Loan Prepayment Calculator
About Our Loan Prepayment Calculator
Our free Loan Prepayment Calculator helps you estimate the interest saved and EMI changes when you make an early part payment on your loan. Whether you're managing a home loan, personal loan, or car loan, this tool shows you how a prepayment impacts your loan duration and savings. It's ideal for Indian borrowers using SBI, HDFC, ICICI, Axis Bank, and other lenders.
Use this smart tool to decide whether to reduce EMI or tenure after prepayment. Based on your inputs, the tool calculates your original EMI, interest outgo, and how much you save after prepayment. This EMI reduction calculator is fully online and free to use.
How to Use This Calculator
- Enter your loan amount, interest rate, and loan tenure.
- Add the prepayment amount and when you plan to make it.
- Choose whether you want to reduce EMI or tenure.
- Click "Calculate" to view interest saved and new EMI or tenure.
Frequently Asked Questions
1. How to calculate loan prepayment in Excel?
You can use Excel with the PMT and IPMT functions. However, our online loan prepayment calculator does it instantly without formulas.
2. Does loan prepayment reduce interest?
Yes. Loan prepayment directly reduces the outstanding principal, leading to less interest outgo and faster loan completion.
3. Which is better: Reduce EMI or tenure after prepayment?
Reducing tenure saves more interest, while reducing EMI helps with monthly budget. Our calculator helps compare both.
4. Can I use this EMI after prepayment calculator for SBI or HDFC loans?
Yes! This calculator works with all Indian banks including SBI, HDFC, ICICI, Axis, Kotak, etc.