Tractor loan EMI calculator
The instalment is what you feel every month. The total interest is what the loan actually costs.
Read the second number, not the first
Move the tenure slider and watch what happens. The EMI falls as you stretch the loan — which is exactly how a longer tenure is sold to you — while the total interest climbs, often by a very large amount. Both are consequences of the same change, but only one of them is usually mentioned at the counter.
The right tenure is the shortest one whose EMI you can pay comfortably in a bad year, not an average one. Farm income is lumpy; a schedule built for a good harvest turns into a default in a poor one.
How this is calculated
Standard reducing-balance amortisation — the same formula every Indian lender quotes on. Each instalment covers the interest accrued on the outstanding balance and puts the rest towards principal, so the interest portion shrinks over the life of the loan.
What this does not include: processing fee, documentation and stamp charges, insurance premium if it is bundled into the loan, and any charge for repaying early. Ask for those as rupee figures and add them yourself — they are a real part of the cost and they never appear in an EMI quote.
Agricultural lenders often allow half-yearly or harvest-linked repayment rather than monthly. This calculator assumes monthly instalments; if you are offered a different frequency, ask the lender for the total-interest figure on that schedule and compare it against the number here.
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