Loan comparison calculator

Last updated

Two to four loan offers side by side: EMI, total interest, fees and the total cost, with the difference from the first offer.

Loan offers

The rate offered to you. Finobazaar does not fill in a lender's rate.

Reducing balance: interest only on what is still owed (most loans). Flat: interest on the full loan for the whole term — choose it only if the offer says so.

Offer 1

Offer 2

Offer 3

Numbers only; commas are fine. Tenure up to 40 years (480 months).

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Comparing like with like

Enter two to four offers. Each is worked out with its own method, and the table shows the EMI, total interest, the fees you entered, total repayment and the cost of borrowing (interest + fees), with the difference from the first offer.

Cost of borrowing = total interest + fees entered

Flat and reducing rates

A flat-rate offer is never compared rate to rate with a reducing-balance offer. For flat-rate offers the table adds the reducing-balance rate with the same cost, and the cost of borrowing compares every offer on the same basis.

What the comparison leaves out

  • Insurance, taxes, stamp duty and late-payment charges unless you include them in the fees.
  • Changes in floating rates over the loan.
  • Prepayment terms, which can matter as much as the rate.

Results are worked out from the numbers you enter and are for planning only. They are not an offer, an approval or financial advice. Finobazaar does not assume any lender's rate or rules; the lender's loan agreement and its key fact statement decide the actual EMI and charges.

Frequently asked questions

Which formula does the loan comparison calculator use?

Cost of borrowing = total interest + fees entered
The explanation below the calculator sets out each step and what the result leaves out.

What details do I need for the loan comparison calculator?

You need: loan offers. Take the figures from the lender's offer or key fact statement where you have one.

Does the calculator use a bank's interest rate?

No. You enter the rate offered to you. Finobazaar does not fill in a lender's rate, because rates depend on the lender, your profile and the date.

Is the result a loan offer or an approval?

Results are worked out from the numbers you enter and are for planning only. They are not an offer, an approval or financial advice. Finobazaar does not assume any lender's rate or rules; the lender's loan agreement and its key fact statement decide the actual EMI and charges.

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