Calculator Inputs
Example Data Table
| Example Input | Value | Example Output | Value |
|---|---|---|---|
| Loan Amount | ₹800,000.00 | Original EMI | ₹16,059.28 |
| Annual Rate | 13.00% | Revised Loan Length | 60 months |
| Tenure | 72 months | Interest Saved | ₹81,589.54 |
| Part Payment Month | 18 | Outstanding After Part Payment | ₹533,942.00 |
| Part Payment Amount | ₹120,000.00 | Strategy | Keep EMI same and reduce tenure |
The example above is generated from the same formulas used by the calculator.
Formula Used
1) Standard EMI Formula
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
Where P is the loan amount, r is the monthly interest rate, and n is the number of months.
2) Monthly Interest
Monthly Interest = Opening Balance × Monthly Interest Rate
3) Principal Repaid in EMI
Principal Paid = EMI − Monthly Interest
4) Closing Balance
Closing Balance = Opening Balance − Principal Paid − Part Payment
5) Recalculation After Part Payment
If you choose reduce EMI, the calculator recomputes EMI on the new balance for the remaining months. If you choose reduce tenure, EMI stays unchanged and the loan closes earlier.
How to Use This Calculator
Enter the original loan amount, annual interest rate, and loan tenure in months.
Select the date from which EMI payments begin.
Enter the month number in which you plan to make a lump-sum part payment.
Enter the part payment amount and choose whether you want to reduce EMI or reduce tenure.
Click Calculate to view summary results, comparison metrics, the amortization schedule, and the balance graph.
Use the export buttons to download the revised schedule as CSV or PDF.
Frequently Asked Questions
1) What is a personal loan part payment?
It is an extra lump-sum payment made before the loan ends. This reduces the outstanding principal and can lower total interest, EMI, or remaining tenure.
2) Does part payment always save interest?
Usually yes. Because interest is charged on the outstanding balance, reducing principal earlier often lowers the future interest burden.
3) Should I reduce EMI or reduce tenure?
Reducing tenure usually saves more interest because you finish sooner. Reducing EMI helps monthly cash flow. The better choice depends on your repayment priorities.
4) When is the part payment applied here?
This calculator assumes the regular EMI for that month is paid first. The part payment is then applied immediately to the remaining outstanding balance.
5) Can I use this calculator for zero-interest loans?
Yes. If the annual rate is zero, the calculator divides the principal evenly across the loan months and still applies the part payment logic correctly.
6) Why may my actual bank schedule differ slightly?
Banks may use different day-count methods, processing dates, or rounding rules. They may also charge part payment fees or impose limits not included here.
7) Does the calculator include foreclosure or prepayment charges?
No. This version focuses on repayment math. Any lender fees, taxes, or contractual charges should be added separately when comparing real costs.
8) Can I make multiple part payments?
This file models one part payment event for clarity. You can extend the logic to support multiple lump-sum payments by repeating the balance recalculation step.