Daily & Weekly EMI Calculator
For daily-collection, SHG and microfinance loans, where the instalment is not monthly. Uses the same period counts a real loan book uses — 365 daily, 52 weekly, 24 twice-monthly.
Why monthly calculators get this wrong
A daily loan is not a monthly loan divided by thirty. The rate has to be spread over the actual number of collection days, and a 100-day loan is 0.27 of a year, not three months. Using a monthly calculator and dividing overstates the instalment and understates the effective cost — which matters when the borrower is being told a figure in the field.
Flat is the norm in daily collection
Daily and weekly lenders overwhelmingly quote flat, because the collector needs a round number to carry and the borrower needs one they can remember. That is legitimate — but the effective rate is roughly double the flat rate, and that effective figure is what belongs on the Key Facts Statement.
Frequently asked
How is a daily EMI calculated?
The same amortisation formula is used, with the rate divided by 365 instead of 12 and the number of instalments counted in days. Most daily-collection lenders in India use flat interest, which makes the daily figure a round number the collector can carry.
What is the difference between weekly and fortnightly collection?
Weekly means 52 instalments a year. Fortnightly in Byaj Batta means twice a month on fixed dates — 24 instalments a year — rather than every 14 days, because fixed dates are what SHG and JLG groups actually meet on.
Is daily collection allowed for microfinance in India?
Yes. Daily, weekly and fortnightly collection are all used by MFIs, SHG lenders and daily-deposit schemes. The RBI microfinance directions govern pricing and household-income limits, not the collection frequency itself.
How do I track daily collections across a field team?
A collection sheet per agent per day, listing every borrower due, with the amount collected marked against each. Byaj Batta generates that sheet automatically and reconciles what the agent banks against what they recorded.