How to use it
Enter your loan amount, rate and original tenure, how many EMIs you have already paid, the lump sum you want to prepay, and the lender's prepayment charge (if any). The calculator shows:
- the outstanding amount before your prepayment,
- the interest saved if you keep the same EMI and finish sooner,
- how many months earlier the loan ends,
- the lower EMI you would pay instead if you keep the remaining tenure,
- the prepayment charge including 18% GST.
Example
₹5,00,000 at an illustrative 12% for 36 months; after 12 EMIs, about ₹3,52,792 is outstanding. Prepaying ₹1,00,000 and keeping the EMI ends the loan 7 months earlier and saves about ₹22,900 of interest before charges.
When prepaying makes sense
Prepay early in the tenure, keep an emergency fund, and compare the saving with the charge. RBI rules bar prepayment charges on floating-rate loans to individuals for non-business purposes; fixed-rate personal loans may carry a charge set out in the Key Fact Statement. Read the full guide: prepayment and foreclosure.