Compare multiple loans side by side
| Parameter | Loan A | Loan B 🏆 |
|---|---|---|
| Loan Amount | ₹20.00 L | ₹20.00 L |
| Interest Rate | 8.5% | 9% |
| Tenure | 20 Years | 15 Years |
| Monthly EMI | ₹17,356 | ₹20,285 |
| Total Interest | ₹21.66 L | ₹16.51 L |
| Total Cost | ₹41.66 L | ₹36.51 L |
Loan B is the best option with the lowest total cost of ₹36.51 L. You save ₹5.14 L compared to the most expensive option.
Even a 0.5% difference in interest rate can save you lakhs over the loan tenure. Our comparison calculator helps you visualize the total cost of different loan offers.
Compare loans from different banks, or the same bank with different tenures, to find the most cost-effective option for your needs.
Compare loans based on: (1) Total cost (principal + interest), not just EMI, (2) Interest rate and whether it's fixed or floating, (3) Processing fees and other charges, (4) Prepayment flexibility and charges, (5) Foreclosure option availability.
Lower total cost is generally better as it means you pay less overall. Lower EMI often comes with longer tenure which increases total interest. Choose lower EMI only if monthly cash flow is a concern.
Yes, longer tenure reduces monthly EMI but significantly increases total interest paid. For example, a ₹50L loan at 8.5% costs ₹23L extra in interest if you choose 25 years over 15 years tenure.
Fixed rate stays constant throughout the loan tenure. Floating rate changes based on RBI repo rate and bank's lending rate. Floating rates are usually lower initially but can increase over time.