Shorter, costlier debt - extra pay cuts tenure
Same EMI maths as the home-loan page, usually at a much higher rate. Extra monthly payment keeps the scheduled EMI and shortens months. An 18% personal loan is not a debate against a 12% SIP illustration.
Clear expensive unsecured debt before you argue Nifty. Fees and FOIR on this page are planning stubs, not a lender's sanction. Prepay vs SIP.
What leaves the bank before you see it
Motion is the same maths as the worksheet. Reduced-motion browsers skip the grow.
Calculator education
When to use this calculator
Use this page when you are sizing an unsecured loan: EMI on sanctioned principal, how fees change money in hand, and how extra monthly payment shortens tenure.
How to read your result
Scheduled EMI is the reducing-balance instalment on the sanctioned amount. Extra pay keeps that EMI and cuts months. Interest saved is versus the original schedule.
Amount disbursed after fee, GST, and insurance is what you actually receive. FOIR on this page is a planning stub, not a lender’s approval.
Key assumptions and limitations
- Same PMT maths as the EMI page, usually at a higher rate you type.
- Fee and GST reduce disbursal; EMI is still on full sanctioned principal unless the product works differently.
- Foreclosure fees after year one are not subtracted from “interest saved.”
Common mistakes
- Comparing an 18% personal loan with a 12% SIP illustration as if they were the same debate.
- Choosing tenure only to pass FOIR, then ignoring total interest.
- Planning to prepay without reading the foreclosure clause.
Related guides
Related calculators
This page estimates EMI and extra-pay tenure. Sanction, FOIR, and foreclosure terms come from the lender. Full disclaimer.
Author / methodology
What I check on a personal loan
- Amount disbursed after fee + GST + insurance that is the loan I actually received.
- FOIR with existing EMIs. A pretty EMI that breaks 50% is a decline waiting to happen.
- Foreclosure fee after year 1. A cheap EMI with a stiff close clause is expensive if I plan to prepay.
Unsecured credit: bank vs NBFC vs app the rate is the product
There is no house to seize. The company prices your CIBIL and FOIR. A 12% SIP illustration is not the other side of this trade.
| Who lends | What you usually get | Caution |
|---|---|---|
| Scheduled bank | Lower headline rate if CIBIL is clean; slower paper | Still unsecured; foreclosure fee may apply |
| NBFC / HFC | Faster sanction, higher rate, sometimes a co-applicant | Read the foreclosure + GST clause before you celebrate the EMI |
| Digital lender / app | Minutes, not days | Processing fee, insurance add-on, and a rate that is not the EMI-only number |
Amount disbursed = sanctioned minus fee (plus GST) minus add-on insurance. That net figure is the loan you actually received.
About ₹90,000 interest on the schedule. Not a 12% SIP debate.