The same reducing-balance formula every Indian bank uses — with a year-by-year breakup of principal, interest and balance. Free, instant, unlimited.
💡 Tip: drag tenure down and watch total interest shrink.
| Period | Principal paid | Interest paid | Balance |
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An Equated Monthly Instalment is the fixed amount you pay a lender every month — part interest, part principal. Early EMIs are interest-heavy; later ones repay mostly principal. That's why prepaying in the first few years saves the most interest.
Amount — borrow only what you need. Rate — even 1% lower saves lakhs on long loans; this is where WowCred's negotiation earns its keep. Tenure — shorter tenure means higher EMI but dramatically less interest. Balance all three with the sliders above.
EMI = [P × r × (1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is the loan amount, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of months. Our calculator applies this exact formula banks use, and also splits every year into principal and interest for you.
Yes — stretching tenure lowers the monthly EMI, but you pay far more total interest. A ₹10 lakh loan at 11% costs about ₹1.5 lakh interest over 3 years but ₹3.2 lakh over 6 years. Pick the shortest tenure whose EMI you can comfortably afford.
For fixed-rate loans, yes. For floating-rate loans (most home loans), the EMI or the tenure adjusts when the lender's benchmark rate changes. Lenders usually keep the EMI same and move the tenure unless you ask otherwise.
A part-prepayment cuts the outstanding principal, which either shortens your tenure (best for saving interest) or lowers your EMI. Floating-rate loans to individuals have zero prepayment charges by RBI rule; fixed-rate loans may charge 0–4%.
Small differences come from disbursal-date interest (broken-period interest), fees added to the loan, or rounding. The formula is identical — differences beyond a few rupees usually mean a different rate or tenure was applied, worth double-checking in your sanction letter.
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