How we calculate

EMI and interest

We use the standard reducing-balance formula. With principal P, monthly rate r (annual rate ÷ 12 ÷ 100) and n months:

EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1)

Each month, interest is the outstanding balance × r, and the rest of the EMI reduces the balance. The schedule is rebuilt month by month so part payments and rate changes flow through correctly.

Part payments

An extra payment goes straight against the principal. We show two outcomes: keep the EMI and finish sooner, or keep the tenure and lower the EMI. Where RBI rules bar a pre-payment charge on a floating-rate loan, we show it as zero; otherwise we use the charge you enter.

Switch or stay

We compare the interest left to pay on your current loan with the interest on a new loan at the new rate, then subtract what moving costs: processing fee, legal and valuation charges, stamp duty if any, and any pre-payment charge. The result is the net saving and the months it takes to recover the cost. We state each assumption on the page. Remaining tenure is taken from your loan, not reset, unless you choose otherwise.

Repo rate and your EMI

Floating-rate loans linked to the RBI repo rate (EBLR) change when the repo rate changes, after the reset date in your agreement. We show what each change would do to your EMI or tenure. Rate history comes from RBI's published decisions.

Lender rate data

Rates come from lenders' own websites and public notices. Each is dated, and the Rates page warns when the data is old. We show published ranges, not an offer made to you. What you are offered depends on your score, income, loan size and the lender's decision.

The document reader

Your loan summary (KFS), sanction letter or credit report is read inside your browser using pattern matching. If a file is a scan or a photo, it is read by text recognition that also runs in your browser. The file is not uploaded. We show each figure we read next to the original so you can check it. If a figure is missing or unclear, we leave it blank and say so.

What our numbers cannot do

We cannot see your lender's internal rules, your exact payment dates or fees added later. Treat results as a well-worked starting point and confirm with your lender. See the disclaimer.

Found an error?

Tell us at support@loancheckup.in with the numbers you used. We check it and correct the page.