EMI Mitra → Loan Comparison Calculator

Loan Comparison Calculator

Got two loan offers? Compare them side by side to see which one is actually cheaper over the full tenure.

Loan Offer A
Amount₹30,00,000
Interest Rate8.5%
Tenure20 Yr
Monthly EMI₹26,035
Total Interest₹32.5L
Total Payable₹62.5L
Loan Offer B
Amount₹30,00,000
Interest Rate9.2%
Tenure20 Yr
Monthly EMI₹27,379
Total Interest₹35.7L
Total Payable₹65.7L
Loan A is cheaper
You save ₹3.2L over the full tenure by choosing Loan A
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How to Compare

Don't Just Compare Interest Rates

When comparing loan offers, the interest rate alone doesn't tell the full story. A lower rate with a longer tenure can cost more in total interest than a slightly higher rate with a shorter tenure. Always compare the total payable amount and total interest — not just the EMI or the rate.

Also factor in processing fees, prepayment charges, and other hidden costs. Two loans with the same interest rate can have very different total costs once you add fees. Use this calculator to see the real difference between any two offers.

FAQ

Loan Comparison — Common Questions

How do I compare two loan offers?+
Compare the total payable amount (EMI × number of months), not just the interest rate or EMI. A lower EMI from a longer tenure can mean much higher total interest. Also add processing fees to each offer.
Is a lower interest rate always better?+
Not always. A lower rate with a longer tenure can cost more in total interest than a higher rate with a shorter tenure. Always compare total cost over the full loan period.
What hidden costs should I check?+
Check processing fees (0.5-2%), prepayment/foreclosure charges, late payment penalties, and insurance bundled with the loan. These can add significantly to the total cost.