1) How is EMI calculated?
We use the standard reducing-balance formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P = loan amount, r = monthly interest rate (annual/12), and n = number of months.

2) What do I enter—years or months?
Enter the tenure in months (e.g., 5 years = 60 months). If your tool has a years box, it converts to months automatically.

3) Does this work for part-prepayment?
The quick EMI result assumes no prepayment. If you make a part-payment, the EMI or the tenure changes. We’ll add a prepayment mode (reduce EMI or reduce tenure) if you need it.

4) Flat vs reducing interest—what’s the difference?
Flat rate charges interest on the original principal for the whole term (looks cheaper but isn’t). Reducing-balance (used by banks) charges interest on the outstanding balance each month—our calculator uses this.

5) Fixed vs floating rate—does it matter here?
Yes. The calculator shows a fixed-rate estimate. With floating rates, your actual EMI/tenure can change when the lender revises the rate.