Loan EMI calculator
Your monthly instalment, the total interest and a year-by-year schedule for any bank loan.
Reducing balance or flat rate?
The Central Bank explains that reducing-balance interest is charged on the capital still owed at each repayment, while a flat rate charges interest on the original amount for the whole term. A flat rate is easier to work out but costs more. Its example: Rs. 100,000 for one year at a flat 10% costs Rs. 10,000 in interest. CBSL FAQ.
This calculator uses the standard annuity formula for reducing-balance loans, which most banks use for personal, housing and vehicle loans. Ask your bank which method it uses, and about processing fees, which are not included here.