Loan Comparison Calculator
Compare EMIs across lenders for the same loan. Useful to pick the lowest total cost.
Formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
- P — Principal
- r — Monthly rate
- n — Number of EMIs
Example Calculation
Loan ₹5 lakhs, 60 months, compare 9% vs 11%
Result: EMI ~₹10,378 vs ₹10,869 → ~₹29,000 saved overall
Practical Uses
- Choosing best bank
- Refinancing decision
Loan Compare
Compare EMIs and total interest for two loans.
Loan A
Loan B
Loan A
EMI: 10,143
Total Interest: 825,680
Loan B
EMI: 9,847
Total Interest: 772,531
Difference (B − A)
EMI: -295
Total Interest: -53,149
FAQs
Does tenure affect savings?
Yes, longer tenures magnify rate differences.
Disclaimer
Check official bank quotes.