Loan entry in tally

Interest on loan a/c dr
to bank a/c

If you have already paid the interest then entry would be the same as mentioned by @ sourav

but if it is not paid then instead bank a/c you need to park entry either into Interest payable a/c (Under outstanding expenses under current liabilities ) or you can park into the ledger to whom the loan is borrowed.

pls not as the Interest amount would be more than the threshold limit you.may have to deduct TDS @ 10%. Then one additional entry needs to be parked as

interest payable or borrower's a/c.........Dr
to TDS on interest a/c

Bank Loan Received
Bank a/c.....Dr 
To Loan a/c

Bank Loan Repayment
Loan a/c.....Dr 
To Bank a/c

Loan Interest Charge by Bank
Interest a/c.....Dr 
To Loan a/c
 

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