EMI on ₹15,000 for 18 months at different interest rates
| Interest rate (yearly) | Monthly EMI | Total interest | Total repayment |
|---|---|---|---|
| 10% | ₹901 | ₹1,215 | ₹16,215 |
| 12% | ₹915 | ₹1,465 | ₹16,465 |
| 14% | ₹929 | ₹1,717 | ₹16,717 |
| 16% | ₹943 | ₹1,971 | ₹16,971 |
| 18% | ₹957 | ₹2,228 | ₹17,228 |
| 20% | ₹971 | ₹2,486 | ₹17,486 |
| 22% | ₹986 | ₹2,747 | ₹17,747 |
| 24% | ₹1,001 | ₹3,010 | ₹18,010 |
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 | ₹743 | ₹200 | ₹14,257 |
| Month 2 | ₹753 | ₹190 | ₹13,504 |
| Month 3 | ₹763 | ₹180 | ₹12,742 |
| Month 4 | ₹773 | ₹170 | ₹11,969 |
| Month 5 | ₹783 | ₹160 | ₹11,185 |
| Month 6 | ₹794 | ₹149 | ₹10,392 |
| Month 7 | ₹804 | ₹139 | ₹9,587 |
| Month 8 | ₹815 | ₹128 | ₹8,772 |
| Month 9 | ₹826 | ₹117 | ₹7,946 |
| Month 10 | ₹837 | ₹106 | ₹7,110 |
| Month 11 | ₹848 | ₹95 | ₹6,262 |
| Month 12 | ₹859 | ₹83 | ₹5,402 |
| Month 13 | ₹871 | ₹72 | ₹4,531 |
| Month 14 | ₹882 | ₹60 | ₹3,649 |
| Month 15 | ₹894 | ₹49 | ₹2,755 |
| Month 16 | ₹906 | ₹37 | ₹1,849 |
| Month 17 | ₹918 | ₹25 | ₹930 |
| Month 18 | ₹930 | ₹12 | ₹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 ₹12. Half the loan is repaid by around Month 10. 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 1 year raises the EMI but saves about ₹640 in interest. Stretching to 2 years lowers the EMI but adds about ₹655 in interest.
Nearby amounts over 18 months
| Loan amount | Monthly EMI | Total interest |
|---|---|---|
| ₹10,000 | ₹629 | ₹1,314 |
| ₹15,000 | ₹943 | ₹1,971 |
| ₹20,000 | ₹1,257 | ₹2,628 |
| ₹25,000 | ₹1,571 | ₹3,285 |
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 ₹943 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.