GM
Loan EMI

EMI on a Rs 300,000 loan

Monthly installments and total interest for a Rs 300,000 loan at different rates and terms.

Rs 300,000 loan at a glance

EMI at 15%, 36 monthsRs 10,400
Total interestRs 74,386
Total repaidRs 374,386
First month interestRs 3,750

The cheapest installment in the tables below is Rs 6,374 a month (10% over 60 months) and the highest is Rs 28,368 (24% over 12 months), a spread of Rs 21,994 on the same Rs 300,000 loan.

Monthly installment by rate and term

Monthly installment on Rs 300,000, reducing-balance method:

Yearly rate12 months24 months36 months48 months60 months
10%Rs 26,375Rs 13,843Rs 9,680Rs 7,609Rs 6,374
12%Rs 26,655Rs 14,122Rs 9,964Rs 7,900Rs 6,673
14%Rs 26,936Rs 14,404Rs 10,253Rs 8,198Rs 6,980
16%Rs 27,219Rs 14,689Rs 10,547Rs 8,502Rs 7,295
18%Rs 27,504Rs 14,977Rs 10,846Rs 8,812Rs 7,618
20%Rs 27,790Rs 15,269Rs 11,149Rs 9,129Rs 7,948
22%Rs 28,078Rs 15,563Rs 11,457Rs 9,452Rs 8,286
24%Rs 28,368Rs 15,861Rs 11,770Rs 9,781Rs 8,630

Total interest by rate and term

Total interest paid over the whole loan:

Yearly rate12 months24 months36 months48 months60 months
10%Rs 16,497Rs 32,243Rs 48,486Rs 65,221Rs 82,447
12%Rs 19,856Rs 38,929Rs 58,715Rs 79,207Rs 100,400
14%Rs 23,234Rs 45,693Rs 69,118Rs 93,501Rs 118,829
16%Rs 26,631Rs 52,534Rs 79,696Rs 108,100Rs 137,725
18%Rs 30,048Rs 59,454Rs 90,446Rs 123,000Rs 157,082
20%Rs 33,484Rs 66,450Rs 101,367Rs 138,197Rs 176,890
22%Rs 36,940Rs 73,523Rs 112,457Rs 153,688Rs 197,140
24%Rs 40,415Rs 80,672Rs 123,715Rs 169,466Rs 217,823

Flat rate versus reducing balance, and balance over time

At 15% over 36 months a reducing-balance loan costs Rs 10,400 a month. A lender quoting a flat 15% would charge Rs 12,083 a month for the same loan, which is Rs 1,684 more each month, so always ask which method a quote uses.

Point in the loanBalance still owedInterest paid so far
After 12 monthsRs 214,484Rs 39,279
After 24 monthsRs 115,220Rs 64,811
After 36 monthsRs 0Rs 74,386

Worked through for this loan: P = 300,000, r = 15% / 12 = 0.0125, n = 36, so EMI = 300,000 × 0.0125 × 1.012536 / (1.012536 − 1) = Rs 10,400. 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 300,000 loan?

At 15% a year over 36 months the installment on Rs 300,000 is about Rs 10,400 a month (reducing balance). The table shows other rates and terms.

How much interest will I pay on Rs 300,000 over 3 years at 15%?

About Rs 74,386 in total interest on a reducing-balance loan, or Rs 135,000 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 300,000 at 15%, 60 months costs Rs 128,219 in interest against Rs 74,386 over 36 months.