Loan Comparison Calculator
Compare up to 3 loans side by side — monthly EMI, total interest paid, total repayment, and exact interest savings. Enter your loan details and instantly see which option saves you the most money.
Loan A
Loan B
Loan C
How to Use the Loan Comparison Calculator
- Enter loan details for each column: Fill in the principal amount, annual interest rate (%), and tenure (in years or months) for each loan option you want to compare. You can add an optional label like "HDFC", "SBI", or "Union Bank".
- Click Compare Loans: The tool calculates the monthly EMI, total interest you will pay over the loan lifetime, total repayment amount, and interest as a percentage of the principal.
- Read the Summary: The summary card highlights which loan has the lowest EMI, lowest total interest, and how much interest you save by picking the best option over the worst.
- View the Amortization Schedule: Click any loan tab below the summary to see a month-by-month breakdown of principal paid, interest paid, and remaining balance for the first 24 months.
Frequently Asked Questions
EMI (Equated Monthly Installment) is the fixed amount you pay every month until the loan is fully repaid. It is calculated using the formula: EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of months. This is the standard reducing-balance EMI formula used by all major banks.
Not necessarily. A lower rate with a longer tenure can result in more total interest paid than a slightly higher rate with a shorter tenure. Use this tool to compare total payment amounts, not just the EMI. A smaller EMI may seem attractive, but extending the tenure significantly increases total interest outgo.
The amortization schedule breaks down each monthly payment into the principal component (which reduces the outstanding balance) and the interest component (which is the bank's fee). In the early months of a loan, a large portion of the EMI goes toward interest. As the loan progresses, more of the EMI goes toward principal repayment.
No. This calculator uses the pure EMI formula based on principal, rate, and tenure. Real-world loans may include processing fees (0.5–2%), GST on interest, prepayment charges, and insurance. Always factor in these additional costs when comparing actual loan offers.
Yes! Each loan card has an independent principal field. You can compare a ₹40 lakh loan at 8.5% with a ₹35 lakh loan at 9% to model different borrowing scenarios. This is useful when one lender offers a lower principal approval but at a lower rate, while another approves more at a higher rate.