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Frequently Asked Questions
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. This is the same formula used by all banks including SBI, HDFC, and ICICI.
For a ₹10,00,000 loan at 10% annual interest for 5 years (60 months), the EMI is approximately ₹21,247. Total amount payable is ₹12,74,820 and total interest is ₹2,74,820.
Yes. A longer tenure reduces your monthly EMI but increases the total interest paid. For example, a 20-year loan has a lower EMI than a 10-year loan for the same amount, but you end up paying significantly more interest over time.
An amortization schedule is a month-by-month table showing how each EMI is split between principal and interest, and how the outstanding balance reduces over time. Yes — CodBolt's EMI calculator shows a full amortization table. After calculating, click "Show Amortization Schedule" to see every month's breakdown.
Yes. CodBolt uses the standard reducing balance EMI formula — the same formula used by SBI, HDFC, ICICI, and all major Indian banks. Results will match bank EMI calculators exactly.
Yes. The EMI formula is the same for all loan types. Just enter your loan amount, interest rate, and tenure — it works for home loans, car loans, personal loans, education loans, or any other loan.