Personal Loan Prepayment Calculator
Interest saved by a lump-sum prepayment, extra monthly payments or yearly EMI increases.
Updated 27 September 2026 · 8 lenders trackedAbout this calculator
Personal loan rates are high, so prepaying early saves a lot. Enter your outstanding balance and prepayment; then subtract any prepayment charge from your lender’s KFS — most fixed-rate personal loans charge 2% – 5% + GST, while IDFC FIRST charges nothing and ICICI nothing after 24 EMIs.
Personal Loan Prepayment Calculator
Worked example
| Option | EMI | Months left | Interest still payable | Interest saved |
|---|---|---|---|---|
| No prepayment | ₹10,871 | 48 months | ₹1,01,196 | — |
| Reduce tenure (same EMI) | ₹10,871 | 35 months | ₹54,902 | ₹46,294 |
| Reduce EMI (same tenure) | ₹8,287 | 48 months | ₹77,137 | ₹24,059 |
₹5,00,000 at 11.00% for 5 years; ₹1,00,000 prepaid after 12 EMIs (outstanding then ₹4,20,623). If your lender charges 3% + GST on the amount prepaid, subtract ₹3,540.
Lender rules
| Lender | Processing fee | Prepayment / foreclosure |
|---|---|---|
| Axis Bank Personal Loan | Up to 2% of loan + GST | Foreclosure 5% + GST; part-payment 3% or 2% depending on tenure (BankBazaar) |
| HDFC Bank Personal Loan | Up to ₹6,500 + GST | Foreclosure: 4% of principal outstanding up to 24 EMIs, 3% from 25 to 36 EMIs, 2% after 36 EMIs (+ GST) |
| ICICI Bank Personal Loan | Up to 2% of loan + GST | Foreclosure and part-payment: 3% of principal outstanding if the loan is up to 24 months old; nil after 24 EMIs |
| IDFC FIRST Bank Personal Loan (FIRSTmoney) | 0% – 3.5% of loan (incl. GST); zero on select amounts | Zero foreclosure charges |
| SBI Personal Loan (Xpress Credit) | 1.50% of loan (min ₹1,000, max ₹15,000) + GST | SBI’s RTXC page lists no prepayment penalty, but aggregators report 3% of the amount prepaid on fixed-rate Xpress Credit — confirm in your KFS |
| Bank of Baroda Personal Loan | Nil for government employees with BoB salary account; others 1% – 2% + GST (min ₹1,000, max ₹10,000) | Zero prepayment charges (ClearTax); the official page is silent. On the floating-rate option RBI rules bar prepayment charges anyway |
| YES Bank Personal Loan | Up to 2.5% of loan | Foreclosure up to 4% of outstanding principal; part-prepayment allowed after 12 EMIs |
| Kotak Mahindra Bank Personal Loan | Up to 5% of loan + GST | Foreclosure 5% of outstanding principal + GST (BankBazaar) |
Frequently asked questions
Reduce EMI or tenure after prepaying?
Reducing tenure saves more interest; reducing EMI eases monthly cash flow.
Is there a limit on part-prepayment?
Some lenders allow it only after a number of EMIs (YES Bank: after 12) or cap the amount per year. Check your agreement.
For information and comparison only. Loan terms, rates and rules change — confirm with the lender and read the Key Facts Statement before borrowing.