EMI Loan Calculator

A fixed rate EMI stays constant throughout the tenure regardless of market conditions, making budgeting easier. A floating rate EMI changes based on the benchmark rate set by the RBI, and can go up or down during the loan period.

Most banks give you the option to either reduce the EMI amount or reduce the remaining tenure when you make a prepayment. Reducing tenure saves more interest in the long run, while reducing EMI improves monthly cash flow.

Missing an EMI attracts late payment charges and negatively impacts your CIBIL credit score. Repeated missed payments can lead to the loan being classified as NPA (Non-Performing Asset) and legal action by the lender.

Yes, many lenders allow restructuring of loan tenure. You can request a tenure extension (reduces EMI) or tenure reduction (increases EMI but saves on total interest). This is subject to lender policies and may involve a small processing fee.