Find answers to common questions about our loan calculator and financial calculations
You can reduce your EMI by: 1) Negotiating a lower interest rate, 2) Making a larger down payment to reduce the loan amount, 3) Extending the loan tenure (though this increases total interest paid), or 4) Looking for lender offers and promotions.
Missing EMI payments can result in: 1) Late payment fees, 2) Increased interest rates, 3) Negative impact on your credit score, 4) Potential legal action in extreme cases. Most lenders offer a grace period of 15-30 days.
Shorter tenure: Higher EMI but less total interest paid. Longer tenure: Lower EMI but more total interest paid. Choose based on your monthly budget and total cost preference.
Most lenders allow prepayment, but terms vary. Some charge prepayment penalties, especially in early years. Prepayment can save significant interest costs. Check your loan agreement for specific terms.
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Use different loan amounts, interest rates, and tenures to find the best option for your budget.
Look beyond monthly EMI. Consider total interest paid over the entire loan period.
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