Calculator
What the Loan Comparison Calculator does
Loan Comparison Calculator: calculates Loan A EMI, Loan B EMI and Loan A Total from Loan Amount, Loan A Rate % p.a. and Loan A Tenure (years). Formula: EMI = P x r x (1 + r)^n / ((1 + r)^n - 1). Example: loan amount 2000000 ₹, loan a rate % p.a. 8.5 and loan a tenure (years) 20 gives loan a EMI ₹17,356.46.
The Loan Comparison Calculator turns Loan Amount, Loan A Rate % p.a., Loan A Tenure (years) and Loan B Rate % p.a. into Loan A EMI, Loan B EMI and Loan A Total. Adjust anything and the figures re-derive on the spot.
Most people who open the Loan Comparison Calculator are savers modelling a goal. Getting the arithmetic right before you sign is cheaper than discovering it afterwards.
Nothing about your finances is transmitted or logged. The arithmetic happens on your own device.
Everything needed to verify a result is further down: the fields, the method and one fully worked example.
What do the Loan Comparison Calculator fields mean?
The Loan Comparison Calculator uses 5 inputs. A filled form means you can test one idea immediately instead of sourcing every input first.
| Field | What to enter | Default |
|---|---|---|
| Loan Amount | measured in ₹; accepts 10000 to 100000000 | 2000000 |
| Loan A Rate % p.a. | accepts 0.1 to 30 | 8.5 |
| Loan A Tenure (years) | accepts 1 to 40 | 20 |
| Loan B Rate % p.a. | accepts 0.1 to 30 | 9.5 |
| Loan B Tenure (years) | accepts 1 to 40 | 20 |
How does the Loan Comparison Calculator work?
P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
Each field is verified before use; failures are reported explicitly rather than swallowed.
Worked example
These are the values the Loan Comparison Calculator loads by default, and the result it produces from them. Below is the same computation the tool performs on load, step by step.
| Loan Amount | 2000000 ₹ |
|---|---|
| Loan A Rate % p.a. | 8.5 |
| Loan A Tenure (years) | 20 |
| Loan B Rate % p.a. | 9.5 |
| Loan B Tenure (years) | 20 |
| Loan A EMI | ₹17,356.46 |
|---|---|
| Loan B EMI | ₹18,642.62 |
| Loan A Total | ₹41,65,551.52 |
| Loan B Total | ₹44,74,229.70 |
| Difference | ₹3,08,678.18 |
| Lower Cost | Loan A |
What makes comparing loan offers different
Comparing two offers on monthly payment alone is the most common and most expensive mistake in borrowing. A lower EMI over a longer term almost always costs more in total.
| Typical rate | Varies by product |
|---|---|
| Typical tenure | Varies by product |
| Typical amount | Varies by product |
| Security | Applies to any product. What matters is comparing like with like. |
Rate and tenure ranges are indicative of the market and are not an offer or a quote. The rate you are offered depends on your credit profile, income and the individual lender.
Points that change the real cost
- Compare total repayable, not EMI
- One number captures rate, tenure and structure together. A lower instalment achieved by adding five years is not a better deal.
- Check the rate basis
- A "flat" rate is roughly double the equivalent reducing-balance rate over a five-year term. If a lender will not say which basis they quote, treat that as the answer.
- Add the fees in
- Processing fees deducted at disbursal raise the effective rate without changing the quoted one. Include them before comparing.
- Prepayment terms differ
- Two offers at identical rates are not equivalent if one penalises early repayment and the other does not.
- Fixed vs floating are not directly comparable
- A fixed rate buys certainty. Comparing it against today’s floating rate ignores what you are paying for.
Sources: Reserve Bank of India, Master Directions · Income Tax Department, India
Read next: How to Calculate EMI (and Why Your Lender’s Number Differs)
How to use it
- Key in Loan Amount in ₹ (10000 to 100000000).
- Fill in Loan A Rate % p.a. (0.1 to 30).
- Type Loan A Tenure (years) (1 to 40).
- Enter Loan B Rate % p.a. (0.1 to 30).
- Set Loan B Tenure (years) (1 to 40).
- It runs on every change, so there is no moment where the screen is out of date.
- Read Loan A EMI, Loan B EMI, Loan A Total, Loan B Total, Difference and Lower Cost in the results panel.
- Copy Link when you want to return to this exact configuration; Print when someone needs it on paper.
What this tool does not do
- Rates are treated as fixed for the whole term; a floating rate will change the outcome.
- Fees, processing charges and taxes are not included unless there is a field for them.
- The tool answers exactly the question it is given; it cannot know the context around your numbers.
- A number that passes validation has been checked for plausibility, not for correctness.
Frequently asked questions
Enter Loan Amount in ₹. Each field states its unit next to the input, and outputs are labelled the same way.
Loan Amount accepts 10000 to 100000000 ₹. The range is enforced before the calculation runs, so a bad entry never reaches the formula.
With the values loaded when the page opens, loan a EMI comes out as ₹17,356.46. Adjust any field to see how much the answer depends on it.
No. There is no account, no session and no storage. The values exist only while the tab is open.
No charge. Everything on the page is available without signing in.
The arithmetic will match any correct implementation. What it cannot include is the processing fee, the insurance bundled into the offer, or the rate band you actually qualify for.