Loan Comparison
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Compare any two loan offers side-by-side. See EMI, total interest, and total repayment for home, car, or personal loans โ and instantly identify which loan saves you more money.
Loan Comparison Calculator
Compare two loans side-by-side โ EMI, total cost, interest
Loan Types โ Key Data
Rate ranges, tenures, and eligibility for all major loan types
Loan Comparison Guide
How to choose the right loan and lender for your situation
Total Cost vs EMI
A longer tenure means lower EMI but higher total interest. A 20-year โน50L loan at 9% costs โน59.7L in interest. At 15 years, EMI is higher but total interest is only โน41.5L. Choose tenure based on your cash flow, not just monthly affordability.
Balance Transfer Savings
If your existing home loan rate is 9.5% and SBI offers 8.75%, a balance transfer saves โน6.4L on โน50L over 15 years. Balance transfer costs ~1% processing fee + legal charges. Break-even is typically reached in 12โ18 months of lower EMI.
FOIR โ Your Borrowing Limit
Banks use Fixed Obligation to Income Ratio (FOIR). If your income is โน1L/month and existing EMIs are โน25K, you can add only โน15K more EMI (40% FOIR = โน40K max, minus โน25K existing). Understanding this helps you know exactly how much loan you qualify for.
Floating vs Fixed Rate
Floating rate loans (linked to repo rate) currently offer 8.5โ9%. Fixed rate loans are 1โ2% higher but predictable. If you expect rates to fall (RBI cutting repo rate), floating is better. In a rising rate environment, lock in fixed rates quickly.
Prepayment Strategy
Prepaying a home loan of โน50L at 9% with โน1L extra annually in years 1โ5 saves โน14.3L in interest and cuts tenure by 5.7 years. PSU banks have zero prepayment charges on floating rate home loans โ take advantage of every bonus or windfall.
Credit Score Impact
Your CIBIL score determines the rate you get. Score above 750 = best rate (8.5%). Score 700โ750 = +0.25%. Score below 700 = +0.5โ1%. One point of rate difference on โน50L/20yr = โน6โ8L extra cost. Build your CIBIL before applying.
Loan Comparison Tips
How to negotiate and pick the cheapest loan every time
Compare APR, Not Just Rate
Some banks advertise a low interest rate but have high processing fees (1โ2%), legal fees, and insurance charges. Always compare Annual Percentage Rate (APR) which includes all fees. A 8.5% loan with 2% processing = 8.9% effective APR.
Negotiate After Pre-Approval
Get pre-approval from 3 banks. Then use the best offer to negotiate with your preferred bank. Home loan rates can be negotiated down by 0.25โ0.5% simply by showing competing offers. On โน50L/20yr, 0.25% lower rate = โน3.2L saved.
Refinance When Rates Drop
When RBI cuts repo rate, check if your bank passes on the cut. If not within 3 months, use the RBI directive on home loan rate resets and demand reduction. If they refuse, apply for balance transfer โ break-even is typically under 18 months.
Frequently Asked Questions
Everything you need to know โ answered in detail
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