What CashLoan is, and what it is not
CashLoan: EMI Loan Guide is a free iPhone app from the developer listed as Jemish Kalsariya, in the Finance category. The store listing calls it an educational guide to loans, EMIs and credit scores. It states in capital letters that it does not provide loans.
This page is an independent, third-party guide. We are not the developer and we are not a lender. The app is an information tool, not a financial institution, and nothing here is financial advice. Interest rules, fees and lending regulations change and differ between countries and lenders, so always confirm figures with the lender and the relevant regulator before signing anything.
What the store listing says it offers
EMI calculator
The listing says the calculator uses the standard reducing-balance formula, lets you adjust amount, rate and tenure with sliders, and shows the split between principal and interest along with a month-by-month schedule. The next section shows the maths so you can check any calculator, this one included.
Credit score guide
According to the listing this section covers what affects a score (payment history, utilisation, length of history and more), score ranges between 300 and 900 and how they affect loan terms, practical steps for improving a score and common mistakes. It also names India’s credit bureaus: CIBIL, Experian, Equifax and CRIF High Mark.
Loan types
The listing says it explains personal, home, car, business, education and gold loans, the difference between secured and unsecured borrowing, collateral types, typical rates and tenures, documents lenders usually ask for, and application tips. Typical rates quoted in any app go stale quickly, so treat them as orientation and check current offers.
Eligibility self-check
Five quick questions produce what the listing calls an educational profile summary and a look at the factors lenders typically consider.
Stated limits
The listing says the developer never asks for your personal or financial details, that the calculations are estimates, and that you should consult a qualified financial advisor before borrowing. The listing is English-only and shows the app as free.
The EMI maths, so you can verify anything
An equated monthly instalment (EMI) on a reducing balance is:
EMI = P x r x (1+r)^n / ((1+r)^n - 1)
where P is the principal, r is the monthly interest rate (annual rate divided by 12, as a decimal) and n is the number of monthly instalments.
Worked example
Borrow 100,000 at 12% a year for 12 months.
- Monthly rate r = 12% / 12 = 1% = 0.01.
- (1.01)^12 is about 1.126825.
- Numerator: 100,000 x 0.01 x 1.126825 = 1,126.825.
- Denominator: 1.126825 - 1 = 0.126825.
- EMI = 1,126.825 / 0.126825, which is about 8,884.88 per month.
Total repaid is about 106,618.55, so interest is about 6,618.55. Early instalments are mostly interest and later ones mostly principal, which is why the schedule in an EMI calculator looks lopsided. Our article on how EMI is calculated steps through the same idea with more examples.
Flat rate versus reducing balance
Some lenders quote a “flat” rate, where interest is charged on the original amount for the whole term. A 10% flat rate is much more expensive than 10% on a reducing balance, often close to double in effective terms. A calculator that uses a reducing balance will not match a flat-rate quote, and that mismatch is itself a warning to ask questions.
How to use a guide like this step by step
- Decide what you actually need to borrow and for what.
- Run the calculator with several tenures. Longer tenure lowers the EMI but raises total interest.
- Compare the EMI with your monthly budget after essentials. A common rule of thumb is to keep all loan repayments to a modest share of income, but there is no universal number.
- Read the credit score section, then get your own free report from a bureau directly.
- Get written offers from at least two or three regulated lenders.
- Compare them on APR or all-in cost, not just the headline rate. Our guide on comparing loan offers by APR explains why.
- Ask about processing fees, prepayment charges, late fees and insurance add-ons.
- Read the full agreement before accepting.
Background: ways to reduce what a loan costs
If your lender allows prepayment, extra payments reduce the principal, and you can usually choose between shortening the tenure or lowering the EMI. Shortening usually saves more interest overall. See loan prepayment: reduce EMI or tenure for the trade-offs. Check for prepayment or foreclosure charges first, because rules differ by loan type and lender.
Our loans topic hub gathers related guides in one place.
Privacy checklist
The listing says the app does not ask for personal or financial details. Even so:
- Check the App Privacy section on the App Store page.
- Do not type your income, PAN, Aadhaar, bank or card numbers into any calculator or “eligibility” screen. A genuine calculator has no need for them.
- Be cautious if the app ever starts requesting sign-in, contacts or photos.
- Look for any ads and decline any offers shown in them without checking the lender independently.
Scams and predatory lending red flags
Anyone searching for loans is a target. Watch for:
- Lenders who ask for an upfront “processing”, “insurance” or “security” fee before releasing money. Genuine lenders deduct fees from the loan or show them in the agreement.
- Guaranteed approval regardless of credit history.
- Pressure to decide today.
- Apps that demand access to your contacts, photos or messages, then threaten or shame borrowers.
- Very short tenures with extreme effective rates, rolled-over loans and hidden charges.
- No clear lender name, registered address or regulator registration.
- Offers arriving by WhatsApp, text or social media from unknown numbers.
If something feels wrong, stop, verify the lender with the regulator in your country, and report abuse to the appropriate authority.
Who it suits and who should look elsewhere
It suits first-time borrowers and anyone who wants to understand what an EMI really contains before talking to a bank. It is a learning aid with a calculator, and the lack of any loan offers in the listing is a feature, not a gap.
Look elsewhere if you want a loan, a credit score check or live offers; the listing says it provides none of these. Also look elsewhere if you need advice on tax or regulation, or if you are outside India and need local credit rules, since the credit-bureau content is India-specific.
Common questions
Why does my bank’s EMI differ slightly from the calculator?
Rounding, processing charges rolled into the loan, the date of the first instalment and day-count conventions can all shift the figure by a little. A large gap suggests fees or a different rate basis.
Is a lower EMI always better?
No. A lower EMI usually means a longer term and more total interest. Look at total repayment as well.
Can an app improve my credit score?
No app can. Paying on time, keeping credit utilisation low and not applying for many loans at once are what move a score over time.
Where to go next
- Start with how EMI is calculated, then compare offers using APR.
- Explore the loans topic hub.
- See other tools in the apps directory.
- Read the live App Store listing and privacy section before installing.