Personal Loan EMI Plan: Chukta

Chukta is a free EMI calculator and loan planner made for India. Enter the amount, the tenure and the rate you were quoted, and see what the loan really costs you: the monthly EMI, the total interest over the full tenure and the schedule month by month.

WHAT IT DOES

• Monthly EMI on any amount from a few thousand rupees to several crore, over any tenure from one month to thirty years.
• Total repayment split into principal and interest.
• A schedule you can scroll through month by month, with the outstanding principal after every EMI.
• A prepayment slider: add a little extra every month and see how much sooner the loan closes and how much interest you never pay.
• A rate slider, so the calculation matches the offer you were actually given.
• Load on your budget: enter your monthly income and see what share of it the EMI takes, the ratio lenders call FOIR.

FLAT RATE OR REDUCING BALANCE

In India both are quoted, and they are not the same thing. A bank quotes a rate on the reducing balance, so interest is charged only on the principal you still owe. Two-wheeler financiers, dealers and some gold and consumer loans quote a flat rate, charged on the full amount for the whole tenure even after you have paid most of it back. Chukta calculates both and shows the difference in rupees. A separate tool turns a flat monthly rate into the yearly rate on a reducing balance, so two offers quoted differently can be compared.

BUILT FOR INDIA

Pick what you are planning and the amounts, tenures and typical rates are already set: a personal loan for a wedding, medical bills or renovation, a two-wheeler loan, a car loan, a home loan over twenty years, a business loan for your shop or MSME, a small short-term loan for a few months, and a credit card balance converted into EMIs. Figures are shown in lakhs and crores, the way you read them.

A WORKED EXAMPLE

A personal loan of ₹3,00,000 for 36 months at 14% per year on a reducing balance:

• Monthly EMI: ₹10,253
• Total repayment: ₹3,69,118
• Total interest: ₹69,118

Pay ₹2,000 extra every month and the same loan closes in 29 months instead of 36, with about ₹13,800 less interest. A processing fee, typically 1% to 3% of the amount, is charged once at disbursement and comes on top of this.

SAVINGS, NOT ONLY DEBT

The savings planner runs the same arithmetic from the other side: set a goal, an emergency fund, school or college fees, a wedding, the down payment on a flat, a car or business capital, say what you can put aside every month, and see when you get there and what it takes to get there sooner.

TOOLS

• Compare two offers side by side and see which costs less over the full tenure.
• Eligibility: from your income and existing EMIs, the amount you can carry at a comfortable FOIR.
• What the rate really costs: the same loan at different rates, in rupees.
• Flat to reducing balance: the real yearly rate behind a flat quote.

PRIVACY

Nothing you enter leaves your phone. The amount, the tenure and your income are used for the calculation on the screen and are not sent anywhere. The app asks for no permissions beyond internet access and does not read your contacts, your messages, your photos or your files.

PLEASE NOTE

Chukta is an independent calculator, not a lender and not a loan agent. It does not lend money, does not take or forward applications, does not show lender offers, does not check your credit score and is not connected to any bank, NBFC or lending app.

Banks and non-banking financial companies in India are regulated by the Reserve Bank of India, which publishes the list of registered NBFCs and digital lending apps on its own website: https://www.rbi.org.in The developer of this app is not a government body, is not affiliated with the Reserve Bank of India and does not represent any bank or lender.

The figures are estimates based on what you enter. Every lender has its own rates, fees and eligibility rules, so confirm the final numbers with them before you sign.