Loans & EMI

Loans Overview

Loans & EMI helps you track both fixed-rate and floating-rate loans in one place.

Overview gives:

• Active loan list.
• Remaining balance and next due context.
• Repayment progress visibility.
• Floating-rate and fixed-rate support.
• Fast access to details, simulation, and edits.

Use this screen to avoid surprises:

1. Review upcoming dues.
2. Check which loans still have a high remaining balance.
3. Confirm floating-rate loans have the latest rate details.
4. Open the loan when you want to plan EMI changes or review charges.

Loan Detail

Loan Detail is where you manage the real life of the loan after setup.

What to inspect:

• Remaining balance and paid progress.
• Current EMI and next due date.
• Upcoming payments timeline.
• Linked payment outcomes and repayment history.
• Extra charges, late fees, and principal prepayments.

Open detail when:

• The due amount looks wrong.
• Rates go up or down on a floating-rate loan.
• You want to plan future EMI changes before they happen.
• You need to record a fee, penalty, or extra payment.
• You want to link a bank transaction to this loan payment.

Fixed vs floating loans

• Fixed-rate loans keep the same interest rate unless you edit the loan yourself.
• Floating-rate loans let you keep the current rate, track future changes, and record rate updates without rebuilding the loan.
• This app is offline first, so future rate changes are based on what you enter, not on automatic bank or central-bank syncing.

EMI planning and simulation

Use Plan EMI when you want to answer simple questions like:

• What if my rate goes up?
• What if my rate comes down?
• How much more EMI will I pay?
• How much extra should I pay now to keep the loan on track?

The simulator is for planning only. It does not change the real loan until you update the loan or record a real payment.

Extra charges and late fees

Use Extra charges to track costs that are not part of the normal principal-interest split:

• One-time processing or service fees
• Late fees or penalties
• Charges that are part of an EMI
• Charges that are due separately

Use Late fee settings if your lender applies the same late fee rule repeatedly. You can keep it manual or let the app auto-add it based on your setup.

Pay extra

Use Pay extra when you make a payment directly toward the loan balance before the regular EMI date. This is useful when your lender reduces interest based on the outstanding balance on the payment date.

Link real transactions

If you already paid from a bank account or credit account, open that transaction and use Link loan from transaction details. This keeps the loan and ledger connected without needing a duplicate manual record.

Add or Edit Loan

Use Add/Edit to capture the loan in a simple way first, then refine it only if needed.

Common fields:

• Loan name
• Starting amount
• EMI amount
• Interest rate
• Next due date
• Payment frequency

Setup checklist:

1. Use a clear name such as bank + purpose.
2. Enter the current EMI and current rate accurately.
3. Confirm next due date and frequency.
4. Choose fixed or floating only once you are sure.
5. Verify Upcoming reflects the loan correctly after saving.

Floating-rate setup

For floating loans, keep setup simple:

• Enter the current rate you are paying today.
• Choose what should happen if the rate changes.
• Add advanced base-rate details only when you truly need them.

If you do not know the lender’s internal spread or benchmark setup, you can still use the floating-rate loan flow. The app is designed to work even when you only know the current rate and EMI.

Adding an already running loan

If the loan already existed before you started using the app, choose Already running while adding or editing the loan.

What the app can track well from that point:

• Balance left today
• Current EMI
• Current interest rate
• Future EMI planning from today onward
• Principal repaid so far, if you also know the original loan amount

What the app cannot recreate automatically:

• Old EMI payment history
• Total interest already paid in the past
• Earlier floating-rate changes
• Past prepayments or lender charges

Best way to use this:

1. Enter the balance left today.
2. Enter the EMI you are paying now.
3. Enter the current interest rate.
4. Add the original loan amount only if you know it for sure.
5. Add older payments or past rate changes later only if you want a fuller history.

Important:

• If you do not know the original loan amount, the app will still track from today’s balance.
• In that case, progress is treated as tracked from when you added the loan, not full lifetime payoff progress.

Editing tips:

• Update schedule promptly after lender changes.
• Update floating-rate details whenever your lender changes the rate.
• Keep one active record per real loan to avoid duplicate dues.
• If you refinance or fully replace a loan, close the old record instead of mixing two loans into one.

Outcome of good setup:

• Cleaner cash-flow planning.
• Fewer missed due dates.
• More reliable EMI tracking.
• Better simulation before lender changes hit you.