EMI on ₹15,000 for 2 years at different interest rates
| Interest rate (yearly) | Monthly EMI | Total interest | Total repayment |
|---|---|---|---|
| 10% | ₹692 | ₹1,612 | ₹16,612 |
| 12% | ₹706 | ₹1,946 | ₹16,946 |
| 14% | ₹720 | ₹2,285 | ₹17,285 |
| 16% | ₹734 | ₹2,627 | ₹17,627 |
| 18% | ₹749 | ₹2,973 | ₹17,973 |
| 20% | ₹763 | ₹3,322 | ₹18,322 |
| 22% | ₹778 | ₹3,676 | ₹18,676 |
| 24% | ₹793 | ₹4,034 | ₹19,034 |
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 | ₹534 | ₹200 | ₹14,466 |
| Month 2 | ₹542 | ₹193 | ₹13,924 |
| Month 3 | ₹549 | ₹186 | ₹13,375 |
| Month 4 | ₹556 | ₹178 | ₹12,819 |
| Month 5 | ₹564 | ₹171 | ₹12,256 |
| Month 6 | ₹571 | ₹163 | ₹11,685 |
| Month 7 | ₹579 | ₹156 | ₹11,106 |
| Month 8 | ₹586 | ₹148 | ₹10,519 |
| Month 9 | ₹594 | ₹140 | ₹9,925 |
| Month 10 | ₹602 | ₹132 | ₹9,323 |
| Month 11 | ₹610 | ₹124 | ₹8,713 |
| Month 12 | ₹618 | ₹116 | ₹8,095 |
| Month 13 | ₹627 | ₹108 | ₹7,468 |
| Month 14 | ₹635 | ₹100 | ₹6,833 |
| Month 15 | ₹643 | ₹91 | ₹6,190 |
| Month 16 | ₹652 | ₹83 | ₹5,538 |
| Month 17 | ₹661 | ₹74 | ₹4,878 |
| Month 18 | ₹669 | ₹65 | ₹4,208 |
| Month 19 | ₹678 | ₹56 | ₹3,530 |
| Month 20 | ₹687 | ₹47 | ₹2,842 |
| Month 21 | ₹697 | ₹38 | ₹2,146 |
| Month 22 | ₹706 | ₹29 | ₹1,440 |
| Month 23 | ₹715 | ₹19 | ₹725 |
| Month 24 | ₹725 | ₹10 | ₹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 ₹10. Half the loan is repaid by around Month 13. 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 18 months raises the EMI but saves about ₹655 in interest.
Nearby amounts over 2 years
| Loan amount | Monthly EMI | Total interest |
|---|---|---|
| ₹10,000 | ₹490 | ₹1,751 |
| ₹15,000 | ₹734 | ₹2,627 |
| ₹20,000 | ₹979 | ₹3,502 |
| ₹25,000 | ₹1,224 | ₹4,378 |
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 ₹734 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.