Extra Repayment Calculator
Extra Repayment Calculator
Use this calculator to find out how much time and interest can you save by paying more than the minimum repayment. By making extra repayments, you could save yourself interest and reduce the length of your loan. The more money that you owe, the more interest you're paying, so if your loan allows you to make extra repayments and you can afford to pay a little more, this could be a smart option for you.
In Extra Repayment calculator, customer can understand how much he is saving on time and money by paying extra amount on the existing loan. In this manner he can save money by paying the extra amount. In Extra Repayment Calculator you can understand by paying extra repayment, partially or fully, of the loan amount, in addition to the EMI, prior to the maturity of the loan. Repayment results in a decrease in the interest burden on a loan. For a financial institution repayment results into loss of interest income and there are no charges applicable to it. Usually, on repayment, the EMI is kept constant but the term of the loan is reduced to reflect the reduced principal. This calculator helps you determine how you can reduce your loan tenure by making additional repayments.
Important information
All applications for credit are subject to Banks normal credit approval criteria. Terms and conditions are available on application of every bank in which loan will be applied.
This is an estimate and it is provided for illustrative purposes only and is based on the accuracy of information provided. It does not constitute a quote. To apply for a loan you must complete an application.
The repayment amount and total interest payable excludes Processing fees and Mortgage Insurance / Life Insurance.
If a Variable Rate Loan is selected, the interest rate will be subject to market change throughout the term of the Loan.
Results are based on amortised scheduled repayments and, once any discount or fixed rate period expires, the current variable rate or the variable rate is applied for the remainder of the loan term (unless another fixed rate period is taken).
Creative Finserve will not store the information provided in this calculator.
Extra Repayment Calculator FAQ's
You can use extra repayment calculator by adding extra payment you intend to pay in extra contribution section to know how much you are saving on time and interest.
Extra repayment calculator can be relied if you put appropriate data such as the extra amount you intend to pay to reduce the tenure and the interest component. Please note that this is an approximate guide only.
Once you intend to pay the extra amount you will get the information about the pending tenure and the interest you will save. We have created this calculator with the intention of helping existing and new customers who can come to know how much interest and tenure he will be saving.
You need to put in the existing loan amount and the remaining tenure left, you also need to put in the extra repayment amount you intend to pay to understand the tenure and interest you will save in future.
