ZovaTool

Personal Loan Calculator

Loan Inputs

Result Summary

Monthly Payment
₹10,253
Total Principal
₹3,00,000
Total Interest
₹69,118
Upfront Fees
₹6,000
Down Payment
₹0
Total Cost of Loan
₹3,75,118
Effective APR
15.43%
Periods
36 / 36
Amount Financed
₹3,00,000

How to use the Personal Loan Calculator

  1. Enter the loan amount you need as Principal.
  2. Enter the annual interest rate offered by your lender.
  3. Set tenure in months — personal loans typically run 12–60 months.
  4. Personal loans rarely require a down payment — leave it at 0.
  5. Add processing fee (most banks charge 1–3% upfront).
  6. Choose Reducing Balance for standard personal loans, or Flat Rate if your lender uses it.
  7. Open Schedule for the full month-by-month payment plan.
  8. Use Extra Payments to see how prepaying cuts your interest cost.
  9. Use Refinance / Compare to evaluate balance-transfer offers.
  10. Export the schedule to Excel/PDF or copy a shareable link.
Advertisement

Personal loans: read the APR, not the rate

Personal loans are unsecured, so rates are higher than home or auto loans — typically 11–24%. Two offers with the same nominal rate can differ hugely once processing fees, insurance bundling and prepayment penalties are factored in. The APR field here gives you the apples-to-apples comparison.

Flat vs reducing rate matters more for personal loans than any other category. A 12% flat rate is roughly equivalent to a 22% reducing rate — always confirm which method the lender uses before signing.

If you're consolidating credit-card debt, even a 15% personal loan beats a 36% card APR. Use this calculator to model the savings.

Personal loans have shorter tenures, so prepayment savings are smaller in absolute terms — but the percentage saved on interest is still substantial. Check for prepayment penalties before committing extra cash.