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Loan Comparison Calculator India 2026 – EMI, Interest & Savings

Use this free Loan Comparison Calculator in India to evaluate two competing loan offers and instantly see which one saves you more on total interest.

Compare two different loans side by side and find the cheaper option.

Comparison Result

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Loan A EMI/mo

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Loan B EMI/mo

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Loan A Total Cost

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Loan B Total Cost

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Loan A

Amount (₹)

Rate (% p.a.)

Tenure (months)

Loan B

Amount (₹)

Rate (% p.a.)

Tenure (months)

📊 What is the Loan Comparison Calculator and How Does It Work?

Comparing loans requires looking beyond the headline interest rate. Total interest paid over the full tenure, processing fees, prepayment charges, and flexibility all affect the true cost. This calculator shows the complete picture side by side.

FormulaFor each loan: EMI = P × r × (1+r)^n / [(1+r)^n–1] | Total savings = Difference in total interest + fees

🪓 Step-by-Step: How to Use This Calculator

Enter Loan 1 details: amount, rate, tenure, and processing fees
Enter Loan 2 details: amount, rate, tenure, and processing fees
Click Compare to see EMI difference, total interest for each, and net savings over full tenure

📌 Example Calculation

Same ₹20L loan: Bank A at 8.5% vs Bank B at 9% for 15 years. EMI difference: ₹594/month. Total savings with Bank A: ₹1,06,920 over the full tenure.

✅ Benefits of Using This Calculator

Compare any two loan offers completely objectively
See true cost including fees, not just interest rate
Identify the cheaper loan over the full tenure
Evaluate shorter tenure vs lower rate trade-offs
Decide if refinancing your existing loan is worthwhile
Negotiate better terms armed with competing offers

⚙️ Key Factors That Affect Results

Principal loan amount
Interest rate — even 0.5% matters significantly over the long term
Loan tenure — longer means higher total interest
Processing fees — flat or percentage-based
Prepayment charges and flexibility conditions
Insurance and other mandatory add-ons

❓ Frequently Asked Questions

How do I compare two loan offers?▼

Compare total interest paid, processing fees, prepayment charges, and flexibility. Cheapest EMI is not always the cheapest loan overall.

Is a lower interest rate always better?▼

Not always. A 0.1% lower rate may matter less than a flat ₹50,000 processing fee on a small loan.

What is APR vs interest rate?▼

APR includes all fees, giving the true cost of borrowing. Always compare APRs, not just the advertised interest rates.

Should I refinance my existing loan?▼

If current rates are 1%+ lower for home loans, refinancing usually makes financial sense. Calculate savings vs switching costs.

How much can refinancing save?▼

From 9.5% to 8.5% on ₹30L outstanding for 15 years: ~₹3.5 lakh total interest saved over tenure.

About This Tool

Uses standard financial formulas. Results are indicative — consult a financial advisor for important decisions.

🔒 Privacy: All calculations run locally in your browser.