लोन कैलकुलेटर
General purpose loan calculator for personal or bank loans.
A universal loan calculator for personal loans, education loans, business loans, and vehicle loans. Unlike home loans, personal loans have higher interest rates (11-24%), shorter tenures (1-5 years), and minimal documentation.
Use this calculator to compare different loan offers, understand total interest costs, and determine affordable EMI amounts before applying.
The Problem (Jan 2023): Amit, 29, Software Engineer, ₹65,000 Salary
Amit was drowning in debt from multiple sources:
| Loan Type | Amount | Interest Rate | EMI |
|---|---|---|---|
| Credit Card 1 | ₹1.2L | 42% APR | ₹8,400 (min) |
| Credit Card 2 | ₹80K | 38% APR | ₹5,600 (min) |
| Personal Loan | ₹3L | 18% | ₹7,640 |
| Bike Loan | ₹70K | 14% | ₹2,180 |
| TOTAL | ₹5.5L | Avg 32% | ₹23,820 |
Result: 37% of salary going to EMIs! Couldn't save, living paycheck-to-paycheck, mental stress
The Solution: Debt Consolidation Loan (Feb 2023)
Amit took a ₹5.5L loan @ 13.5% for 3 years to close all debts:
The Execution (Feb 2023 - Jan 2026):
| Month | Action | Savings | Loan Balance |
|---|---|---|---|
| Month 1-6 | Built ₹50K emergency fund | ₹5,150/mo | ₹5.05L |
| Month 7-12 | Started prepaying ₹30K | ₹3,150/mo | ₹3.72L |
| Month 13-24 | Prepaid ₹50K/6 months | Investing SIP | ZERO! |
Outcome: Debt-free in 24 months (vs 36 months planned)!
The EMI-to-Minimum Payment Fallacy
Credit cards show "minimum due" of 5% (₹5,000 on ₹1L balance). Here's the reality:
| Payment Strategy | Monthly Payment | Time to Repay | Total Interest |
|---|---|---|---|
| Minimum (5%) | ₹5,000 → ₹2,100 | 14 YEARS! | ₹2.1L |
| Fixed ₹10K/mo | ₹10,000 | 13 months | ₹24,800 |
| Full payment | ₹1,00,000 | 1 month | ₹0 |
Lesson: Minimum payment = lifetime debt slavery. You repay ₹3.1L for ₹1L borrowed!
The Compound Interest Nightmare
Personal loan @ 18% interest on ₹5 lakh for 5 years:
The ₹1 Lakh Salary Illusion
This is how middle-class Indians live—earning well, saving nothing.
| Loan Type | Interest Rate | Max Tenure | Best For | Avoid If |
|---|---|---|---|---|
| Personal Loan | 11-24% | 5 years | Medical emergency, Debt consolidation | Vacation, gadgets, lifestyle |
| Education Loan | 8.5-13.5% | 15 years | MS abroad, MBA, medical college | Low-ROI courses |
| Gold Loan | 9-15% | 2 years | Business working capital | Stock market speculation |
| Car Loan | 8.5-11.5% | 7 years | Work necessity (sales, remote areas) | City life with good public transport |
Golden Rule: Borrow for ASSETS (Home, Education), NOT for LIABILITIES (Car, Phone, Vacation)
Step 1: Emergency Stop - Cancel all pending orders, freeze all credit cards
Step 2: Debt Audit - List all loans with interest rates (highest to lowest)
Step 3: Negotiate - Call banks, request rate reduction citing good payment history
Step 4: Consolidate - Take one low-interest loan to pay off high-interest debts
Step 5: Autopay Setup - Set autopay for 1 day after salary credit
Step 6: Snowball Attack - After minimum payments, throw ALL extra money at smallest debt first for psychological wins, then target highest-interest debt
Real Example: Sneha cleared ₹8.5L debt in 18 months using: