Track interest incurred on your loan

Step 1

Track interest incurred on a loan

1. Dashboard > Interest Balances > Debt
2. Sample borrowing: INR 1,00,000
3. Interest is a cost, not a repayment

Interest incurred is the cost added to a loan you owe.

Pennie calls it interest accrued.

Start at Dashboard, Interest Balances, then Debt.

Our separate sample loan begins at one lakh rupees.

This is local tracking, not a bank statement.

Step 2

Open Categories and add a loan category

1. Select the Categories tab
2. Tap Add category
3. Complete any offered custom-category unlock

Select the Categories tab and tap Add category.

Complete any offered custom-category unlock first.

Use a separate category for the loan rather than mixing it with everyday purchases.

Step 3

Name the loan and choose Debt

1. Category name: Sample Loan
2. Category purpose: Debt
3. This example is your own borrowing

Name the category Sample Loan and choose Debt as its purpose.

This example is money you owe.

It is not money you lent, an ordinary expense, or a new credit-card purchase.

Step 4

Choose Loan tracking

1. Select Loan tracking
2. Monthly repayment plan: INR 2,000
3. A plan is not a saved payment

Choose Loan tracking to enable interest terms.

Our example has a two-thousand-rupee monthly repayment plan.

Enter the plan appropriate to your agreement.

This field does not pay an EMI or record a repayment.

Step 5

Enter annual rate and posting schedule

1. Accrual cadence: Monthly; interest type: Simple
2. Starting principal: INR 1,00,000
3. Annual interest rate: 12%

Select Monthly and Simple.

Enter one lakh as starting principal and twelve as the annual interest percentage.

Monthly is the posting schedule, not twelve percent every month.

Simple and compound are different; choose your real agreement.

Step 6

Review tenure and start date, then save

1. Sample tenure: 12 months
2. Tracking start: 1 September 2026
3. Review the terms, then tap Save

Our tenure is twelve months, starting on the first of September, twenty twenty-six.

Review the date and terms, then tap Save.

Later borrowing and repayments need their actual dates.

Do not duplicate starting principal as a second opening balance.

Step 7

Read the interest accrued result

1. Completed September interest: INR 1,000
2. Tracked borrowing becomes INR 1,01,000
3. Read the recent automatic-interest banner

With unchanged principal for completed September, one lakh times twelve percent divided by twelve gives one thousand rupees.

The tracked loan becomes one lakh one thousand.

The recent banner describes records posted in the last twenty-four hours, not interest for just one day.

Step 8

Keep interest separate from monthly spending

1. Automatic interest is excluded from monthly net
2. Record real repayments separately
3. Compare estimates with the lender's statement

Automatic interest does not change these Dashboard income and expense totals.

It changes tracked debt.

Record real repayments separately and compare with the lender's statement: bank calculations can differ.

Accrued interest is not proof that you paid it.