Your loan
New loan? Enter the full amount. Existing loan? Enter what you still owe (see your bank app or loan statement).
Your EMI
Extra every month
Two ways to handle it
A Pay a higher EMI
Extra a month. Same loan end date.
Total extra over the loan
B Keep the EMI, stay in debt longer
Total extra paid
With your current EMI and the new rate, the EMI no longer covers the monthly interest. The loan would never end. Choose a higher EMI (Option A) or pay part of the loan down.
The smart move: one extra EMI a year
Pay one extra EMI at the end of every 12th month, at the new rate and the new EMI.
Year-by-year at the new rate
| Year | Interest | Loan repaid | Balance |
|---|
For an existing loan, results assume your current EMI matches this balance, rate and time left. Assumes the full rate change is passed to your loan (true for repo-linked / EBLR loans). Under RBI's Aug 2023 rules your bank must let you choose a higher EMI, a longer tenure, or a mix. Educational, not financial advice.