See your monthly EMI, the total interest and a year-by-year repayment schedule for any loan.
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How it is worked out
- EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r the monthly rate (yearly rate ÷ 12 ÷ 100) and n the number of months.
- Each EMI first pays the interest due for the month; the rest reduces the loan.
- The schedule assumes the rate stays the same for the whole tenure.
Questions people ask
Does a longer tenure save money?
No. A longer tenure lowers the EMI but increases the total interest you pay.
What happens if I prepay?
Prepaying reduces the outstanding loan, so you pay less interest over the rest of the tenure. Check your lender’s prepayment terms first.
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