Question 1

How is EMI calculated?

Accepted Answer

Pick an interest method. Daily reducing uses the days between disbursement or EMI dates. Monthly / 12 uses EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is principal, r is the monthly rate, and n is months. Flat rate charges interest on the original principal for the full tenure.

Question 2

What is the difference between the interest methods?

Accepted Answer

Daily reducing and monthly / 12 both charge interest on the outstanding balance; daily uses the actual day count, monthly uses the standard quote formula. Flat rate charges interest on the original principal for the whole tenure and usually costs more.

Question 3

Does AsliCost include fees and foreclosure?

Accepted Answer

Yes. You can add processing fee (flat or percent), GST, stamp duty, lump or yearly prepay, and foreclosure charges on the outstanding when you model a switch.

Question 4

Can I compare rates or a balance transfer?

Accepted Answer

Yes. Compare two rates on the same loan, or after some EMIs switch or top-up the outstanding at a new rate and remaining tenure.

Question 5

Is AsliCost a bank quote?

Accepted Answer

No. Figures are rounded to the nearest paise and are for planning only. They are not a bank, AMFI, insurer, or tax quote.

Question 6

What else can AsliCost calculate?

Accepted Answer

Loan (EMI, gold loan, rent vs buy, card), invest (SIP, SWP, FD/RD, retirement, PPF, NPS, XIRR), protect (term life), and plan (household, goals, gratuity). Tax tools are not on the current roadmap.