Question 1

What is EMI?

Accepted Answer

EMI stands for Equated Monthly Installment. It 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.

Question 2

How does prepayment reduce interest?

Accepted Answer

Prepayment goes directly toward reducing your principal balance. Since interest is calculated on the outstanding principal, a lower principal means less interest is charged in all subsequent months. This creates a compounding effect that can significantly shorten your loan tenure.

Question 3

Is LoanPilot free to use?

Accepted Answer

Yes, LoanPilot is completely free. We provide professional-grade loan tracking and simulation tools at no cost to our users. We may display minimal advertising to support the maintenance and hosting of the service.

Question 4

Is my financial data safe?

Accepted Answer

Absolutely. LoanPilot is designed with a 'Privacy First' architecture. We do not have a backend database for your loan data. All information you enter is stored exclusively in your browser's local storage.

Question 5

Does LoanPilot store my data on a server?

Accepted Answer

No. We never upload your personal loan details, interest rates, or prepayment amounts to any server. Your data stays on your device, and only you have access to it.

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