Loan Comparison Tool
Compare two loan offers side-by-side. See EMI, total interest, processing fees, and the true total cost — then decide which bank or NBFC is really giving you a better deal.
Loan Option 1
Loan Option 2
Free Loan Comparison Calculator — Find the Truly Cheaper Loan
When two banks offer you different loan deals, it can be surprisingly hard to tell which one is cheaper. A lower interest rate does not always mean a lower total cost — a longer tenure means you pay interest for more months, and a higher processing fee adds to what you hand over to the lender. Our free loan comparison tool cuts through the noise by computing the monthly EMI, total interest paid, and total cost of loan (including processing fees) for both offers, so you can see at a glance which deal is actually better for your wallet.
The calculator uses the industry-standard reducing-balance (amortisation) method — the same formula your bank uses. You can also expand a year-by-year amortisation schedule for each loan to see how much of each year's payment goes to interest versus principal repayment. Everything runs in your browser; no financial data is ever uploaded to a server.
How to Use the Loan Comparison Tool
- 1
Enter Loan Option 1 details
Fill in the principal amount, annual interest rate, loan tenure in years, and any one-time processing fee charged by the first lender.
- 2
Enter Loan Option 2 details
Do the same for the second loan offer. The two loans can have different amounts, rates, and tenures — the tool handles all combinations.
- 3
Click "Compare Loans"
Instant results: EMI, total interest, processing fee, total cost, and a clear winner declaration with how much you save by choosing the better loan.
- 4
Review the amortisation breakdown
Click "Show Year-by-Year Breakdown" under either loan to see the opening balance, interest paid, principal repaid, and closing balance for each year — so you understand exactly how the loan unwinds.
- 5
Copy results
Use the "Copy Results to Clipboard" button to paste the full summary into a spreadsheet, email, or WhatsApp message for later reference.
How the EMI Formula Works
The tool uses the standard reducing-balance EMI formula:
- P = Principal loan amount
- r = Monthly interest rate = Annual rate ÷ 12 ÷ 100
- n = Total number of monthly instalments = Tenure in years × 12
The total interest is (EMI × n) − P. The total cost of loan is total interest + processing fee. The loan with the lower total cost is the better financial choice — unless the higher-EMI option creates cash-flow problems for you, in which case the longer-tenure option may still be preferable for monthly budgeting purposes.
Features
True Apples-to-Apples Comparison
Accounts for principal, interest rate, tenure, AND processing fee — not just EMI.
Year-by-Year Amortisation Table
See opening balance, interest, principal, and closing balance for every year of each loan.
Input Validation
Catches unrealistic inputs (e.g. 0% rate or 50-year tenure) and shows clear error messages.
Copy Results to Clipboard
One-click copy of the full comparison summary for sharing or record-keeping.
100% Client-Side
All calculations run in your browser. No financial data ever leaves your device.
Mobile-First Layout
Fully usable on iPhone and Android — useful when talking to a loan officer on the go.
Sensible Defaults
Pre-filled with realistic example values so you can see results immediately on page load.
No Account Required
No sign-up, no email, no limit on how many comparisons you run.
When to Use a Loan Comparison Tool
Home Loan Shopping
Banks and housing finance companies each quote different rates and fees. Compare HDFC, SBI, ICICI, or any two lenders before signing.
Car Loan vs Personal Loan
Sometimes a personal loan at a slightly higher rate beats a car loan with heavy processing charges. Run the numbers to find out.
Refinancing Decision
Is switching to a new lender mid-tenure worth it? Compare your current remaining loan against the refinance offer to see the true saving.
Fixed vs Floating Rate
Model a fixed-rate offer against an initial floating rate to understand the break-even point.
Tenure Trade-Off
Unsure whether to take a 10-year or 20-year home loan? Compare both at the same rate to see how much extra interest you pay for the lower EMI.
Business Loan Negotiations
Walking into a bank negotiation with printed comparison numbers gives you leverage to ask for better rates or waived fees.
Frequently Asked Questions
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