What makes this calculator different
Compares two loan offers on EMI and total interest for the same amount and tenure, so you can see what a rate difference is worth over the full term. Add processing fees and other one-time charges separately.
Common Questions
Loan Comparison Calculator FAQs
Common questions about the Loan Comparison Calculator and how to read its results.
Q01
How does the loan comparison calculator work?
Enter the loan amount, tenure and the two rates you have been offered. The calculator returns the EMI at each rate and the difference in total interest over the tenure — so you can weigh lifetime cost, not only the headline rate.
Q02
Why do two banks with the same headline rate quote different EMIs?
Three usual reasons: (1) processing-fee inclusion in the EMI by some lenders, (2) different day-count conventions (365 vs 360), and (3) reset-frequency differences (monthly vs quarterly). The calculator surfaces total cost so these subtle differences are visible.
Q03
Should I always pick the lender with the lowest interest rate?
Not always. A 25 bps lower rate can be wiped out by a 1% processing fee, foreclosure clauses, or insurance bundling. Compare on total cost (EMI × tenure) plus one-time fees — that is the apples-to-apples number the calculator highlights.
Q04
Can I compare home loan, business loan and LAP in the same view?
Yes — the calculator is product-agnostic. Just plug in the rate, tenure, and principal for each option. We recommend comparing the same product across lenders first, then the trade-off between products separately, since tenure ceilings differ (home up to 30 years, LAP 15, business 7).
Q05
How accurate are the savings vs the lowest option?
We compute EMI using the reducing-balance formula and total interest = (EMI × n) − P for the inputs you enter. Savings vs another option are exact for those inputs; processing fees and other one-time charges are not included.
Q06
Does the comparison include processing fees?
No. The comparison covers EMI and total interest only. Add each lender's processing fee, insurance bundling and other one-time charges to its total interest yourself to compare true cost-to-borrow.
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