EMI on a ₹15 lakh car loan for 7 years at 10% interest
EMI ₹24,902 per month for 7 years on ₹15,00,000 at 10% — total interest ₹5,91,749, total payment ₹20,91,749.
- Monthly EMI
- ₹24,902
- Total interest
- ₹5,91,749
- Total repayment
- ₹20,91,749
| Tenure / rate | EMI | Total interest | Total paid |
|---|---|---|---|
| 2 years | ₹69,217 | ₹1,61,217 | ₹16,61,217 |
| 7 years | ₹24,902 | ₹5,91,749 | ₹20,91,749 |
| 12 years | ₹17,926 | ₹10,81,369 | ₹25,81,369 |
| 17 years | ₹15,318 | ₹16,24,904 | ₹31,24,904 |
| 9% | ₹24,134 | ₹5,27,224 | ₹20,27,224 |
| 9.5% | ₹24,516 | ₹5,59,342 | ₹20,59,342 |
| 10% | ₹24,902 | ₹5,91,749 | ₹20,91,749 |
| 10.5% | ₹25,291 | ₹6,24,445 | ₹21,24,445 |
| 11% | ₹25,684 | ₹6,57,427 | ₹21,57,427 |
How this is calculated
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where r is the monthly rate (annual ÷ 12 ÷ 100) and n is the number of months.
EMI कैलकुलेटर: किसी भी लोन की सही मासिक किस्त (EMI), कुल ब्याज और कुल भुगतान जानें — वही reducing-balance फ़ॉर्मूला जो हर भारतीय बैंक इस्तेमाल करता है।
Frequently asked
What is the EMI on a ₹15 lakh car loan for 7 years at 10%?
₹24,902 per month. Over 7 years you repay ₹20,91,749 in total, of which ₹5,91,749 is interest.
How much interest will I pay on ₹15 lakh at 10% over 7 years?
₹5,91,749 — roughly 39% of the amount borrowed.
How is EMI calculated in India?
Banks use the reducing-balance method: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the principal, r the monthly interest rate and n the number of monthly instalments. Early EMIs are mostly interest; later ones mostly principal.
Does a longer tenure reduce my EMI?
Yes, but total interest rises sharply. Doubling a home-loan tenure from 10 to 20 years typically cuts the EMI by around 30% while roughly doubling the interest paid.
Is prepayment worth it?
On floating-rate home loans RBI rules prohibit prepayment penalties for individuals, so a lump-sum prepayment early in the tenure saves the most interest. Ask Simpledot with your exact loan details for a prepayment schedule.
Figures are computed exactly from the stated inputs. Bank rates, processing fees, insurance and taxes vary — treat this as the arithmetic, not an offer. Last computed October 2026.