Loans & Debt · Reduce Your Loan
Debt Consolidation Calculator
List your current debts — credit cards, personal loans, consumer EMIs — and compare carrying on as you are with paying them all off using one consolidation loan. See the new single EMI, total interest and fees, when you'd be debt-free each way, and whether you actually save.
Also listed inFinance & Investment
Your inputs
Quick start — try a typical case
Enter what you pay each month on each one now.
18 % GST is added; the fee is added to the amount you borrow.
Your result Live
Consolidating Saves You
₹61,024
New EMI ₹13,106 vs ₹18,000 a month now · debt-free in 3 years instead of 2 years 10 months
- New Monthly EMI
- ₹13,106 (₹4,894 less than now)
- Interest + Fees — Consolidation
- ₹91,811
- Interest — Carrying On
- ₹1,52,836 over 2 years 10 months
- Your Average Rate Now
- 26.74% vs 13.00% on the new loan
- New Loan Amount (incl. fee)
- ₹3,88,968
Debts you'd pay off
3 rowsConsolidation only helps if you don't run the cards up again. Keep the limits low or close cards you don't need.
A lower EMI over a longer tenure can still mean more total interest — compare the totals, not just the monthly figure.
How this is calculated
New EMI = L·r·(1+r)ⁿ ÷ ((1+r)ⁿ − 1), L = total balances + fee · Saving = interest now − (new interest + fee)
- Carrying on
- Each debt keeps its current monthly payment until it's cleared; interest monthly at rate ÷ 12
- Fee
- Processing fee + 18 % GST, added to the new loan
Debt consolidation replaces several high-interest debts with one loan at a lower rate. It saves money when the new rate is well below your average rate and the tenure isn't stretched too far. The calculator compares the total interest and fees both ways, plus the monthly payment and how long until you're debt-free.
Assumptions & sources
- Current payments stay fixed (no new borrowing); the consolidation loan is a reducing-balance EMI loan.
- No prepayment charges on the old loans.
- 1Key Facts Statement (KFS) for Loans & Advances — includes the Annual Percentage Rate (APR); applies to retail and MSME term loans from 1 October 2024 — Reserve Bank of India (circular of 15 April 2024)
- 2Credit card — finance charges and minimum amount due — Reserve Bank of India — Master Direction on Credit Card and Debit Card
Calculator ID LOAN-CONSOL-001 · version 1.0.0
Common questions
Is debt consolidation a good idea?
It is when a personal loan at, say, 12–16 % replaces credit-card debt at 36–42 %. It isn't if the new loan's fees and longer tenure cost more, or if you'll run up the cards again.
Does consolidation hurt my credit score?
A new loan enquiry dips it slightly at first, but paying off card balances lowers your credit utilisation, which usually helps over time.