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EMI Calculator
Loan Amount (₹)
Annual Interest (%)
Loan Tenure (in months)
Flat Rate
Reducing Rate
Monthly EMI
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Interest
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FAQS
Flat Rate EMI Calculator :
What is a Flat Rate Calculator?
It calculates EMIs using a flat interest rate on the total principal for the entire loan tenure.
Is the interest rate fixed in a Flat Rate calculation?
Yes, the same interest rate is applied to the full principal throughout the loan term.
Which loans generally use the Flat Rate model?
Common for short-term loans like two-wheeler loans, consumer durable loans, or small business loans.
Does the outstanding loan reduce every month?
No, the interest is pre-calculated and spread equally, so the principal reduction is not tracked monthly.
Can I prepay or foreclose a loan with flat EMI structure?
Usually yes, but the benefit is limited as interest is already fixed upfront.
Is the flat rate EMI calculator easy to use?
Yes, it's straightforward and quick for rough EMI estimation.
Reducing Interest Rate EMI Calculator :
What is a Reducing Balance EMI Calculator?
It calculates EMI where interest is charged only on the outstanding loan amount that decreases each month.
Is the EMI fixed in reducing balance calculation?
EMI amount remains mostly constant, but interest and principal portions vary monthly.
Why is reducing balance method better?
Because you pay interest only on the remaining balance, saving money over time.
Which banks and NBFCs use reducing balance EMI calculators?
Almost all banks in India use reducing balance for personal, business, car, and home loans.
Can reducing balance EMIs vary during tenure?
Yes, if the interest rate is floating or linked to repo rate.
What's the difference between monthly and annual reducing balance?
Monthly reducing recalculates every month; annual reducing recalculates once a year.