Question 1

If I prepay my loan early, does the calculator show the interest saving?

Accepted Answer

The calculator shows the full 12/24/36-month picture. If you prepay early, your actual interest paid will be less. For example, if you prepay after 20 months, you save interest for the remaining 16 months.

Question 2

Does a longer tenure always mean lower EMI?

Accepted Answer

Yes, longer tenure spreads the loan over more months, reducing the monthly EMI. However, it increases total interest paid. Example: 24-month tenure = higher EMI but less total interest vs. 36-month tenure = lower EMI but more total interest.

Question 3

Can I change my EMI after the loan is approved?

Accepted Answer

Once approved, your EMI tenure and amount are fixed. However, if your business thrives and you want to prepay, most NBFCs (including Ratnaafin) allow prepayment after 12 months*.

Question 4

What if the EMI is too high and I can’t afford it?

Accepted Answer

Reduce the loan amount or increase the tenure (if available). The calculator helps you find the “sweet spot.” If you still can’t find an affordable option, consider applying for a smaller loan first and requesting a top-up after 6-12 months of timely repayment.

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