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Loan Comparison Calculator
Compare different loan offers to find the best option
Loan Option A
₹
% p.a.
Years
%
Monthly EMI
₹21,247
Total Interest
₹2,74,823
Total Cost
₹12,84,823
Loan Option B
₹
% p.a.
Years
%
Monthly EMI
₹21,742
Total Interest
₹3,04,545
Total Cost
₹13,09,545
Loan Option C
₹
% p.a.
Years
%
Monthly EMI
₹21,002
Total Interest
₹2,60,112
Total Cost
₹12,75,112
Cost Comparison
Monthly EMI Comparison
Loan A ₹21,247
Loan B ₹21,742
Loan C ₹21,002
Total Cost Comparison
Loan A ₹12,84,823
Loan B ₹13,09,545
Loan C ₹12,75,112
How to Compare Loan Offers
When comparing loan offers, it's important to look beyond just the interest rate. Consider all aspects of the loan to make an informed decision.
Key Factors to Consider:
- Interest Rate: Lower rates generally mean lower EMIs
- Processing Fee: One-time charge that adds to total cost
- Loan Tenure: Affects both EMI amount and total interest
- Total Cost: Including interest and all charges
- Prepayment Options: Flexibility to repay early
Additional Considerations:
- Documentation Requirements
- Disbursement Time
- Customer Service Quality
- Hidden Charges
- Foreclosure Charges
Example Comparison:
For a loan of ₹10,00,000 for 5 years:
- Option A: 10% p.a., 1% processing fee
- Option B: 11% p.a., 0.5% processing fee
- Option C: 9.5% p.a., 1.5% processing fee
- Best Choice: Depends on your priority (lower EMI vs lower total cost)
Important Note:
Always read the loan agreement carefully and understand all terms and conditions before finalizing. Consider your repayment capacity and choose a tenure that suits your financial situation.