EMI CALCULATOR

Calculator Information

The EMI Calculator is designed to provide an estimate of repayment schedules based on the loan parameters entered, including loan amount, term, and interest rate. For specific loan products, the default interest rate is preselected. The calculator also estimates potential savings in time and interest if additional repayments are made, provided the selected product allows extra contributions. Calculations are generated based on the repayment frequency, loan amount, annual interest rate, and term entered.

Calculator Assumptions

• Equal Month Lengths: All months are treated as having equal lengths. In practice, loans may accrue interest daily, leading to variations based on actual days in a month.
• Yearly Week and Fortnight Assumptions: A year is assumed to have 52 weeks or 26 fortnights (364 days), differing slightly from the actual 365 or 366 days.
• Repayment Rounding: While actual repayments are rounded to the nearest cent, the calculator uses unrounded values for smooth graphs and accurate total interest calculations.
• Time Saved Rounding: Time saved is displayed as full years and months, weeks, or fortnights, rounded accordingly, with potential partial last repayments accounted for.
• Interest Saved Approximation: Interest saved is estimated based on the calculated time saved and original loan parameters.

Calculator Disclaimer

The EMI Calculator provides indicative results only and does not represent quotes, pre-qualifications, or offers for loan products. Variations may occur due to differing institutional formulas. Assumptions, including interest rates and default values, are subject to change. Always consult with financial advisors or lending institutions for precise calculations.