EMI on ₹15,000 for 6 months at different interest rates
| Interest rate (yearly) | Monthly EMI | Total interest | Total repayment |
|---|---|---|---|
| 10% | ₹2,573 | ₹441 | ₹15,441 |
| 12% | ₹2,588 | ₹529 | ₹15,529 |
| 14% | ₹2,603 | ₹618 | ₹15,618 |
| 16% | ₹2,618 | ₹708 | ₹15,708 |
| 18% | ₹2,633 | ₹797 | ₹15,797 |
| 20% | ₹2,648 | ₹887 | ₹15,887 |
| 22% | ₹2,663 | ₹977 | ₹15,977 |
| 24% | ₹2,678 | ₹1,067 | ₹16,067 |
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 | ₹2,418 | ₹200 | ₹12,582 |
| Month 2 | ₹2,450 | ₹168 | ₹10,132 |
| Month 3 | ₹2,483 | ₹135 | ₹7,649 |
| Month 4 | ₹2,516 | ₹102 | ₹5,133 |
| Month 5 | ₹2,550 | ₹68 | ₹2,584 |
| Month 6 | ₹2,584 | ₹34 | ₹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 ₹34. Half the loan is repaid by around Month 4. 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 |
Stretching to 1 year lowers the EMI but adds about ₹624 in interest.
Nearby amounts over 6 months
| Loan amount | Monthly EMI | Total interest |
|---|---|---|
| ₹10,000 | ₹1,745 | ₹472 |
| ₹15,000 | ₹2,618 | ₹708 |
| ₹20,000 | ₹3,491 | ₹944 |
| ₹25,000 | ₹4,363 | ₹1,180 |
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 ₹2,618 fits within half of about ₹6,000 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.