Equated monthly instalment
Work out the monthly instalment, total payable and total interest on a reducing-balance loan.
Result
Loan amount
रु10,00,000.0
Number of payments
60 months
Monthly instalment
रु22,244.45
Total payable
रु13,34,666.86
Total interest
रु3,34,666.86
This is a reducing-balance loan: the interest is charged on the balance outstanding each month, so early instalments are mostly interest. Flat-rate loans work out more expensive than the same headline rate here.