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Effect of part prepayment on EMI and Tenure

This calculator shows the positive impact of an early repayment of your loan.

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  • If the borrower has opted for a floating interest rate, the interest rate on the loan will change whenever the floating rate is reset by the lender. This, in turn, will result in a change in the EMIs.
  • Similarly in case he prepays the loan amount during the tenure of the loan, his EMI or tenure will change.
  • This calculator helps the borrower understand the effect of their part prepayment on the loan.
  • It indicates the change in EMI if the borrower is interested in giving the effect on EMI.
  • If the borrower wishes to give the effect of loan prepayment on Tenure, the EMI remains constant and tenure is reduced.
  • Ideally, the borrower should request the lender to provide the effect on EMI since it helps the borrower in increasing the monthly cash flow currently.
  • If the borrower has a good income and can easily pay EMI, then the effect should be given on Tenure since the liability of loan will get over fast.