ₹23,78,713 |
| 12% | ₹21,521 | ₹10,82,477 | ₹25,82,477 |
| 14% | ₹23,290 | ₹12,94,796 | ₹27,94,796 |
| 16% | ₹25,127 | ₹15,15,236 | ₹30,15,236 |
| 18% | ₹27,028 | ₹17,43,334 | ₹32,43,334 |
| 20% | ₹28,988 | ₹19,78,602 | ₹34,78,602 |
| 22% | ₹31,005 | ₹22,20,544 | ₹37,20,544 |
| 24% | ₹33,072 | ₹24,68,657 | ₹39,68,657 |
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.
Year-by-year repayment at 12%
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| Year 1 | ₹82,698 | ₹1,75,550 | ₹14,17,302 |
| Year 2 | ₹93,186 | ₹1,65,061 | ₹13,24,116 |
| Year 3 | ₹1,05,005 | ₹1,53,243 | ₹12,19,111 |
| Year 4 | ₹1,18,322 | ₹1,39,926 | ₹11,00,789 |
| Year 5 | ₹1,33,328 | ₹1,24,920 | ₹9,67,461 |
| Year 6 | ₹1,50,237 | ₹1,08,010 | ₹8,17,224 |
| Year 7 | ₹1,69,291 | ₹88,957 | ₹6,47,933 |
| Year 8 | ₹1,90,762 | ₹67,486 | ₹4,57,171 |
| Year 9 | ₹2,14,955 | ₹43,293 | ₹2,42,216 |
| Year 10 | ₹2,42,216 | ₹16,031 | ₹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 ₹1,75,550, the last about ₹16,031. Half the loan is repaid by around Year 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 |
Choosing 7 years raises the EMI but saves about ₹3,58,233 in interest.
Nearby amounts over 10 years
| Loan amount | Monthly EMI | Total interest |
|---|---|---|
| ₹10 lakh | ₹14,347 | ₹7,21,651 |
| ₹12 lakh | ₹17,217 | ₹8,65,982 |
| ₹15 lakh | ₹21,521 | ₹10,82,477 |
| ₹20 lakh | ₹28,694 | ₹14,43,303 |
| ₹25 lakh | ₹35,868 | ₹18,04,128 |
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 ₹21,521 fits within half of about ₹44,000 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.