Loan Comparison Calculator
Compare up to 4 loan offers side by side
Loan Comparison Calculator is a free, browser-based tool that lets you compare up to 4 loan offers side by side — with zero signup, zero installation. Your data never leaves your browser. Part of 138+ free developer and business tools at wowhow.cloud, built and maintained by a team with 14+ years of hands-on development experience.
Loan Offers
Comparison Results
| Metric | SBI | HDFC Bank |
|---|---|---|
| Monthly EMI | Rs 43,391 | Rs 44,186 |
| Total Interest | Rs 54,13,879 | Rs 56,04,529 |
| Processing Fee | Rs 25,000 | Rs 25,000 |
| Total Cost | Rs 1,04,38,879 | Rs 1,06,29,529 |
| Effective Rate | 5.44% | 5.63% |
Total Cost Comparison
Prepayment Scenario
SBI
Tenure reduced by 53 months (4y 5m)
Interest saved: Rs 13,89,250 (13.89 L)
New tenure: 15y 7m
HDFC Bank
Tenure reduced by 53 months (4y 5m)
Interest saved: Rs 14,52,427 (14.52 L)
New tenure: 15y 7m
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About Loan Comparison Calculator
Banks often present loan offers with small interest rate differences that translate to lakhs of rupees in total interest paid over a 20-year tenure. Comparing EMI alone ignores processing fees, prepayment clauses, and the compounding effect of even a 0.25% rate difference. This tool puts up to four real loan offers side by side — with EMI, total cost, effective rate, and prepayment impact all visible at once.
How It Works
Each loan offer is calculated using the reducing balance formula: EMI = P × r × (1+r)^n / [(1+r)^n − 1], where P is principal, r is the monthly interest rate (annual rate / 12 / 100), and n is total months. Processing fees are added to the total borrowing cost and factored into the effective interest rate computation.
For prepayment analysis, you enter an extra monthly payment above the standard EMI. The tool runs a modified amortization schedule where the extra amount is applied to principal every month. It outputs the new payoff month and the total interest saved versus the standard schedule.
All comparisons are displayed in Indian number formatting (lakhs and crores) with the best-value offer highlighted based on minimum total cost.
Who Is This For
A home buyer who has received loan pre-approvals from SBI, HDFC, and ICICI and wants to see which is cheapest over 20 years, factoring in different processing fees.
A business owner comparing a Rs 30 lakh equipment loan at 10.5% for 5 years versus a working capital loan at 11% for 3 years.
A salaried professional deciding between a shorter tenure (higher EMI, lower total cost) and longer tenure (lower EMI, higher total cost) for a personal loan.
A refinancing candidate checking if switching from an existing loan at 9.2% to a new bank at 8.7% justifies the foreclosure charges.
Scope note: Calculations assume a fixed interest rate throughout the loan tenure. Floating rate loans tied to MCLR or repo rate will have EMI changes at each reset date, which cannot be modelled precisely. Processing fee estimates are entered manually — verify the exact charges with your bank's sanction letter before finalizing any loan.
Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, tax, or legal advice. Results are estimates based on publicly available tax slabs and formulas. Consult a qualified Chartered Accountant, tax professional, or financial advisor for guidance specific to your situation. Built and maintained by the WOWHOW Team with 14+ years of software development experience.
How to Use
Add up to 4 loan offers — enter bank name, amount, interest rate, and tenure
Optionally add processing fee and prepayment charges for each offer
View the side-by-side comparison with EMI, total interest, and total cost
Check the prepayment scenario to see how extra payments save you money
Frequently Asked Questions
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