Before you sign for a loan, see what it costs each month. Enter the amount, interest rate and time to get the EMI, the total interest and the full repayment schedule.
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How to use it
- Enter the loan amount.
- Enter the yearly interest rate.
- Enter the period in years or months.
- Read the EMI and open the schedule to see principal and interest each month.
Example
Rs 10,00,000 at 12% for 5 years: the EMI is about Rs 22,244 and the total interest about Rs 3,34,667.
Questions and answers
What is EMI?
Equated monthly instalment: the same payment each month that covers interest and part of the loan.
Why is more interest paid at the start?
Interest is charged on what you still owe, which is highest in the first months.
Does the rate stay the same?
Most Nepali bank loans have a floating rate that follows the bank's base rate, so the EMI can change.