Finance tool

Medical Debt Extra Payments Calculator

Calculate how much interest and tenure you save by paying extra principal each month toward medical debt.

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Accelerating Medical Loan Payoff

Prepaying high-interest unsecured medical loans frees up household cash flow and avoids compounding interest charges.

The Accelerated Formula

n = -ln(1 - (P × r) / (M + extra)) / ln(1 + r)

Frequently Asked Questions

Are there foreclosure fees on personal medical loans in India?

Under RBI rules, floating-rate personal loans to individuals carry zero foreclosure charges. Fixed-rate loans may incur a 2% to 4% foreclosure fee.

How does extra payment reflect on my CIBIL score?

Lowering credit utilization and retiring debt early improves your credit score over time.

Should I prioritize medical loans before home loans?

Yes. Medical loans carry 11% to 16% interest, whereas home loans are cheaper (8.5% to 9.5%) and carry tax benefits.

Can extra payments be made online?

Yes. Most Indian banks and NBFCs allow part-payments via UPI, net banking, or debit card.

How to use

Calculate in three steps

  1. 1
    Enter your valuesUse the fields above and check the units shown beside each input.
  2. 2
    Run the calculationSelect Calculate to refresh the result with your latest values.
  3. 3
    Review or shareCompare the result, reset the form, print it, or share this page.
Inputs

What you need

Outstanding Medical Loan Balance₹
Interest Rate (APR)%
Current Scheduled Monthly EMI₹
Extra Monthly Prepayment₹
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