Disclaimer & Legal Information
Important Disclaimer
All EMI results, calculations, and financial information provided by this EMI Calculator are indicative only and for informational purposes only. This calculator is not affiliated with any bank, financial institution, or regulatory body.
The actual EMI, interest rates, and loan terms you receive will depend on individual lender policies, your credit profile, income, employment status, age, and prevailing market conditions.
Calculation Accuracy
Formula Used: All EMI calculations use the standard RBI-accepted formula with the monthly reducing balance method:
Where P = Principal, r = Monthly interest rate, n = Total number of months
While we use accurate mathematical calculations, rounding errors may occur due to decimal precision in currency conversions. Actual EMI may differ by a few rupees from our calculations.
The final month's payment may vary slightly to account for accumulated rounding throughout the amortization schedule.
What This Calculator Does NOT Include
- Processing Fees: Banks typically charge 0.5% - 2% of loan amount as processing fees
- Insurance: Home loan insurance (HDFC Insurance, etc.) and personal accident insurance
- Registration & Stamp Duty: Legal fees, documentation costs, and property registration fees
- GST: GST on processing fees and other charges (18%)
- Pre-closure Penalties: Charges applicable if you prepay the loan before tenure
- Tax Benefits: Section 80C deduction for principal, Section 24(b) deduction for interest
- Floating Rate Changes: Changes in interest rates during loan tenure for floating rate loans
RBI Mandate: Key Facts Statement (KFS)
As per RBI notification dated April 15, 2024 (Circular RBI/2024-25/18DOR.STR.REC.13), a Key Facts Statement (KFS) is mandatory for all new retail and MSME term loans sanctioned on or after October 1, 2024.
What is KFS? A Key Facts Statement is a standardized disclosure document that presents key facts of a loan agreement in simple, easy-to-understand language, enabling borrowers to make informed financial decisions.
KFS Must Include:
- Loan amount and loan type
- Tenure (loan period)
- Interest rate (fixed or floating)
- Monthly EMI (Equated Monthly Instalment)
- Total amount payable
- All charges (processing fee, insurance, etc.)
- Annual Percentage Rate (APR) - includes all costs
- Complete amortization schedule
- Prepayment and foreclosure terms
- Rights and responsibilities
Validity Period: KFS is valid for at least 3 working days for loans with tenure of 7+ days. The lender remains bound by terms in KFS if agreed during validity period.
RBI-Mandated Disclosures & Borrower Rights
1. Annual Percentage Rate (APR)
APR is the annual cost of credit including the interest rate and all other charges levied by the lender. This is the true cost of borrowing and should be compared across lenders.
2. Transparency in Charges
Only fees and charges mentioned in the KFS can be levied. Any additional charges require explicit borrower consent. Receipts and documents for all charges must be provided within reasonable time.
3. Floating vs Fixed Rate Options
Fixed Rate Loans: Interest rate remains constant throughout the tenure.
Floating Rate Loans: Interest rate is linked to a benchmark (SBLR, MCLR, etc.) and may change. Borrowers must be informed of any rate changes immediately.
4. Right to Prepay & Foreclose
Borrowers have the right to prepay the loan partially or fully at any time. For floating rate loans, prepayment is free. For fixed rate loans, prepayment penalties may apply (must be disclosed in KFS).
5. Right to Switch/Transfer
Borrowers may switch from fixed to floating rate or transfer their loan to another lender. Any applicable charges must be communicated upfront.
6. Grievance Redressal
If you have any complaints or disputes, you can approach:
- Internal Complaint Cell: Your lender's ombudsman or complaint cell
- RBI Banking Ombudsman: For unresolved grievances (www.rbi.org.in)
- RBI Regulatory Portal: Lodge formal complaints (complaints.rbi.org.in)
This Calculator's RBI Compliance
This EMI calculator provides indicative Key Facts Statement generation for informational purposes based on your inputs. The KFS generated here follows RBI-mandated format but is NOT a substitute for the official KFS provided by your lender.
