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EMI Comparison Calculator

Compare two loans side by side for EMI, total interest, and repayment.

Loan A

₹

Loan B

₹

When do you need to compare loans?

Whenever you receive offers from multiple lenders — banks, NBFCs, credit unions — or when you are deciding between a shorter high-EMI tenure and a longer low-EMI tenure, a side-by-side comparison removes guesswork. Even a 0.25% difference in interest rate can mean thousands of rupees in savings over a long tenure.

Common loan comparison scenarios

  • Bank A vs Bank B: Same principal, different rates — find out the total interest difference.
  • 10-year vs 20-year home loan: Same rate, longer tenure — see how much extra interest the extended tenure costs.
  • Top-up loan vs personal loan: Different principals, rates, and tenures — find the cheaper option for your renovation or expense.

Beyond the EMI number

Monthly EMI affects your cash flow, but total interest affects your wealth. A loan with a ₹500 lower EMI per month might cost ₹1.2 lakh more in total interest. This calculator shows both numbers so you can make the right trade-off based on your income and financial goals.

Frequently asked questions

What should I compare when choosing between two loans?
The three key figures are: monthly EMI (cash flow impact), total interest paid (true cost of the loan), and total repayment (principal + interest). A lower interest rate does not always mean lower total cost if the tenure is longer. Use this calculator to see all three together.
Can I compare a home loan with a personal loan?
Yes. Enter the details of each loan in the two panels. The comparison table will show exactly how much more interest you pay on the higher-rate loan and which option is cheaper overall.
Why might a longer tenure cost more even at the same rate?
Interest accrues on the outstanding principal each month. A longer tenure means interest accrues for more months, so the total interest paid is higher even though the monthly EMI is lower. For example, a ₹20 lakh loan at 10% for 5 years costs ~₹5.5 lakh in interest, but for 10 years it costs ~₹11.6 lakh.
What does the green highlight in the comparison table mean?
The green bold value in each row indicates the better (lower) figure between the two loans. It helps you quickly see which loan wins on each metric.
How is EMI calculated in this tool?
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ – 1), where P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = number of months. This is the standard reducing-balance formula used by all banks.

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