EMI on a ₹15 lakh car loan for 7 years at 9% interest
EMI ₹24,134 per month for 7 years on ₹15,00,000 at 9% — total interest ₹5,27,224, total payment ₹20,27,224.
- Monthly EMI
- ₹24,134
- Total interest
- ₹5,27,224
- Total repayment
- ₹20,27,224
| Tenure / rate | EMI | Total interest | Total paid |
|---|---|---|---|
| 2 years | ₹68,527 | ₹1,44,651 | ₹16,44,651 |
| 7 years | ₹24,134 | ₹5,27,224 | ₹20,27,224 |
| 12 years | ₹17,070 | ₹9,58,146 | ₹24,58,146 |
| 17 years | ₹14,382 | ₹14,33,940 | ₹29,33,940 |
| 8% | ₹23,379 | ₹4,63,863 | ₹19,63,863 |
| 8.5% | ₹23,755 | ₹4,95,397 | ₹19,95,397 |
| 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 |
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 9%?
₹24,134 per month. Over 7 years you repay ₹20,27,224 in total, of which ₹5,27,224 is interest.
How much interest will I pay on ₹15 lakh at 9% over 7 years?
₹5,27,224 — roughly 35% 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.