CORAA
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University · Calculators

Loan Amortisation Schedule generator — for auditors.

Built for verifying a client's borrowings, not for shopping consumer loans. Enter the principal, contract rate, tenure and (optionally) a moratorium — get the full month-wise schedule plus annual summaries you can tie to the P&L interest expense and the lender's balance confirmation.

Loan terms
Principal (₹)
Annual interest rate — contract rate (%)
The rate stated in the loan agreement. See the Ind AS 109 note below — this may differ from the effective interest rate (EIR).
Tenure (months)
Up to 600 months (50 years).
Moratorium (months) — optional
No repayment during these months — interest accrues and is capitalised into the outstanding balance. Leave 0 if none.
EMI override (₹) — optional
Use this to reconcile against an EMI the client's loan statement actually shows, instead of the formula-computed EMI.
Result
EMI (computed)
₹52,504.65
Total interest
₹6,50,279
Principal repaid
₹25,00,000
Closing balance
₹0
Annual summary — for audit tie-out
YearInterest accruedPrincipal repaidClosing balance
Year 1₹2,19,948₹4,10,108₹20,89,892
Year 2₹1,79,246₹4,50,810₹16,39,083
Year 3₹1,34,504₹4,95,552₹11,43,531
Year 4₹85,322₹5,44,734₹5,98,797
Year 5₹31,259₹5,98,797₹0
Years count from loan inception (Month 1 onward) — align with the client's April-March financial year separately using the disbursement date.
Month-wise schedule
MonthOpeningEMIInterestPrincipalClosing
1₹25,00,000₹52,505₹19,792₹32,713₹24,67,287
2₹24,67,287₹52,505₹19,533₹32,972₹24,34,315
3₹24,34,315₹52,505₹19,272₹33,233₹24,01,082
4₹24,01,082₹52,505₹19,009₹33,496₹23,67,586
5₹23,67,586₹52,505₹18,743₹33,761₹23,33,825
6₹23,33,825₹52,505₹18,476₹34,029₹22,99,796
7₹22,99,796₹52,505₹18,207₹34,298₹22,65,498
8₹22,65,498₹52,505₹17,935₹34,569₹22,30,929
9₹22,30,929₹52,505₹17,662₹34,843₹21,96,086
10₹21,96,086₹52,505₹17,386₹35,119₹21,60,967
11₹21,60,967₹52,505₹17,108₹35,397₹21,25,570
12₹21,25,570₹52,505₹16,827₹35,677₹20,89,892
13₹20,89,892₹52,505₹16,545₹35,960₹20,53,933
14₹20,53,933₹52,505₹16,260₹36,244₹20,17,688
15₹20,17,688₹52,505₹15,973₹36,531₹19,81,157
16₹19,81,157₹52,505₹15,684₹36,820₹19,44,337
17₹19,44,337₹52,505₹15,393₹37,112₹19,07,225
18₹19,07,225₹52,505₹15,099₹37,406₹18,69,819
19₹18,69,819₹52,505₹14,803₹37,702₹18,32,117
20₹18,32,117₹52,505₹14,504₹38,000₹17,94,117
21₹17,94,117₹52,505₹14,203₹38,301₹17,55,815
22₹17,55,815₹52,505₹13,900₹38,604₹17,17,211
23₹17,17,211₹52,505₹13,595₹38,910₹16,78,301
24₹16,78,301₹52,505₹13,287₹39,218₹16,39,083
25₹16,39,083₹52,505₹12,976₹39,529₹15,99,554
26₹15,99,554₹52,505₹12,663₹39,842₹15,59,713
27₹15,59,713₹52,505₹12,348₹40,157₹15,19,556
28₹15,19,556₹52,505₹12,030₹40,475₹14,79,081
29₹14,79,081₹52,505₹11,709₹40,795₹14,38,286
30₹14,38,286₹52,505₹11,386₹41,118₹13,97,167
31₹13,97,167₹52,505₹11,061₹41,444₹13,55,724
32₹13,55,724₹52,505₹10,733₹41,772₹13,13,952
33₹13,13,952₹52,505₹10,402₹42,103₹12,71,849
34₹12,71,849₹52,505₹10,069₹42,436₹12,29,413
35₹12,29,413₹52,505₹9,733₹42,772₹11,86,642
36₹11,86,642₹52,505₹9,394₹43,110₹11,43,531
37₹11,43,531₹52,505₹9,053₹43,452₹11,00,079
38₹11,00,079₹52,505₹8,709₹43,796₹10,56,284
39₹10,56,284₹52,505₹8,362₹44,142₹10,12,141
40₹10,12,141₹52,505₹8,013₹44,492₹9,67,649
41₹9,67,649₹52,505₹7,661₹44,844₹9,22,805
42₹9,22,805₹52,505₹7,306₹45,199₹8,77,606
43₹8,77,606₹52,505₹6,948₹45,557₹8,32,049
44₹8,32,049₹52,505₹6,587₹45,918₹7,86,132
45₹7,86,132₹52,505₹6,224₹46,281₹7,39,851
46₹7,39,851₹52,505₹5,857₹46,648₹6,93,203
47₹6,93,203₹52,505₹5,488₹47,017₹6,46,186
48₹6,46,186₹52,505₹5,116₹47,389₹5,98,797
49₹5,98,797₹52,505₹4,740₹47,764₹5,51,033
50₹5,51,033₹52,505₹4,362₹48,142₹5,02,891
51₹5,02,891₹52,505₹3,981₹48,523₹4,54,367
52₹4,54,367₹52,505₹3,597₹48,908₹4,05,460
53₹4,05,460₹52,505₹3,210₹49,295₹3,56,165
54₹3,56,165₹52,505₹2,820₹49,685₹3,06,480
55₹3,06,480₹52,505₹2,426₹50,078₹2,56,402
56₹2,56,402₹52,505₹2,030₹50,475₹2,05,927
57₹2,05,927₹52,505₹1,630₹50,874₹1,55,053
58₹1,55,053₹52,505₹1,227₹51,277₹1,03,775
59₹1,03,775₹52,505₹822₹51,683₹52,092
60₹52,092₹52,505₹412₹52,092₹0
MOR = moratorium month (interest capitalised, not paid). Showing all 60 generated months — scroll for the full schedule.
CARO 2020 — clauses (ix) and 3(iii)(c)
For the audited entity's OWN borrowings, this schedule supports clause (ix) — whether the company has defaulted in repayment of loans or other borrowings or in payment of interest, and to whom, along with the period and amount of default. Tie the annual "Interest accrued" figure to finance costs in the P&L, and the "Closing balance" to the bank/NBFC's balance confirmation and the Schedule III borrowings ageing note. Where instead the audited entity is the LENDER — it has granted the loan — the same schedule logic supports clause 3(iii)(c): confirming a repayment schedule was stipulated and receipts have been regular. Don't conflate the two: (ix) tests the client's borrowings (liability side); 3(iii)(c) tests loans the client has given (asset side).
Ind AS 109 — effective interest rate
This schedule runs on the contract rate entered above. Under Ind AS 109, a loan is initially recognised at fair value net of transaction costs (processing fees, origination costs) and subsequently measured at amortised cost using the effective interest rate (EIR) — which, whenever there are day-one fees, differs from the contract rate and produces a different periodic interest charge. Honest limitation: this calculator does NOT back-solve the EIR from a fee amount. Use this table as the contractual cash-flow schedule for confirmation tie-out; obtain the client's own EIR-based amortisation table separately before agreeing the P&L interest expense figure.
On the audit file

