Frequently Asked Questions
Everything you need to know about LoanLite and EMI calculations.
Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
The EMI is calculated using the formula: E = P * r * (1 + r)^n / ((1 + r)^n - 1), where E is EMI, P is Principal Loan Amount, r is rate of interest calculated on monthly basis (i.e., r = Rate of Annual interest/12/100), and n is loan term/tenure/duration in number of months.
No, Dapplesoft LoanLite is a 100% client-side application. We do not store, track, or save any of your financial data on our servers. All calculations are performed directly in your browser.
Yes, LoanLite is completely free to use. There are no hidden charges, subscriptions, or login requirements.
Yes! LoanLite supports multiple global currencies. You can select your preferred currency from the dropdown menu, and all calculations and reports will reflect that currency.
A processing fee is a one-time charge levied by the lender to process your loan application. It is usually a percentage of the loan amount or a flat fee. LoanLite allows you to include this in your total payment calculation.
A down payment reduces the principal loan amount you need to borrow. A lower principal amount results in a lower monthly EMI and reduces the total interest paid over the life of the loan.
Yes, LoanLite allows you to download your complete EMI schedule and loan summary as a high-quality PNG or PDF file, making it easy to share or save for your records.
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.
LoanLite was created by Dapplesoft, a software and technology company dedicated to building free, high-quality products for people and businesses to collaborate with. Visit dapplesoft.com for more information.