Here we will explain and calculate the answer to "What is the EMI for a 15 lakhs loan?" In other words, what will be the EMI for a 15 lakhs loan? Of course, this could be the EMI for any kind of loan. It could be a 15 lakhs home loan, a 15 lakhs car loan, and so on.
First, note that EMI is the abbreviation for Equated Monthly Installment which is the amount (principal and interest) that a borrower will pay monthly to repay the loan.
The EMI is based on the yearly interest rate and length of the loan in years. Before we continue, note that ₹ 15 lakhs or Rs. 15 lakhs is the same as 15,00,000 rupees. Based on our assumptions and calculation, we calculate that the EMI for ₹ 15 lakhs will be as follows:
₹ 9,979.54 per month
Note: You can change our assumptions to reflect your loan terms further down on this page.
The EMI amount we calculated above is based on the assumptions in the boxes below. You can change our assumptions and press "Calculate" to get the EMI for your particular situation.
So how did we calculate the EMI for 15 lakhs? How did we calculate how many rupees you have to pay monthly for your 15 lakhs loan? Below is the formula to calculate the monthly EMI of any amount of lakhs if you have the yearly interest rate and length of the loan in years.
EMI = R × (i÷1200)×(1+(i÷1200))^(Y×12) ÷ ((1+(i÷1200))^(Y×12)−1)
R is the loan rupees amount which in this case is 15 lakhs (15,00,000 rupees), i is the interest rate, and Y is the life of the loan in years. When we enter 15 lakhs and our assumed interest rate and length of loan into our formula, we get the following:
EMI = ₹ 15 lakhs × (7÷1200)×(1+(7÷1200))^(30×12) ÷ ((1+(7÷1200))^(30×12)−1)
EMI = ₹ 9,979.54
FYI: The longer the loan in terms of years, the less rupees you would have to pay each month. Furthermore, the lower the interest rate, the lower the EMI.
Need to borrow another amount? Here you can enter another amount of Lakh Rupees so we can calculate the EMI for you.
What is the EMI for a 15.1 lakhs loan?
Did you like our math to calculate EMI? Go here for the next Lakh Rupees on our list that we have calculated the EMI for.