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Loan EMI

EMI on a Rs 1,000,000 loan

Monthly installments and total interest for a Rs 1,000,000 loan at different rates and terms.

Rs 1,000,000 loan at a glance

EMI at 15%, 36 monthsRs 34,665
Total interestRs 247,952
Total repaidRs 1,247,952
First month interestRs 12,500

The cheapest installment in the tables below is Rs 21,247 a month (10% over 60 months) and the highest is Rs 94,560 (24% over 12 months), a spread of Rs 73,313 on the same Rs 1,000,000 loan.

Monthly installment by rate and term

Monthly installment on Rs 1,000,000, reducing-balance method:

Yearly rate12 months24 months36 months48 months60 months
10%Rs 87,916Rs 46,145Rs 32,267Rs 25,363Rs 21,247
12%Rs 88,849Rs 47,073Rs 33,214Rs 26,334Rs 22,244
14%Rs 89,787Rs 48,013Rs 34,178Rs 27,326Rs 23,268
16%Rs 90,731Rs 48,963Rs 35,157Rs 28,340Rs 24,318
18%Rs 91,680Rs 49,924Rs 36,152Rs 29,375Rs 25,393
20%Rs 92,635Rs 50,896Rs 37,164Rs 30,430Rs 26,494
22%Rs 93,594Rs 51,878Rs 38,190Rs 31,506Rs 27,619
24%Rs 94,560Rs 52,871Rs 39,233Rs 32,602Rs 28,768

Total interest by rate and term

Total interest paid over the whole loan:

Yearly rate12 months24 months36 months48 months60 months
10%Rs 54,991Rs 107,478Rs 161,619Rs 217,404Rs 274,823
12%Rs 66,185Rs 129,763Rs 195,715Rs 264,024Rs 334,667
14%Rs 77,445Rs 152,309Rs 230,395Rs 311,671Rs 396,095
16%Rs 88,770Rs 175,115Rs 265,653Rs 360,333Rs 459,083
18%Rs 100,160Rs 198,178Rs 301,486Rs 410,000Rs 523,606
20%Rs 111,614Rs 221,499Rs 337,889Rs 460,657Rs 589,633
22%Rs 123,133Rs 245,076Rs 374,856Rs 512,292Rs 657,135
24%Rs 134,715Rs 268,906Rs 412,383Rs 564,888Rs 726,078

Flat rate versus reducing balance, and balance over time

At 15% over 36 months a reducing-balance loan costs Rs 34,665 a month. A lender quoting a flat 15% would charge Rs 40,278 a month for the same loan, which is Rs 5,612 more each month, so always ask which method a quote uses.

Point in the loanBalance still owedInterest paid so far
After 12 monthsRs 714,946Rs 130,930
After 24 monthsRs 384,068Rs 216,036
After 36 monthsRs 0Rs 247,952

Worked through for this loan: P = 1,000,000, r = 15% / 12 = 0.0125, n = 36, so EMI = 1,000,000 × 0.0125 × 1.012536 / (1.012536 − 1) = Rs 34,665. Your lender’s schedule may differ slightly, and fees and insurance are extra.

Related and frequently asked questions

Try your own rate in the Loan EMI Calculator. Related: the EMI formula and Excel PMT and flat rate vs reducing balance. Other amounts: loan EMI by amount.

What is the monthly installment on a Rs 1,000,000 loan?

At 15% a year over 36 months the installment on Rs 1,000,000 is about Rs 34,665 a month (reducing balance). The table shows other rates and terms.

How much interest will I pay on Rs 1,000,000 over 3 years at 15%?

About Rs 247,952 in total interest on a reducing-balance loan, or Rs 450,000 if the lender charges a flat 15% rate.

Does a longer term lower the cost?

A longer term lowers the monthly installment but raises the total interest. On Rs 1,000,000 at 15%, 60 months costs Rs 427,396 in interest against Rs 247,952 over 36 months.