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Compare up to 3 loan offers side-by-side. Check EMI, total interest, effective cost, and avoid the flat rate trap.
Loan 1 EMI
₹21,494
10.5% | 5 yrs
Loan 2 EMI
₹21,993
11.5% | 5 yrs
| Metric | Loan 1 | Loan 2 |
|---|---|---|
| Loan Amount | ₹10,00,000 | ₹10,00,000 |
| Interest Rate | 10.5% p.a. | 11.5% p.a. |
| Tenure | 5 Years (60 Months) | 5 Years (60 Months) |
| Monthly EMI | Lowest ₹21,494 | ₹21,993 |
| Total Interest | ₹2,89,634 | ₹3,19,556 |
| Total Payment | ₹12,89,634 | ₹13,19,556 |
| Effective Interest Rate | 28.96% | 31.96% |
| Savings vs Most Expensive | Save ₹29,922 | — |
Loan 1 is the cheapest option
You save ₹29,922 compared to the most expensive option over the entire tenure.
Enter the loan amount quoted on flat rate basis
Some lenders quote flat rates to make loans appear cheaper.
Flat Rate EMI
₹18,056
10% flat rate
Equivalent Reducing Rate
₹18
% p.a.
You Overpay
₹1
vs reducing balance
A 10% flat rate is equivalent to a 17.92% reducing balance rate!
On a ₹5,00,000 loan for 3 years, a flat rate of 10% costs you ₹1 more than a reducing balance loan at the same nominal rate. Always ask lenders whether they quote flat or reducing balance rates.
A small difference in interest rate can save you lakhs of rupees over the loan tenure. For example, on a ₹50 lakh home loan for 20 years, a 0.5% lower rate saves you approximately ₹6.5 lakhs in interest! Always compare at least 3 lenders before making a decision.
0.5% - 3% of loan amount. Negotiable with good CIBIL score.
Floating rate home loans: NIL. Fixed rate & personal loans: 2-5%.
Charged if you close loan early. Check before signing.
2-3% per month on overdue EMI. Very expensive!
₹5,000 - ₹15,000 for property verification.
Hidden annual charges in some NBFC loans.
Interest is calculated on the outstanding principal every month. As you pay EMIs, the principal reduces and so does the interest. This is the standard method used by all major banks.
Interest is calculated on the original loan amount throughout the tenure. A 10% flat rate is roughly equivalent to 18-20% reducing balance rate! Used by some NBFCs and microfinance.
A: Lower total interest is usually better as it means you pay less overall. However, a lower EMI improves your monthly cash flow. Choose based on your financial situation.
A: Yes! If you have a good CIBIL score (750+), stable income, and an existing relationship with the bank, you can definitely negotiate for a lower rate.
A: Fixed rate remains constant throughout the loan tenure. Floating rate changes with market conditions (linked to RBI repo rate). Floating rates are usually 1-2% lower but carry interest rate risk.
A: Longer tenure reduces EMI but increases total interest significantly. Choose the shortest tenure you can comfortably afford.
A: Banks generally offer lower interest rates but have stricter eligibility. NBFCs are more flexible but may charge higher rates and fees. Compare carefully.
A: KYC (PAN, Aadhaar), income proof (salary slips/ITR), bank statements (last 3-6 months), and address proof. Some lenders offer instant loans with minimal documentation.
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