Magnetic Resonance Imaging (MRI) is an important yet slow medical imaging modality. Compressed sensing (CS) theory has enabled to accelerate the MRI acquisition process using some nonlinear reconstruction techniques from even 10% of the Nyquist samples. In recent years, interpolated compressed sensing (iCS) has further reduced the scan time, as compared to CS, by exploiting the strong interslice correlation of multislice MRI. In this paper, an improved efficient interpolated compressed sensing (EiCS) technique is proposed using radial undersampling schemes. The proposed efficient interpolation technique uses three consecutive slices to estimate the missing samples of the central target slice from its two neighboring slices. Seven different evaluation metrics are used to analyze the performance of the proposed technique such as structural similarity index measurement (SSIM), feature similarity index measurement (FSIM), mean square error (MSE), peak signal to noise ratio (PSNR), correlation (CORR), sharpness index (SI), and perceptual image quality evaluator (PIQE) and compared with the latest interpolation techniques. The simulation results show that the proposed EiCS technique has improved image quality and performance using both golden angle and uniform angle radial sampling patterns, with an even lower sampling ratio and maximum information content and using a more practical sampling scheme.