EMI on a ₹15 lakh personal loan for 3 years

At 13.5% a year on a reducing balance, a ₹15 lakh personal loan repaid over 3 years costs ₹50,903 a month. Over 36 instalments you repay ₹18.33 lakh in total, of which ₹3.33 lakh is interest — about 22% of what you borrowed, paid for the privilege of borrowing it.

Monthly EMI: ₹50,903
Total interest: ₹3.33L
Total repayment: ₹18.33L
Interest as % of loan: 22%

The same loan at other interest rates

Rate	Monthly EMI	Total interest	Total repaid
12%	₹49,821	₹2.94L	₹17.94L
12.5%	₹50,180	₹3.06L	₹18.06L
13%	₹50,541	₹3.19L	₹18.19L
13.5%	₹50,903	₹3.33L	₹18.33L
14%	₹51,266	₹3.46L	₹18.46L
14.5%	₹51,631	₹3.59L	₹18.59L
15%	₹51,998	₹3.72L	₹18.72L

Half a percent looks small until you multiply it by 36 months.

₹15 lakh across tenures at 13.5%

Tenure	Monthly EMI	Total interest	Against 3 years
1 year	₹1,34,328	₹1.12L	₹83,425 more each month
2 years	₹71,666	₹2.2L	₹20,763 more each month
3 years	₹50,903	₹3.33L	This page
4 years	₹40,614	₹4.49L	₹10,288 less each month
5 years	₹34,515	₹5.71L	₹16,388 less each month

A longer tenure buys a smaller EMI and sells you more interest.

How the balance falls

After	Principal repaid	Interest paid	Balance left
1 year	₹4.35L	₹1.76L	₹10.65L
3 years	₹15L	₹3.33L	₹0

What the first EMI actually pays for

Of the very first instalment of ₹50,903, ₹16,875 is interest and only ₹34,028 reduces the balance. That ratio flips slowly — on a reducing-balance loan the early years are almost entirely interest, which is why prepaying early is worth so much more than prepaying late.

What this number assumes

Personal loan rates vary widely by employer, credit score and bank, and processing fees of 1-2% are common. Check the sanction letter, not the ad. The EMI here also excludes processing fees, documentation charges and any insurance the lender bundles in, and it assumes the first instalment starts the month after full disbursement.

Reading it as a household, not a spreadsheet

A personal loan is unsecured, which is why it is the most expensive money on a household balance sheet after a credit card. The question that matters is not whether ₹50,903 is affordable this month — it is whether it stays affordable through a job change, a second child, or a year when a parent needs treatment. Lenders will sanction up to half your take-home as EMI. Households that stay comfortable usually stop nearer 40%.

Where FamTally comes in

FamTally stores this loan once and then keeps score for you: the running balance, the interest paid to date, what a prepayment would save, and the EMI hitting your monthly cashflow alongside every other outgo. The five-year forecast shows the month this loan stops eating ₹50,903 — and the AI assistant will tell you, in plain English, whether clearing it early beats investing the same money. It is free.

Stop doing this in a spreadsheet

FamTally keeps your loans, income, expenses, assets, insurance and goals in one place, forecasts five years ahead, and answers questions about your own numbers. Free, and built for Indian families.

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Questions people ask

What is the EMI on a ₹15 lakh personal loan for 3 years?

At 13.5% a year on a reducing balance, the EMI is ₹50,903 a month for 36 months. The total repaid is ₹18.33 lakh.

How much interest will I pay in total?

About ₹3.33 lakh — roughly 22% of the amount borrowed. Interest is heaviest in the early years, when the outstanding balance is largest.

Can I reduce the EMI?

Three levers: a longer tenure (cheaper monthly, dearer overall), a lower rate through a balance transfer or a negotiation with your lender, or a larger down payment so you borrow less to begin with.

Does prepaying help on a personal loan?

Yes, and far more in the early years. Every rupee prepaid removes all the future interest that rupee would have carried, so a part-payment in year two saves several times what the same amount saves in year ten.