- Loan amount
- ₹3,00,000
- Interest rate
- 12% a year
- Tenure
- 1 year (12 months)
- Monthly EMI
- ₹26,655
- Total interest
- ₹19,856
- Total amount paid
- ₹3,19,856
- Processing fee at 2% + GST
- ₹7,080
If the rate is different
At 11.5% the EMI would be ₹26,585; at 12.5% it would be ₹26,725. Every 0.5% changes the total interest by about ₹843 over the full tenure.