Question 1

How is EMI calculated?

Accepted Answer

AsliCost uses the standard reducing-balance formula EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is principal, r is the monthly rate, and n is the number of months. You can also use daily 365-day interest between EMI dates.

Question 2

What does reducing-balance interest mean?

Accepted Answer

Interest is charged on the outstanding principal, not the original loan amount. Each EMI pays interest first, then principal, so the interest share falls over the tenure.

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