Main Loan EMI Calculator
Reducing Balance FormulaAmortization Repayment Schedule
| Year | Payment (EMI) | Principal Paid | Interest Paid | Balance |
|---|---|---|---|---|
| Year 1 | ₹1,23,096 | ₹83,814 | ₹39,282 | ₹4,16,186 |
| Year 2 | ₹1,23,096 | ₹91,219 | ₹31,877 | ₹3,24,967 |
| Year 3 | ₹1,23,096 | ₹99,281 | ₹23,815 | ₹2,25,686 |
| Year 4 | ₹1,23,096 | ₹1,08,057 | ₹15,039 | ₹1,17,629 |
| Year 5 | ₹1,23,115 | ₹1,17,629 | ₹5,486 | ₹0 |
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Frequently Asked Questions (FAQ)
Common questions about EMI and loan calculations
What is EMI and how is it calculated?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. We use the standard reducing-balance EMI formula.
Does loan prepayment really save interest?
Yes! Prepaying your loan directly reduces your outstanding principal balance, which exponentially lowers the interest calculated for remaining months.
What is FOIR in Loan Eligibility?
FOIR stands for Fixed Obligation to Income Ratio. Most banks limit your total EMIs to 50%-60% of your net monthly income.
Are the calculation results guaranteed by banks?
Calculations on LoanCalc Pro are accurate estimates based on standard mathematical formulas. Actual bank quotes may vary slightly due to processing fees, taxes, or credit score ratings.