A loan amortisation schedule is a recalculation auditors re-perform, not take on faith. every EMI, tied to the confirmation.

CORAA's ledger analysis picks up loan and borrowing accounts from the trial balance and flags where the recorded interest or closing balance drifts from what the repayment schedule implies — so the tie-out isn't rebuilt by hand every year.

Keep going

More Ind AS calculators tools.

Segment reporting checkerForex restatement calculator

How the loan amortisation schedule is built

The standard EMI formula is applied: EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where P is the outstanding balance at the start of the repayment phase, r is the monthly interest rate (annual contract rate ÷ 12 ÷ 100), and n is the number of repayment months. Each month, interest is charged on the opening balance at rate r, the remainder of the EMI reduces principal, and the closing balance carries forward. This calculator lets you override the computed EMI with a figure from the client's actual loan statement, so the schedule can be reconciled against what the lender is really charging rather than a theoretical figure.

If a moratorium (holiday) period is entered, no EMI is paid during those months — interest still accrues each month and is CAPITALISED into the outstanding balance (added to principal), which is the common treatment for construction/project-linked facilities. The EMI for the remaining tenure is then computed on this higher, post-moratorium balance. This is a cash-flow / balance treatment, not automatically a P&L treatment — see the Ind AS 23 note in "Common mistakes" below.

The month-wise table rolls up into an annual summary — total interest accrued and total principal repaid per 12-month block from loan inception, plus the closing balance at each year-end. These three figures are exactly what an auditor recalculates and ties out: interest accrued for the year to the finance-cost line in the P&L, and the year-end closing balance to the lender's balance confirmation and the borrowings ageing note under Schedule III.

Worked example — 5-year term loan, no moratorium

A company borrows ₹25,00,000 at 9.5% p.a. over 60 months, repaid by equal monthly instalments, no moratorium.

Inputs
Principal₹25,00,000
Annual contract rate9.5%
Tenure60 months
MoratoriumNone
Output
Computed EMI≈ ₹52,530 / month
Total interest over tenure≈ ₹6,51,800
Year 1 interest accruedthe largest of the five years — front-loaded
Closing balance at Year 5≈ ₹0 (fully amortised)
Because interest is charged on the reducing balance, the interest component of each EMI is highest in year 1 and falls every year while the principal component rises — the auditor should expect the annual "interest accrued" figures to decline monotonically year over year on a level-EMI schedule with no moratorium, and any deviation from that pattern in the client's own schedule is worth querying.

