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Loan EMI

EMI on a Rs 1,500,000 loan

Monthly installments and total interest for a Rs 1,500,000 loan at different rates and terms.

Rs 1,500,000 loan at a glance

EMI at 15%, 36 monthsRs 51,998
Total interestRs 371,928
Total repaidRs 1,871,928
First month interestRs 18,750

The cheapest installment in the tables below is Rs 31,871 a month (10% over 60 months) and the highest is Rs 141,839 (24% over 12 months), a spread of Rs 109,969 on the same Rs 1,500,000 loan.

Monthly installment by rate and term

Monthly installment on Rs 1,500,000, reducing-balance method:

Yearly rate12 months24 months36 months48 months60 months
10%Rs 131,874Rs 69,217Rs 48,401Rs 38,044Rs 31,871
12%Rs 133,273Rs 70,610Rs 49,821Rs 39,501Rs 33,367
14%Rs 134,681Rs 72,019Rs 51,266Rs 40,990Rs 34,902
16%Rs 136,096Rs 73,445Rs 52,736Rs 42,510Rs 36,477
18%Rs 137,520Rs 74,886Rs 54,229Rs 44,062Rs 38,090
20%Rs 138,952Rs 76,344Rs 55,745Rs 45,646Rs 39,741
22%Rs 140,392Rs 77,817Rs 57,286Rs 47,259Rs 41,428
24%Rs 141,839Rs 79,307Rs 58,849Rs 48,903Rs 43,152

Total interest by rate and term

Total interest paid over the whole loan:

Yearly rate12 months24 months36 months48 months60 months
10%Rs 82,486Rs 161,217Rs 242,428Rs 326,106Rs 412,234
12%Rs 99,278Rs 194,645Rs 293,573Rs 396,036Rs 502,000
14%Rs 116,168Rs 228,464Rs 345,592Rs 467,506Rs 594,143
16%Rs 133,155Rs 262,672Rs 398,480Rs 540,500Rs 688,625
18%Rs 150,240Rs 297,268Rs 452,229Rs 615,000Rs 785,408
20%Rs 167,421Rs 332,249Rs 506,834Rs 690,986Rs 884,450
22%Rs 184,699Rs 367,614Rs 562,284Rs 768,438Rs 985,702
24%Rs 202,073Rs 403,360Rs 618,574Rs 847,332Rs 1,089,117

Flat rate versus reducing balance, and balance over time

At 15% over 36 months a reducing-balance loan costs Rs 51,998 a month. A lender quoting a flat 15% would charge Rs 60,417 a month for the same loan, which is Rs 8,419 more each month, so always ask which method a quote uses.

Point in the loanBalance still owedInterest paid so far
After 12 monthsRs 1,072,419Rs 196,395
After 24 monthsRs 576,102Rs 324,054
After 36 monthsRs 0Rs 371,928

Worked through for this loan: P = 1,500,000, r = 15% / 12 = 0.0125, n = 36, so EMI = 1,500,000 × 0.0125 × 1.012536 / (1.012536 − 1) = Rs 51,998. 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 1,500,000 loan?

At 15% a year over 36 months the installment on Rs 1,500,000 is about Rs 51,998 a month (reducing balance). The table shows other rates and terms.

How much interest will I pay on Rs 1,500,000 over 3 years at 15%?

About Rs 371,928 in total interest on a reducing-balance loan, or Rs 675,000 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 1,500,000 at 15%, 60 months costs Rs 641,094 in interest against Rs 371,928 over 36 months.