The page tells you what to enter. This guide explains why the calculator works the way it does.
1 · Who it's for
Loans from the RBI Lucknow co-operative society, repaid by monthly deduction from salary. Each month a fixed principal EMI is recovered together with that month's interest on the balance still owed.
2 · Share money
10% of the loan amount is kept as share money, so the amount disbursed is 90% of the loan. The full loan amount is still recovered.
3 · The principal EMI
The minimum principal EMI is the loan amount divided by the tenure, rounded up to ₹50. To pay more each month — and close sooner — enter it under Principal EMI you want deducted. An amount at or below the minimum has no effect.
4 · Interest
Interest for a month is charged on the balance at the start of the previous month, at the rate in force then — so it runs one month behind the principal. The first month is prorated by the day the loan was taken: on or before the 10th a full month, the 11th to 20th two thirds, after the 20th one third.
5 · Interest rates
Every rate with the date it took effect. Each applies from its date until the next one. At least one rate is needed, ideally starting on or before the loan date; if the earliest starts later, it is used from the loan date onward.
6 · Loan changes
- Principal EMI changes
- A revised monthly principal recovery, effective the month after the one entered (the workbook's one-month lag).
- Lumpsum payments
- A one-off repayment. It reduces the balance and, depending on the day it lands — 1st to 3rd, 4th to 10th or 11th to 20th — changes how the next month's interest is prorated.
7 · Reading the result
The large figure is the amount deducted this month: the principal EMI plus that month's interest. Beside it: the total interest, when the loan closes, and the rates used. On a phone the result has its own tab.
8 · Advanced analysis
Position as on reads the schedule at the end of any month you pick: principal repaid and still owed, interest paid so far, the interest for that month (charged a month later), and what is still to come. Repayment comparison sets your loan against the same loan without your principal EMI changes and lumpsum payments, and shows the interest saved and how much sooner it closes.
9 · Close the loan early
Pick a date to see what paying off the rest costs. Interest keeps running for that month and the one after. You can add the result as a lumpsum payment.
10 · The schedule
Every month's balance, principal, lumpsums, interest and total deduction. Last month is marked As on, the closing month is highlighted, and months with a lumpsum are marked in colour. It stops once the loan is fully closed.
11 · Saving
Everything you type is saved automatically — to your account if you are signed in, otherwise to this browser on this device. Reset to the example brings back the standard values.