Which loan first?
Which loan should we clear first?
Several loans and a little extra each month? See which order clears them sooner and saves the most interest — and whether moving a loan to another bank is worth the charges.
Planning estimates for education — not financial advice. Rates and returns change.
Your loans
Two lakh rupees
Eight thousand rupees
Cleared in 3 yrs 11 mo on its own
Three lakh rupees
Ten thousand rupees
Cleared in 3 yrs 2 mo on its own
One lakh twenty thousand rupees
Six thousand rupees
Cleared in 1 yr 10 mo on its own
Five thousand rupees
On top of the EMIs — it goes to one loan at a time.
Used if blank: ₹0 — EMIs only
EMIs only
All cleared in
3 yrs 11 mo
Interest you pay
₹2.58 L
Cleared first
Car loan
Cleared last
Credit card
Order: Car loan → Personal loan → Credit card
Highest interest firstLeast interest
All cleared in
2 yrs 3 mo
Interest you pay
₹1.45 L
Cleared first
Credit card
Cleared last
Personal loan
Order: Credit card → Car loan → Personal loan
Smallest loan first
All cleared in
2 yrs 4 mo
Interest you pay
₹1.66 L
Cleared first
Car loan
Cleared last
Personal loan
Order: Car loan → Credit card → Personal loan
What the numbers show
- 💡Putting ₹5,000 more a month towards your loans clears them in 2 yrs 3 mo instead of 3 yrs 11 mo and saves ₹1.12 L of interest (highest interest first).
- 📌Clearing the highest-interest loan first saves ₹20,639 more than clearing the smallest first. Smallest first clears a loan sooner (Car loan), which some families find keeps them going.
- ⚠️Credit card charges 36% a year — usually the first to clear, and never paid at only the minimum.
- 📌When a loan is cleared, its EMI goes to the next one, so the money you pay each month stays the same.
Educational planning estimates, not financial advice.
Still owed, all loans together
- EMIs only
- Highest interest first
- Smallest loan first
Interest paid, loan by loan
- Credit card₹72,265 · 49.7%
- Personal loan₹61,981 · 42.6%
- Car loan₹11,159 · 7.7%
Is moving a loan to another bank worth it?
Moving a loan to another bank that charges less interest. The new bank pays off the old loan; you pay its fee and charges. Worth it only if the interest saved is more than the costs.
Thirty lakh rupees
Used if blank: 7.5% — a large public-sector bank's starting home-loan rate
Of the loan.
Used if blank: 0% — no fee
Ten thousand rupees
Legal, valuation, stamp duty…
Used if blank: ₹0 — none
Stay with your bank
EMI
₹30,428
Interest still to pay
₹24.77 L
Move the loanSaves ₹4.42 L
EMI
₹27,810
Interest still to pay
₹20.06 L
Costs to move
₹29,500
Costs paid back in
1 yr
What the numbers show
- 💡Moving the loan saves about ₹4.42 L after costs: the EMI falls from ₹30,428 to ₹27,810, and the costs (₹29,500) are paid back in 1 yr.
- 📌First ask your own bank to lower the rate — many do for a small fee, without the paperwork of a transfer.
Educational planning estimates, not financial advice.
How it's worked out
Every month each loan charges interest on what is still owed and its EMI is paid. The extra you enter — and the EMI of every loan already cleared — goes to one loan: the one with the highest rate, or the smallest balance. So you pay the same each month until everything is cleared.
Balance transfer: the same years left at the new rate; the costs (plus GST if ticked) against the lower EMI, month by month.