Loan Comparison Calculator
Compare multiple loans side by side. Find the cheapest loan by total interest and EMI.
About this calculator
The Loan Comparison tool lets you line up as many loan offers as you like, one row per lender, and see EMI, total interest and total payment for each in one table. It highlights the best option by total interest so you do not have to compare long numbers by eye.
Each row takes a lender name, an amount, a rate and a tenure in months. Use it when you have quotes from several banks, when you are weighing a short, expensive loan against a long, cheaper one or when you are checking whether a balance transfer is worth it. Add a row with the plus button and remove one with the cross.
How to use it
- Type a name for each loan in the Lender column.
- Enter the Amount, the Rate and the tenure in Months for each.
- Press + Add Loan if you have more than two offers.
- Press Compare and read the table. The best offer by total interest is named under it.
- Re-run with different tenures to see how the ranking changes.
Tips and common mistakes
- Compare the same amount across lenders. If amounts differ, compare cost per rupee borrowed.
- Ask for the all-in cost: processing fee, insurance and any mandatory products bundled with the loan.
- A lower EMI is not a better deal if it comes from a longer tenure.
- Check whether the quoted rate is a flat rate or a reducing-balance rate. A flat rate is far more expensive than it looks.
Frequently asked questions
How do I pick the cheapest loan?
Choose the one with the lowest total cost, meaning total interest plus all fees, over the period you expect to hold the loan.
Can I compare loans with different amounts?
Yes, but compare total interest as a percentage of the amount, or the effective rate, rather than the raw rupee figure.
What is a flat rate and why is it misleading?
A flat rate charges interest on the original amount for the whole tenure. A 10% flat rate is roughly equal to a reducing-balance rate of 18% or more.
Does the tool include processing fees?
No. Add each lender's fee to its total interest to compare real cost.
How many loans can I add?
As many as you need. Use the plus button to add rows.
Should I always take the shortest tenure?
Only if the EMI fits comfortably in your budget. Missed payments cost far more than extra interest.