Common mistakes

Comparing this schedule directly to the client's books when there were processing fees
If the loan had a processing fee or other day-one transaction cost, Ind AS 109 requires the client to carry the loan at amortised cost using the EFFECTIVE interest rate, not the contract rate used here. A mismatch between this contract-rate schedule and the client's EIR-based figures is expected in that case — it is not automatically an error; obtain the EIR working separately.
Assuming moratorium-period interest is capitalised to an asset, not expensed
This calculator capitalises moratorium interest into the LOAN BALANCE (deferred cash payment) by default. That is different from capitalising interest into an ASSET's cost under Ind AS 23, which is only permitted for a qualifying asset under construction. Absent a qualifying asset, moratorium-period interest should still be accrued as a P&L expense each period even though it is not yet paid — check which treatment the client has actually used.
Confusing CARO clause (ix) with clause 3(iii)(c)
Clause (ix) tests the company's OWN borrowings for default in repayment. Clause 3(iii)(c) tests loans the company has GRANTED to others, for a stipulated repayment schedule and regular receipts. Using this schedule to test a borrowing under the wrong clause number in the audit file is a documentation error even if the arithmetic is right.
Using an EMI that does not cover interest, without flagging negative amortisation
If a manually entered EMI override is lower than the interest accruing on the opening balance, principal never reduces and the outstanding balance grows every month. This calculator stops and flags that condition — a client schedule showing the same symptom needs escalation, not just recalculation.
Ignoring processing fees / prepayment charges in the CARO (ix) default test
A "default" for CARO purposes covers both principal and interest — including additional interest, penal interest and charges levied by the lender for delayed payment. A month that nets to the scheduled EMI but only after a penal charge was separately paid is still worth investigating as a near-default.

Frequently asked questions

What formula does this EMI calculator use?+
The standard reducing-balance EMI formula: EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where P is the balance being amortised, r is the monthly rate (annual rate ÷ 12 ÷ 100), and n is the number of instalments. Each month, interest = opening balance × r, and principal repaid = EMI − interest.
How does the moratorium option work?+
During the moratorium, no EMI is paid; interest accrues monthly on the outstanding balance and is added to (capitalised into) that balance. The EMI for the remaining tenure is then computed on the higher post-moratorium balance. This is the common treatment for project/construction-linked facilities — some loan agreements instead require interest-only payment during the moratorium; check the agreement before assuming capitalisation.
Why would I override the computed EMI?+
To reconcile this schedule against what the client's actual loan statement shows. Small differences from rounding, fee amortisation, or a different EIR are common — entering the real EMI lets you see how the client's balance path compares to a plain contract-rate schedule.
Which CARO 2020 clause does this support?+
For the company's own borrowings (liability side), clause (ix) — default in repayment of loans/borrowings and interest. For loans the company has GRANTED to others (asset side), the same schedule logic supports clause 3(iii)(c) — confirming a stipulated repayment schedule and regular receipts. They are different clauses testing different sides of the balance sheet.
Does this schedule reflect the effective interest rate (EIR) under Ind AS 109?+
No — it uses the contract rate you enter. Where the loan had processing fees or other transaction costs, Ind AS 109 requires amortised-cost accounting using the EIR, which differs from the contract rate. This calculator does not compute the EIR; treat it as the contractual cash-flow schedule and obtain the client's EIR-based table separately for the P&L interest figure.
How do I tie the annual summary to the financial statements?+
The "Interest accrued" total for a year should agree (subject to any EIR difference noted above) with the finance-cost line attributable to this borrowing in the P&L. The "Closing balance" at year-end should agree with the lender's balance confirmation and the amount disclosed in the borrowings note under Schedule III.
What if the EMI I enter does not cover the interest?+
The schedule flags this as negative amortisation — the outstanding balance would grow every month instead of reducing, and the calculator stops generating further rows rather than looping indefinitely. In practice this means the stated EMI cannot be correct for the stated rate and balance, or the loan is genuinely structured to increase in principal (e.g. some restructured facilities) — verify against the agreement.

Authoritative sources

MCA
Companies (Auditor's Report) Order 2020 — clause (ix) — Default in repayment of loans or other borrowings, and interest, to any lender.
ICAI
Ind AS 109 — Financial Instruments — Amortised cost measurement and the effective interest rate method for loans and borrowings with transaction costs.
ICAI
Ind AS 23 — Borrowing Costs — Capitalisation of borrowing costs is restricted to qualifying assets under construction — relevant when assessing moratorium-period interest treatment.
Always confirm against the latest version of the source. Regulations evolve and amendments are common.
Related calculators
Segment reporting checker (Ind AS 108) →Forex restatement calculator (Ind AS 21 / AS 11) →EPS calculator (Ind AS 33) →Loans and borrowings working paper →
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Last reviewed: 2026-07-29 · For informational purposes only — not professional advice.