Add your loans and cards
Use the figures on your loan app, loan statement or card bill. For a credit card, enter the balance you owe and what you actually pay each month. For a payday loan repaid in one go, enter the full amount due as the monthly payment. Nothing is sent until you choose to share it with an advisor.
Your result
| One loan | Monthly EMI | Change per month | EMIs as share of salary | Total interest |
|---|
Rates: 11.60% is ICICI Bank's published mean personal loan rate and 16.50% the top of its published range (July to September 2026, checked 1 November 2026). "EMIs as share of salary" includes the EMIs you keep. A processing fee also applies: at 2% plus 18% GST it would be ₹0 on this amount.
Before you decide: short app loans would end on their own within months, so part of the monthly saving is temporary; a longer tenure adds interest; your old lenders may charge foreclosure fees. The lender decides approval, amount, rate and tenure.
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Worked example: four debts into one loan
A salaried borrower takes home ₹60,000 a month. The four debts below are an illustration; use your own statements. The new loan uses ICICI Bank's published rates.
| Debt today | Outstanding | Paid each month |
|---|---|---|
| Personal loan | ₹2,00,000 | ₹9,500 |
| App loan 1 | ₹40,000 | ₹7,500 |
| App loan 2 | ₹30,000 | ₹5,800 |
| Credit card | ₹1,00,000 | ₹5,000 |
| Total | ₹3,70,000 | ₹27,800 (46% of ₹60,000) |
| One ₹3.7 lakh loan | EMI | Share of salary | Total interest |
|---|---|---|---|
| 11.60%, 3 years | about ₹12,219 | 20% | about ₹69,874 |
| 11.60%, 5 years | about ₹8,156 | 14% | about ₹1,19,351 |
| 16.50%, 5 years | about ₹9,096 | 15% | about ₹1,75,776 |
How the arithmetic works: the EMI is P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan, r the monthly rate (11.60% ÷ 12 = 0.967%) and n the number of months. A processing fee of 2% plus 18% GST adds about ₹8,732.
This case is within AdvanceCred's limits (no payday loan, 3 app and personal loans, 1 card). The honest catch: the two app loans would have ended within months anyway, so the drop from ₹27,800 to about ₹12,219 is partly temporary, and the 5-year option costs more interest in total. The real gain is that the card and app debt stops costing card and app rates. See why app loans drain a salary.
How many loans can AdvanceCred merge?
AdvanceCred takes on consolidation cases with up to 1 payday loan, up to 5 app loans and personal loans in total, and up to 5 credit cards. The lender still decides approval, amount, rate and tenure.
Each extra app or payday loan makes a merge harder, because lenders see every recent loan and enquiry on your credit report. If you are over a limit, the calculator says so. Clearing the smallest loans first can bring you within it; do not take a new app loan to do that.
What lenders look at
- Share of salary going to EMIs (FOIR). Kotak Mahindra Bank says lenders prefer 40% to 50%; L&T Finance says 40% to 60% is generally accepted, and above 60% you may face delays or rejection.
- Missed payments. A recent missed EMI weighs more than the number of loans. Since 1 January 2025 RBI requires lenders to report to credit bureaus every fortnight, so a miss shows quickly.
- Credit score. TransUnion CIBIL says a score above 700 is generally considered good. Below that, see debt consolidation with a low CIBIL score.
Frequently asked questions
How do I calculate the EMI if I merge all my loans into one?
Add up the outstanding amounts of the loans and cards you want to close. That total is the new loan. Work out its EMI with the standard formula at a lender's published rate: ₹3.7 lakh at 11.60% a year is about ₹12,219 a month over 3 years or about ₹8,156 over 5 years. Then compare it with what you pay on all the debts today.
How many loans can AdvanceCred merge into one?
AdvanceCred takes on consolidation cases with up to 1 payday loan, up to 5 app loans and personal loans in total, and up to 5 credit cards. The lender still decides approval, amount, rate and tenure based on income, existing EMIs and the credit report.
What share of my salary can go to EMIs after merging?
Lenders call this FOIR, the fixed obligation to income ratio. Kotak Mahindra Bank says lenders prefer a FOIR of 40% to 50%; L&T Finance says most banks and NBFCs accept 40% to 60% depending on income and loan size. If even one merged EMI would take more than half your take-home pay, a lender may approve less than the full amount.
Does merging loans always save money?
Not always. The monthly payment usually falls because card and app debt moves to a lower rate and a longer tenure, but a longer tenure adds interest. Add the processing fee and any foreclosure charges on the old loans, and compare the total cost as well as the new EMI.
Is the result an approval or an offer?
No. The calculator uses published rates to show what one loan could look like. AdvanceCred is a credit advisory and loan intermediation firm, not a lender. The bank or NBFC decides approval, amount, rate and tenure after checking your documents and credit report.
Sources
Checked on 1 November 2026 unless stated. EMI and interest figures are AdvanceCred's own arithmetic using the standard reducing-balance EMI formula.
- ICICI Bank, Personal Loan interest rates (9.99% to 16.50% p.a.; mean 11.60% for July to September 2026; processing fee up to 2% plus taxes).
- Kotak Mahindra Bank, What is FOIR in banking? (lenders prefer a FOIR of 40% to 50%; checked 31 October 2026).
- L&T Finance, What is FOIR (40% to 60% generally accepted; above 60% may face delays or rejection; checked 31 October 2026).
- Reserve Bank of India, Frequency of reporting of credit information by credit institutions to CICs, RBI/2024-25/60, 8 August 2024 (fortnightly reporting from 1 January 2025).
- TransUnion CIBIL, understand your credit score and report (above 700 generally considered good; checked 24 October 2026).
- AdvanceCred's case limits (up to 1 payday loan, 5 app and personal loans, 5 credit cards) are AdvanceCred's own policy as of 30 October 2026.
This page is general information, not financial advice or an offer of credit. Lenders' rates and eligibility rules change; check the lender's current Key Facts Statement before applying.