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“Just ₹1,500 on ₹5,000” sounds small. Find out what a loan-app loan really costs as an annual rate, based on the money that actually reached your bank account, and what several app loans cost you when you keep rolling them over.
Add each app loan you are carrying. A “rollover” is paying the fee and interest to extend, or taking a new app loan to repay an old one. Either way, what you owe does not come down.
Flat-rate EMI = P ÷ n + P × r, where P is the total owed, n the number of months and r the monthly flat rate.
Illustrative only, not an offer. A month is taken as 30 days. Processing fees on a consolidation loan are not included. A lender’s actual rate, fees and APR depend on your profile and are shown in its Key Fact Statement. See your own numbers in the SmartSwitch savings calculator.
Private by design: every calculation runs in your browser. Nothing you type is sent to Omozing or anyone else, and nothing is stored.
Look at the Key Fact Statement (KFS) or loan summary. Note the sanctioned amount, every fee, and the total you must repay on the due date.
The number that matters is what was actually credited to your account. If it differs from what the app shows, tick “I’ll enter the credited amount myself” and use the bank figure.
If you paid late, enter the penalty per day and the days late. Both add to the cost and to the number of days you had the money.
Switch to the second tab, add each app, and see what staying current costs every month.
The calculator measures cost against the money you actually received, not the headline loan amount. That is the honest way to price a loan whose fee is cut before you see a rupee.
| Worked example (illustrative) | 7-day app loan | 30-day payday loan |
|---|---|---|
| Sanctioned | ₹5,000 | ₹20,000 |
| Deducted upfront | ₹1,500 | ₹2,360 (10% fee + GST) |
| Amount received | ₹3,500 | ₹17,640 |
| Repayment | ₹5,000 after 7 days | ₹26,000 after 30 days (1% a day) |
| Cost | ₹1,500 (42.9% of what you got) | ₹8,360 (47.4% of what you got) |
| Simple APR | ≈ 2,235% | ≈ 577% |
| Same money at 16% a year | ≈ ₹11 | ≈ ₹232 |
For a loan repaid in one go, this simple APR is close to how lenders compute the APR in a KFS. Your KFS can differ slightly if it uses a cash-flow (IRR) method or treats some charges differently. The compound rate shows what happens if you keep repeating the loan back-to-back for a year; for very short, very expensive loans it becomes an astronomical number, so the calculator caps the display.
A 10% or 30% deduction means you pay interest on money you never received. The smaller the amount you actually get, the higher the real rate.
“1% a day” sounds small. It is about 30% a month and over 365% a year, before any fee.
Each extension or replacement loan charges a fresh fee. Over months you can pay more than you borrowed and still owe all of it.
The second tab shows this with the numbers we commonly see. Three app loans totalling ₹75,000, each rolled over monthly at a 10% fee plus 1% a day, cost about ₹30,000 a month just to stay current, or ₹3,60,000 over a year, while the ₹75,000 is still owed. Spread over 12 months at an illustrative 2% a month flat, the same ₹75,000 would be one EMI of ₹7,750, and the loan would end. Our guide to the real cost of payday loans walks through the rollover trap in detail.
If your app did not show an APR before you signed, or the calculator’s figure is far above what the KFS said, that is worth a complaint to the lender’s grievance officer.
A high APR is one warning sign. An unregulated app is a bigger one. Search the app and its lending partner in the RBI’s directory of digital lending apps; our step-by-step guide shows how: how to check if a loan app is RBI-registered. Never pay an “upfront fee” to get a loan approved, and if an app threatens you or your contacts, read how to spot and report fake loan apps, then report it at cybercrime.gov.in or on 1930.
SmartSwitch replaces your loan-app loans with one Omozing personal loan and one EMI. Omozing personal loan rates start from 11% a year; your exact rate, fees and APR are in your KFS before you sign.
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APR, or annual percentage rate, is the yearly cost of a loan including its fees, expressed as a percentage of the money you borrowed. For an app loan it should be measured on the amount actually credited to you, because the processing fee is deducted before you receive anything.
Subtract the amount you received from everything you repay to get the cost. Divide the cost by the amount received, multiply by 365 divided by the number of days, and multiply by 100. For ₹3,500 received and ₹5,000 repaid after 7 days, that is about 2,235% a year.
Apps often quote interest per day or per month and leave the upfront fee out of the headline. The APR adds the fee, works on the smaller amount you actually received, and converts the short tenure to a yearly figure, so it is usually many times the headline rate.
Yes. Under RBI digital lending rules, a regulated lender must give you a Key Fact Statement showing the APR before you sign, and fees not mentioned in the KFS cannot be charged.
Yes. The calculator runs entirely in your browser. Nothing you enter is sent to Omozing or any other server, and nothing is saved.
It depends on your profile and the lender, and only the lender’s KFS shows your real figure. The 16% a year reference in the calculator is illustrative and you can change it. Omozing personal loan rates start from 11% a year.
Stop taking new app loans to repay old ones, list every loan with its due date and cost, and look at replacing them with one longer-tenure loan from a regulated lender. Omozing’s SmartSwitch is built for this: it gives salaried borrowers one personal loan to close their app loans and one EMI.
Omozing is the digital lending brand of Aparampaar Finance Private Limited, an RBI-registered non-deposit-taking NBFC. This calculator is a free educational tool; its results are estimates, not a loan offer. See our regulatory disclosures and grievance redressal process.