EMI on ₹15,000 for 1 year at different interest rates
| Interest rate (yearly) | Monthly EMI | Total interest | Total repayment |
|---|---|---|---|
| 10% | ₹1,319 | ₹825 | ₹15,825 |
| 12% | ₹1,333 | ₹993 | ₹15,993 |
| 14% | ₹1,347 | ₹1,162 | ₹16,162 |
| 16% | ₹1,361 | ₹1,332 | ₹16,332 |
| 18% | ₹1,375 | ₹1,502 | ₹16,502 |
| 20% | ₹1,390 | ₹1,674 | ₹16,674 |
| 22% | ₹1,404 | ₹1,847 | ₹16,847 |
| 24% | ₹1,418 | ₹2,021 | ₹17,021 |
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 | ₹1,161 | ₹200 | ₹13,839 |
| Month 2 | ₹1,176 | ₹185 | ₹12,663 |
| Month 3 | ₹1,192 | ₹169 | ₹11,470 |
| Month 4 | ₹1,208 | ₹153 | ₹10,262 |
| Month 5 | ₹1,224 | ₹137 | ₹9,038 |
| Month 6 | ₹1,240 | ₹121 | ₹7,798 |
| Month 7 | ₹1,257 | ₹104 | ₹6,541 |
| Month 8 | ₹1,274 | ₹87 | ₹5,267 |
| Month 9 | ₹1,291 | ₹70 | ₹3,976 |
| Month 10 | ₹1,308 | ₹53 | ₹2,668 |
| Month 11 | ₹1,325 | ₹36 | ₹1,343 |
| Month 12 | ₹1,343 | ₹18 | ₹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 ₹200, the last about ₹18. Half the loan is repaid by around Month 7. A part-prepayment early in the tenure saves the most interest.
₹15,000 over other tenures
| Tenure | Monthly EMI | Total interest |
|---|---|---|
| 6 months | ₹2,618 | ₹708 |
| 1 year | ₹1,361 | ₹1,332 |
| 18 months | ₹943 | ₹1,971 |
| 2 years | ₹734 | ₹2,627 |
Choosing 6 months raises the EMI but saves about ₹624 in interest. Stretching to 18 months lowers the EMI but adds about ₹640 in interest.
Nearby amounts over 1 year
| Loan amount | Monthly EMI | Total interest |
|---|---|---|
| ₹10,000 | ₹907 | ₹888 |
| ₹15,000 | ₹1,361 | ₹1,332 |
| ₹20,000 | ₹1,815 | ₹1,775 |
| ₹25,000 | ₹2,268 | ₹2,219 |
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 ₹1,361 fits within half of about ₹3,000 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.