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Personal Loan

Personal Loan vs. Credit Card Loan Calculator

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Personal Loan Vs Credit Card Loan

NOTE: Below calculations are done considering personal loan interest rate as 12% and credit card interest rate as 20%.

AMOUNT
Rs.
|
0
|
5L
|
10L
|
15L
|
20L
|
25L

Minimum salary should be above Rs.35,000

TENOR
|
12
|
24
|
36
|
48
|
60
CREDIT CARD INTEREST RATE
%
|
18
|
21
|
24
|
27
|
30
|
33
|
36

Personal Loan EMI

: Rs. 2,000

Credit Card EMI

: Rs. 2,750

EMI Savings with Personal loan

Rs. 750

Total Saved with Personal loan

Rs. 9,000

Repayment Schedule

  • Sr. No.

    Personal Loan

    Principal

    Interest

    Credit Card

    Principal

    Interest

  • 1

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

  • 2

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

  • 3

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

  • 4

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

  • 5

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

  • 6

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

  • 7

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

  • 8

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

  • 9

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

  • 10

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

  • 11

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

  • 12

    Rs.1,20,000

    Rs.20,000

    Rs.1,20,000

    Rs.20,000

Personal Loan Vs Credit Card Calculator

Wondering whether a personal loan or credit card is financially more beneficial in the long run? Our handy personal loan vs credit card calculator helps you know the approximate difference between a credit card EMI versus your personal loan EMI, so that you can make better, more informed choices about your finances. Simply toggle the sliders to the appropriate figures, to know how much money you can save.

Please note that the calculations are done on the basis of the personal loan interest rate being 12%. The final figures may change slightly if there is a variation in the personal loan interest rate being offered.

Why You Should Choose a Personal Loan?

When you borrow money via credit card, you are subject to high interest rates that compound over time and build up your debt even more. Often, the interest payments are much higher than the principal payments, which makes it difficult for you to get out of the debt cycle, unless you can repay the borrowed amount as a lump sum.

On the other hand, a personal loan gives you the benefit of a high loan value of up to Rs.25 lakh at an attractive rate of interest, which can be made even more affordable with the Flexi facility. When you take a Flexi loan, you get access to a pre-set loan limit. You can borrow money from this loan limit whenever you need and pay it back when you can. You get the option of repaying just the interest as EMIs for the initial part of your tenor, which makes managing the loan even easier on your finances.

Thus, when you take a personal loan instead of borrowing via credit card, your EMI is greatly reduced, and your finances are made more manageable in the short term as well as the long term.

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