Chennai-based start-up rolls out simulator to calculate additional interest on loan moratorium


Chennai-based start-up Wizi App has launched a simulator to help customers find out how much additional interest they have to pay for their home loan, education loan or credit card dues and other loans, if they opt for the EMI moratorium provided by the Reserve Bank of India.

“We spoke to a few customers and understood that there is a lot of confusion with respect to how this will impact them, so the extent to which the moratorium can benefit the customer was not clear,” said Venkatesan Anandaraj, Founder & CEO, Wizi App.

The default response in light of the confusion is – don’t change the status quo. This can be seen in the responses that a majority of the people are sticking to their EMIs irrespective of their financial condition, he pointed out. The Interest Calculator for opting the moratorium can give an objective cost for availing of the moratorium and will help the customer make a conscious and a diligent decision at the right time based on their cash flows, Mr. Anandaraj said.

The customers can calculate the interest charges that will be additional by opting for a deferred payment of EMI by keying in loan parameters like the loan type, EMI, total tenure and pending tenure. Customers get the additional interest that they will be liable to pay by June 2020 as the output.

The simulator can be accessed at

All loan products are added to the calculator, as the interest rates and maximum tenure permitted across these products vary widely and the customer has to make a call depending on the loan ticket size and the ageing of tenure, Mr. Anandaraj said.

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