EMI Comparison Calculator

Compare 2 or 3 loan EMIs side by side. Adjust loan amount, interest rate, and tenure for each loan to find the best option for your budget. Perfect for comparing different lenders or loan types.

Select how many EMIs you want to compare side by side

EMI 1

5,00,000
0
8.5%
5 years

EMI 1 Summary

Monthly EMI: ₹10,258
Total Interest: ₹1,15,480
Total Amount: ₹6,15,480

EMI 2

3,00,000
50,000
9.5%
3 years

EMI 2 Summary

Monthly EMI: ₹8,039
Total Interest: ₹39,404
Total Amount: ₹3,39,404

EMI Comparison Results

Parameter EMI 1 (Home Loan) EMI 2 (Car Loan)
Loan Amount ₹ 5,00,000 ₹ 3,00,000
Down Payment ₹ 0 ₹ 50,000
Principal Amount ₹ 5,00,000 ₹ 2,50,000
Interest Rate 8.5% p.a. 9.5% p.a.
Loan Tenure 5 years 3 years
Monthly EMI ₹ 10,258 ₹ 8,039
Total Interest Payable ₹ 1,15,480 ₹ 39,404
Total Amount Payable ₹ 6,15,480 ₹ 3,39,404
Best Option For Lowest total cost over time Balance of EMI and tenure

Visual Comparison

EMI 1
EMI 2

Analysis & Recommendations

Cost Analysis

Based on your inputs, EMI 2 has the lowest monthly payment of ₹8,039, while EMI 3 would be paid off the fastest (2 years). EMI 1 has the highest total amount payable of ₹6,15,480.

Recommendation

If you're looking for the most affordable monthly payment, choose EMI 2. If you want to minimize total interest paid, choose EMI 3. Consider your monthly budget and financial goals when deciding.

Savings Tip

Consider making a larger down payment to reduce your loan principal. Even a 10-20% down payment can significantly reduce your EMI and total interest paid over the loan tenure.

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About EMI Comparison Calculator

Comparing multiple loan EMIs side by side helps you make an informed financial decision. Different lenders offer different interest rates, and loan terms can vary significantly. Our EMI comparison calculator allows you to compare 2 or 3 loans simultaneously, giving you a clear picture of which option best fits your budget and financial goals.

When comparing EMIs, consider not just the monthly payment but also the total interest paid over the loan tenure, the loan term, and any additional fees or charges. A lower EMI might seem attractive, but if it comes with a longer tenure, you might end up paying more interest overall.

This tool is particularly useful when:

  • Comparing loan offers from different banks or financial institutions
  • Evaluating different loan tenures for the same loan amount
  • Considering a balance transfer to a lower interest rate loan
  • Deciding between different types of loans (personal vs. home vs. car loan)
  • Planning your finances by understanding how different EMIs affect your monthly budget

Remember that the lowest EMI isn't always the best choice. Consider your ability to pay, future financial plans, and overall cost when making your decision.

Frequently Asked Questions

Why should I compare multiple EMIs?

Comparing multiple EMIs helps you identify the most cost-effective loan option. Different lenders offer varying interest rates, processing fees, and loan terms. By comparing side by side, you can choose the loan that best fits your budget and financial goals, potentially saving thousands in interest over the loan tenure.

What factors should I consider when comparing EMIs?

When comparing EMIs, consider: 1) Monthly EMI amount, 2) Total interest payable over the loan tenure, 3) Loan tenure, 4) Processing fees and other charges, 5) Prepayment options and charges, 6) Flexibility in repayment, and 7) Customer service and reliability of the lender.

Is a lower EMI always better?

Not always. A lower EMI might come with a longer loan tenure, which means you'll pay more interest overall. Additionally, some loans with lower EMIs might have higher processing fees or stricter terms. Consider the total cost of the loan, not just the monthly payment.

How many EMIs can I compare at once?

Our EMI comparison calculator allows you to compare 2 or 3 EMIs simultaneously. This is usually sufficient for most comparison needs, whether you're comparing different lenders, loan types, or loan terms.

Can I compare different types of loans?

Yes, you can compare different types of loans (home, car, personal, etc.) using our calculator. Just select the appropriate loan type for each EMI you're comparing. This can help you decide which type of loan best suits your needs.

How accurate is the EMI comparison?

Our calculator provides accurate EMI calculations based on the standard reducing balance method used by most financial institutions. However, actual loan terms may vary based on your credit score, relationship with the lender, and other factors. Always verify with your lender before making a decision.