What This Calculator Does:
- Calculates EMI using RBI-standard reducing balance method
- Generates KFS format showing all cost breakdowns
- Calculates Annual Percentage Rate (APR)
- Provides complete amortization schedules
- Shows fixed vs floating rate options
- Discloses all charges transparently
Important Notes:
- Actual terms from your lender shall supersede these calculations
- This calculator assumes standard charges; actual charges vary by lender and credit profile
- Interest rates used are for illustration; actual rates depend on lender policies
- Always review the official KFS from your lender before signing loan agreement
Before Signing Your Loan Agreement
As per RBI guidelines, before executing any loan agreement, ensure that:
- You have received and understood the official KFS from your lender
- You have read and understood the complete loan agreement
- The terms in the agreement match the terms in the KFS
- You understand all charges including processing fee, insurance, and GST
- You understand the EMI amount and payment schedule
- You know the prepayment and foreclosure terms
- You have been informed of floating rate adjustment mechanisms (if applicable)
- You acknowledge in writing that terms have been explained to you
RBI Requirement: Lenders must obtain explicit acknowledgment from you that you have understood the KFS before loan disbursal.
RBI Resources & References
Official RBI Circular: RBI/2024-25/18DOR.STR.REC.13 (April 15, 2024) - Key Facts Statement for Loans & Advances
RBI Official Website: www.rbi.org.in
RBI Banking Ombudsman: www.rbi.org.in/ombudsman
Complaint Portal: complaints.rbi.org.in
Master Direction on Interest Rate on Advances (2016): Updated regulations on loan terms
Guidelines on Digital Lending: Applicable to all digital loan platforms
Step-up/Step-down EMI: Loans with changing EMI structure over time
Interest Rates Disclaimer
We Do NOT Scrape or Show Live Bank Rates. Interest rates displayed in this calculator are for illustration purposes only.
Actual interest rates offered by lenders depend on:
- Your credit score and credit history
- Your income and employment status
- Existing loans and financial obligations
- Loan-to-Value (LTV) ratio for secured loans
- Current market conditions and RBI policies
- Promotions and special offers by lenders
Always check with multiple banks and financial institutions for current rates before applying for a loan.
This Is NOT Financial Advice
This calculator is provided for educational and informational purposes only. It is NOT financial advice.
Before taking any loan, you should:
- Consult with a certified financial advisor
- Review loan documents carefully
- Understand all terms, conditions, and hidden charges
- Compare offers from multiple lenders
- Assess your personal financial situation
- Ensure the loan aligns with your financial goals
Data Protection & Privacy
We Do NOT Store Your Data. All calculations are performed locally in your browser. We do not collect, store, or transmit any personal or financial information you enter.
No Account Required. This calculator does not require any login, personal information, or account creation.
Your Privacy is Protected. We use industry-standard security practices. However, please note that no online service is 100% secure.
Warranty Disclaimer
This calculator is provided "AS IS" without any warranties or guarantees. We make no representation or warranty regarding the accuracy, reliability, or completeness of the calculations or information provided.
We shall not be liable for any direct, indirect, incidental, special, consequential, or punitive damages arising from your use of this calculator or reliance on the information provided.
Regulatory Information (India)
RBI Guidelines: This calculator follows RBI-accepted EMI calculation standards. However, it is not endorsed or approved by the Reserve Bank of India.
Applicable Laws: For loan-related disputes in India, the following may apply:
- Reserve Bank of India (RBI) regulations and guidelines
- Banking Regulation Act, 1949
- Consumer Protection Act, 2019
- Information Technology Act, 2000
If you have any grievance related to a loan, you can file a complaint with your lender's customer service or escalate to the RBI Banking Ombudsman.
Standard Assumptions
All calculations are based on the following assumptions:
- Monthly Compounding: Interest compounds monthly unless specified otherwise
- Monthly Reducing Balance: Interest is calculated on the reducing balance each month
- Fixed Interest Rate: Unless a floating rate is selected, the interest rate remains constant throughout the tenure
- Regular Payments: EMI payments are made on time and in full each month
- No Prepayment: Unless the prepayment tool is used, no early repayment is assumed
- Deterministic Results: Same inputs always produce the same outputs
Changes to This Disclaimer
We reserve the right to update this disclaimer at any time without notice. Your continued use of this calculator indicates your acceptance of any changes to this disclaimer.
Questions or Concerns?
If you have any questions about this calculator, this disclaimer, or any EMI-related concerns, please refer to:
- Your lender's customer service
- RBI Banking Ombudsman for loan disputes
- Your financial advisor for personalized guidance
By using this EMI Calculator, you acknowledge that you have read and understood this disclaimer and agree to be bound by its terms. You use this calculator at your own risk and assume all responsibility for your financial decisions.