Loan Comparison Calculator

How to Compare Loan Offers

When shopping for a home loan or personal loan, you'll often receive multiple offers from different banks with varying interest rates and tenures. The cheapest loan isn't always the one with the lowest EMI — a longer tenure reduces EMI but increases total interest paid. This calculator helps you compare the total cost of each loan offer side by side.

Factors Beyond Interest Rate

While this calculator focuses on EMI and total interest, also consider: processing fees (0.5-2% of loan amount), prepayment/foreclosure charges, whether the rate is fixed or floating, the lender's customer service reputation, and any tie-up discounts you may have through your employer or salary account. Even a 0.25% rate difference can save lakhs over a 20-year home loan.

Understanding EMI Components

Each EMI has two components: principal repayment and interest payment. In the early years, most of your EMI goes toward interest. As the loan matures, more goes toward principal. This is why prepaying early makes a huge difference. Use our EMI Calculator for a detailed amortisation schedule of any single loan.

Tips for Getting the Best Loan Deal

Maintain a strong CIBIL score (750+), compare offers from at least 3-4 lenders, negotiate the rate using competing offers, consider balance transfer if your existing rate is high, and check your Home Loan Eligibility before applying. A good credit profile can get you rates 0.5-1% lower than published rates.

Frequently Asked Questions