Loan Comparison Calculator
Compare two loans side by side to find the better deal. See EMI, total interest, and total payment including processing fees.
Loan 1
Loan 2
Loan Comparison Results
About Loan Comparison Calculator
Compare two loans side by side to find the better deal. See EMI, total interest, and total payment including processing fees. Make informed borrowing decisions.
Loan Comparison Formula
EMI = P × r × (1+r)^n / ((1+r)^n - 1)
Total Cost = (EMI × Months) + Processing Fees
What to Check When Comparing Loans
| Factor | Why It Matters |
|---|---|
| Check prepayment penalties | Some loans charge 2-3% for early payment |
| Compare processing fees | Fees can range from 0.5% to 2% of loan amount |
| Look at foreclosure charges | Floating rate loans usually have no foreclosure charges |
| Consider GST on fees | Processing fees have 18% GST added |
Frequently Asked Questions
Look at three things: Monthly EMI, Total Interest, and Total Payment. A lower interest rate doesn't always mean lower total cost if the loan has higher fees or longer tenure. Always compare the total amount you'll pay, not just the monthly EMI.
Lower interest rate saves money over time. Shorter tenure reduces total interest but increases monthly payment. Example: ₹10L loan at 9% for 5 years = ₹20,800 EMI, total ₹12.48L. Same loan at 10% for 3 years = ₹32,267 EMI, total ₹11.62L. Calculate both before deciding.
Compare the effective interest rate including fees. Example: ₹10L loan at 8% with ₹10,000 fees vs 8.5% with no fees. Calculate total cost including fees to find which is cheaper.
If you plan to prepay, compare loans with lower prepayment penalties. Some banks charge 2-3% on prepayment, others charge nothing. A loan with slightly higher rate but no prepayment penalty might be better if you plan to pay early.
About the Loan Comparison Calculator
Compare two loans side by side to find the better deal. See EMI, total interest, and total payment including processing fees.
Formula
Reference Table
| Category | Value |
|---|---|
| Check prepayment penalties | Some loans charge 2-3% for early payment |
| Compare processing fees | Fees can range from 0.5% to 2% |
| Look at foreclosure charges | Floating rate loans have no foreclosure charges |