Debt Payoff Calculator

Plan your debt payoff strategy by entering your debts and monthly budget.
Monthly amount you can pay (INR) :
Debt NameBalance (INR)Interest Rate (%)Minimum Payment (INR)Action

Debt Payoff Resources & Tips

Did You Know?

  • The average Indian household has ₹2.4 lakh in debt
  • Personal loan interest rates in India average 10-24%
  • Paying extra ₹5,000 monthly can save years of payments

Quick Tips

  • Build an emergency fund to avoid new debt
  • Consider balance transfer cards for high-interest debt
  • Automate payments to stay consistent

Warning Signs

  • Using credit cards for basic necessities
  • Making only minimum payments
  • Missing payment due dates

Common Debt Payoff Strategies

StrategyBest ForHow It WorksProsCons
Debt SnowballThose needing motivation through quick winsPay off smallest debts first while maintaining minimum payments on othersPsychological wins, maintains momentumMay pay more interest over time
Debt AvalancheThose focused on minimizing interest paymentsTarget highest interest debts first while maintaining minimum payments on othersSaves the most money in interestMay take longer to see first debt paid off
Debt ConsolidationThose with multiple high-interest debtsCombine multiple debts into a single loan with lower interestSingle payment, potentially lower interestMay require good credit score
Helpful Resources
Next Steps to Take

1. Review Your Credit Report

Get your free credit report from AnnualCreditReport.com

2. Create a Budget

Track your income and expenses to find extra money for debt payments

3. Get Professional Help

Speak with a credit counselor for personalized advice