GM
Loan EMI

EMI on a Rs 500,000 loan

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

Rs 500,000 loan at a glance

EMI at 15%, 36 monthsRs 17,333
Total interestRs 123,976
Total repaidRs 623,976
First month interestRs 6,250

The cheapest installment in the tables below is Rs 10,624 a month (10% over 60 months) and the highest is Rs 47,280 (24% over 12 months), a spread of Rs 36,656 on the same Rs 500,000 loan.

Monthly installment by rate and term

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

Yearly rate12 months24 months36 months48 months60 months
10%Rs 43,958Rs 23,072Rs 16,134Rs 12,681Rs 10,624
12%Rs 44,424Rs 23,537Rs 16,607Rs 13,167Rs 11,122
14%Rs 44,894Rs 24,006Rs 17,089Rs 13,663Rs 11,634
16%Rs 45,365Rs 24,482Rs 17,579Rs 14,170Rs 12,159
18%Rs 45,840Rs 24,962Rs 18,076Rs 14,687Rs 12,697
20%Rs 46,317Rs 25,448Rs 18,582Rs 15,215Rs 13,247
22%Rs 46,797Rs 25,939Rs 19,095Rs 15,753Rs 13,809
24%Rs 47,280Rs 26,436Rs 19,616Rs 16,301Rs 14,384

Total interest by rate and term

Total interest paid over the whole loan:

Yearly rate12 months24 months36 months48 months60 months
10%Rs 27,495Rs 53,739Rs 80,809Rs 108,702Rs 137,411
12%Rs 33,093Rs 64,882Rs 97,858Rs 132,012Rs 167,333
14%Rs 38,723Rs 76,155Rs 115,197Rs 155,835Rs 198,048
16%Rs 44,385Rs 87,557Rs 132,827Rs 180,167Rs 229,542
18%Rs 50,080Rs 99,089Rs 150,743Rs 205,000Rs 261,803
20%Rs 55,807Rs 110,750Rs 168,945Rs 230,329Rs 294,817
22%Rs 61,566Rs 122,538Rs 187,428Rs 256,146Rs 328,567
24%Rs 67,358Rs 134,453Rs 206,191Rs 282,444Rs 363,039

Flat rate versus reducing balance, and balance over time

At 15% over 36 months a reducing-balance loan costs Rs 17,333 a month. A lender quoting a flat 15% would charge Rs 20,139 a month for the same loan, which is Rs 2,806 more each month, so always ask which method a quote uses.

Point in the loanBalance still owedInterest paid so far
After 12 monthsRs 357,473Rs 65,465
After 24 monthsRs 192,034Rs 108,018
After 36 monthsRs 0Rs 123,976

Worked through for this loan: P = 500,000, r = 15% / 12 = 0.0125, n = 36, so EMI = 500,000 × 0.0125 × 1.012536 / (1.012536 − 1) = Rs 17,333. 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 500,000 loan?

At 15% a year over 36 months the installment on Rs 500,000 is about Rs 17,333 a month (reducing balance). The table shows other rates and terms.

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

About Rs 123,976 in total interest on a reducing-balance loan, or Rs 225,000 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 500,000 at 15%, 60 months costs Rs 213,698 in interest against Rs 123,976 over 36 months.