Loan Comparison Calculator — India (₹)

Compare loan offers from multiple banks side by side. See which lender gives you the lowest EMI and total interest cost on your home loan, car loan, or personal loan.

EMI₹17,356/mo ✅
Total Interest₹21,65,552
Total Payment₹41,65,552 🏆
EMI₹17,995/mo
Total Interest₹23,18,685
Total Payment₹43,18,685
📊 Side-by-Side Comparison
MetricBank ABank B
Monthly EMI₹17,356 ✅₹17,995
Total Interest₹21,65,552 ✅₹23,18,685
Total Payment₹41,65,552 ✅₹43,18,685
Savings vs WorstSave ₹1,53,133—
❓ FAQs
How do I compare home loan offers from different banks?

Compare EMI, total interest paid, and total amount paid over the loan tenure. Even a 0.5% difference in interest rate can save ₹3–5 lakh over a 20-year home loan.

Is a lower EMI always better?

Not always. A lower EMI usually means a longer tenure, which means you pay more total interest. Compare the total amount paid, not just the monthly EMI, across loan offers.

Which Indian banks offer the lowest home loan interest rates?

As of 2025, SBI, Bank of Baroda, and Union Bank of India often offer among the lowest home loan rates for salaried borrowers with CIBIL 750+, starting around 8.5% p.a. Rates change with RBI repo rate decisions, so always compare current rates before applying.

What is the impact of a 0.5% difference in interest rate?

On a ₹50 lakh home loan for 20 years, a 0.5% lower rate (say 8.5% vs 9.0%) saves approximately ₹1,800 per month in EMI and over ₹4.3 lakh in total interest over the full tenure. Even small rate differences compound into significant savings.

Should I choose a longer tenure to get a lower EMI?

Only if necessary for affordability. A longer tenure reduces EMI but increases total interest paid dramatically. For example, a ₹40L loan at 8.5% for 20 years pays ₹22L in interest, while the same loan for 30 years pays ₹36L — ₹14L more. Always try to choose the shortest tenure you can comfortably afford.

Can I negotiate the processing fee?

Yes. Processing fees range from 0.25% to 1% of the loan amount and can sometimes be waived or reduced, especially during festive seasons or if you are an existing customer. Always factor in processing fees, insurance, and other charges when comparing total loan costs.

What is a Loan Comparison Calculator?

A Loan Comparison Calculator lets you evaluate loan offers from multiple banks at the same time, so you can identify which lender gives you the lowest EMI, the least total interest, and the best overall deal. In India, home loan interest rates vary from bank to bank by 0.5–1.5%, which can translate into lakhs of rupees in savings over a 20–30 year tenure.

Beyond just the EMI, a smart comparison looks at the total repayment amount (principal + all interest), processing fees, pre-closure charges, and whether the rate is fixed or floating (linked to RBI's repo rate via EBLR/MCLR).

How to Use This Loan Comparison Calculator

  • Enter Loan Amount: Set the same loan amount for all banks for a fair comparison (e.g., ₹50,00,000).
  • Set Interest Rate: Enter the rate quoted by each bank. Even a 0.5% difference has major impact over 20 years.
  • Set Tenure: Use the same tenure for all to compare apples-to-apples, or vary it to match each bank's offer.
  • Add more banks: Click "Add Another Loan" to compare up to 4 banks simultaneously.
  • Check the summary table: The highlighted (green) values show which bank wins on EMI, interest, and total payment.

Key Factors to Compare When Choosing a Loan in India

  • Interest Rate: The most impactful factor. Even 0.25% difference on ₹50L for 20 years saves ₹2+ lakh in total interest.
  • Fixed vs Floating Rate: Floating rates (linked to repo rate) change over time. In a falling rate environment, floating is better. In a rising rate environment, fixed offers certainty.
  • Processing Fees: Can range from 0 to 1% of loan amount. On a ₹50L loan, this is ₹0 to ₹50,000. Factor this into total cost comparison.
  • Prepayment Charges: As per RBI, floating rate home loans cannot be charged prepayment fees. Fixed rate loans may have 2–4% charges.
  • Turnaround Time: NBFCs and some private banks offer faster disbursement (3–7 days) vs PSU banks (2–4 weeks). Speed matters for property purchases.

Tips to Get the Best Loan Deal in India

  • Check 3–4 lenders, not just 1: Always get quotes from at least 2 PSU banks, 1 private bank, and 1 NBFC before deciding.
  • Use your CIBIL score as leverage: If your score is 750+, explicitly ask for a rate concession. Banks have pricing discretion of 0.25–0.5%.
  • Apply during festive seasons: Banks often waive processing fees and offer special rates during Diwali, Navratri, and year-end.
  • Negotiate the total cost, not just EMI: Some banks offer low EMI with high fees. Always compare the all-in cost including processing, insurance, and legal fees.
  • Balance transfer option: If your current loan rate is 0.5%+ higher than the current market rate, consider a balance transfer to a cheaper lender after 1–2 years.

Frequently Asked Questions

How do I compare home loan offers from different banks?

Compare EMI, total interest paid, and total amount paid over the loan tenure. Even a 0.5% difference in interest rate can save ₹3–5 lakh over a 20-year home loan.

Is a lower EMI always better?

Not always. A lower EMI usually means a longer tenure, which means you pay more total interest. Compare the total amount paid, not just the monthly EMI, across loan offers.

Which Indian banks offer the lowest home loan interest rates?

As of 2025, SBI, Bank of Baroda, and Union Bank of India often offer among the lowest home loan rates for salaried borrowers with CIBIL 750+, starting around 8.5% p.a. Rates change with RBI repo rate decisions, so always compare current rates before applying.

What is the impact of a 0.5% difference in interest rate?

On a ₹50 lakh home loan for 20 years, a 0.5% lower rate (say 8.5% vs 9.0%) saves approximately ₹1,800 per month in EMI and over ₹4.3 lakh in total interest over the full tenure. Even small rate differences compound into significant savings.

Should I choose a longer tenure to get a lower EMI?

Only if necessary for affordability. A longer tenure reduces EMI but increases total interest paid dramatically. For example, a ₹40L loan at 8.5% for 20 years pays ₹22L in interest, while the same loan for 30 years pays ₹36L — ₹14L more. Always try to choose the shortest tenure you can comfortably afford.

Can I negotiate the processing fee?

Yes. Processing fees range from 0.25% to 1% of the loan amount and can sometimes be waived or reduced, especially during festive seasons or if you are an existing customer. Always factor in processing fees, insurance, and other charges when comparing total loan costs.

Disclaimer: Loan comparison results are based on inputs provided and standard EMI formula. Actual costs may vary based on bank-specific charges, insurance, and rate changes. Always verify with your bank before making financial decisions.