Loan Option 1
Illustrative fee, excluding applicable taxes and other charges.
OPTION 1
Monthly EMI—
Total Interest—
Total Payment—
Processing Fee—
Repayment + Fee*—
LOAN COMPARISON TOOL
Loan Comparison Calculator
Compare two loan options side by side to understand EMI, total interest and total repayment before you decide.
Loan Option 2
Illustrative fee, excluding applicable taxes and other charges.
OPTION 2
Monthly EMI—
Total Interest—
Total Payment—
Processing Fee—
Repayment + Fee*—
Loan Comparison Summary
Enter valid loan details to compare options.
*Fee-inclusive cost is illustrative; GST, insurance, prepayment and other lender charges are not included.
Note: This calculator is for illustration only. Actual rate, EMI, fees, eligibility and approval depend on the lender and applicant profile.
AT A GLANCE
Which Loan Is Generally Used For What
This is a general guide only — actual eligibility, tenure and terms depend on the lender and your specific profile.
🏠
Home Loan
Best suited for purchasing, constructing or extending a residential property. Usually offers longer tenure and is secured against the property being financed.
🏢
Loan Against Property
Suited when you need a relatively larger amount for business, education, medical or other needs and can offer an owned property as collateral.
💳
Personal Loan
Generally suited for smaller, unsecured, shorter-tenure needs such as travel, medical emergencies, weddings or debt consolidation, without collateral.
💼
Business Loan
Designed for eligible business funding needs such as working capital, expansion, equipment, stock purchase or other approved business requirements.
🚗
Car Loan
Specifically meant for purchasing a new or used vehicle, secured against the vehicle itself, usually with a shorter tenure than a home loan.
Loan Balance Transfer
Compare your current loan with a balance transfer offer to review EMI, interest and repayment terms. Check applicable transfer fees before deciding.
QUICK POINTERS
General Differences to Keep in Mind
These are broad patterns seen across lenders — always confirm exact terms before applying.
- Secured loans (home loan, LAP, car loan) generally offer lower rates than unsecured loans, subject to lender policy
- Personal loans usually have shorter tenure and faster processing, given the smaller ticket size
- LAP typically allows a higher loan amount than a personal loan, since it is secured by property
- Home loans are purpose-specific to residential property; LAP funds can generally be used more flexibly
FAQ
Loan Comparison Questions
Which loan has the lowest interest rate?
Secured loans like home loan and LAP are generally offered at comparatively lower rates than unsecured personal loans, but exact rates depend on the lender, loan amount, tenure and applicant profile.
Can I take a personal loan and a home loan at the same time?
This is possible in principle, subject to your overall income, existing obligations and the lender's eligibility and debt-to-income assessment.
Is a loan against property riskier than a personal loan?
LAP requires pledging your property as collateral, so timely repayment is important to avoid risk to the pledged asset. A personal loan does not involve collateral but may carry a higher interest rate.
How do I decide which loan is right for me?
It depends on your purpose, required amount, repayment capacity and whether you have an asset to offer as collateral. Share your requirement with our team for personalised guidance.
Should I compare loans using EMI or total repayment?
Consider both. A lower EMI may result from a longer tenure and can mean higher overall interest. Compare total cost, fees and repayment flexibility alongside affordability.
Does the comparison include processing fees and GST?
You can enter an illustrative processing fee percentage for each offer. GST and other lender charges are not included in the displayed estimate; confirm the lender's complete fee schedule.
Can I compare loans with different amounts or tenures?
Yes, both calculations remain visible, but the tool will not declare one offer lower cost on a like-for-like basis unless principal and tenure match.
How do processing fees affect loan cost?
Processing fees increase your estimated borrowing cost. Compare fees along with EMI and interest, and confirm GST and other applicable lender charges separately.
Can a lower EMI mean a more expensive loan?
Yes. A longer tenure can reduce monthly EMI but increase total interest paid. Compare both affordability and overall cost.
Can I compare home loan balance transfer offers?
Yes. Enter the outstanding principal, offered rate and remaining tenure. Also consider transfer fees, insurance, other charges and any change in repayment terms.
Does this calculator include floating-rate changes?
No. Results assume the entered interest rate remains constant throughout the selected tenure. Floating rates may change your actual EMI or repayment period.
Is the lowest-cost loan always the best choice?
Not necessarily. Check repayment affordability, eligibility, collateral, fees, rate type, lender terms and flexibility before choosing.
SMART LOAN DECISIONS
How to Compare Loan Offers
Use this loan comparison calculator to review EMI, interest and estimated borrowing cost. Compare like-for-like offers before choosing a lender.
How to Use the Calculator
- Enter the principal amount for both loan offers.
- Enter each lender's annual interest rate and repayment tenure.
- Add the processing fee percentage, if applicable.
- Review monthly EMI, total interest and illustrative fee-inclusive cost.
- Compare equal amounts and tenures for a fairer cost comparison.
What Does EMI Mean?
EMI is the fixed monthly instalment for a standard reducing-balance loan. The usual formula is EMI = P × r × (1+r)n ÷ ((1+r)n − 1), where P is principal, r is monthly interest rate and n is the number of monthly payments.
Floating-rate loans, changing instalments and lender-specific charges may change the actual repayment schedule.
Example: Comparing Two Loan Offers
| Factor | Option 1 | Option 2 |
|---|---|---|
| Loan amount | ₹10,00,000 | ₹10,00,000 |
| Interest rate (illustrative) | 10.5% p.a. | 11.5% p.a. |
| Tenure | 120 months | 120 months |
| Processing fee | Enter lender quote | Enter lender quote |
With the same principal and tenure, a lower interest rate generally produces a lower EMI and total interest. Check processing fees, taxes, insurance, prepayment terms and whether the rate is fixed or floating before deciding.
What Else Should You Compare?
Review the annual interest rate, effective borrowing cost, processing fees, total repayment, tenure, prepayment conditions and lender eligibility. For different loan amounts or tenures, the calculator displays both estimates without automatically declaring a winner.
Explore our loan balance transfer options if you already have a loan, or use the EMI calculator for a single-loan estimate.
Important: This comparison is a general guide for understanding purposes only. Actual interest rates, eligibility, loan amount, tenure and terms vary by lender and applicant profile, and should be confirmed directly with the concerned lender.
Navigating Your Loan Options with Clarity and Trust
Share your requirement and our team will help you shortlist the most suitable loan product and lender options.