Compare Loans – Find the Best Loan for Your Needs
Compare two loan types side by side — EMI, interest rate, total cost, features, pros & cons. Make informed borrowing decisions.
Related tools
More in loans
If you need higher amount or don't have the collateral, go for Personal Loan.
Not all loans are created equal. Borrowing ₹5 lakh as a personal loan at 16% interest will cost you ₹1.96 lakh extra over 5 years. The same amount as a loan against your FD at 7.5% costs just ₹1.02 lakh in interest — a saving of nearly ₹94,000. This tool puts both loans next to each other so you can see exactly which option costs less, which is faster to get, and which one fits your situation.
Home Loan vs Personal Loan – Which is Right for You?
| Factor | Home Loan | Personal Loan |
|---|---|---|
| Interest Rate | 8.50% - 10% | 10.50% - 36% |
| Loan Amount | ₹5L - ₹10Cr+ | ₹10K - ₹40L |
| Tenure | Up to 30 years | 1 - 5 years |
| Collateral Needed | Yes (property) | No |
| EMI for ₹10L (max tenure) | ₹7,689 (30yr) | ₹23,262 (5yr) |
| Tax Benefits | Up to ₹3.5L/year | None |
Personal Loan vs Gold Loan – Cost Comparison
Two of the most common loan types — one unsecured, one secured against gold:
Personal Loan
Rate: 14-24% p.a.
₹5L for 5 years: ₹11,635 EMI
Total interest: ₹1,98,100
No collateral needed
Gold Loan
Rate: 7-11% p.a.
₹5L for 5 years: ₹10,020 EMI
Total interest: ₹1,01,200
Gold pledged as collateral
You save ₹96,900 in interest with Gold Loan. Use the comparison tool to run your exact numbers.
Loan Against FD vs Personal Loan – Is Secured Always Better?
| Factor | Loan Against FD | Personal Loan |
|---|---|---|
| Interest Rate | FD Rate + 1-2% (7-9%) | 10.50% - 36% |
| Loan Amount | Up to 90% of FD value | Up to ₹40L |
| Approval Time | Instant (5 min) | 5 min - 24 hrs |
| Documentation | Minimal (FD receipt) | KYC + income proof |
| FD Earning | FD continues earning interest | N/A |
How to Use the Loan Comparison Tool
- 1. Select the first loan type from the dropdown (Home Loan, Personal Loan, Car Loan, etc.)
- 2. Select the second loan type to compare against
- 3. Enter the loan amount, interest rates, and tenure for both loans
- 4. View the side-by-side comparison showing EMI, total cost, pros/cons, and recommendation
Key Factors to Compare Before Taking a Loan
Annual Percentage Rate
Always compare the APR, not just the interest rate. APR includes fees and charges.
Total Repayment Amount
This is the real cost. A lower EMI with longer tenure may cost more overall.
Prepayment Charges
Some loans charge 2-5% for early repayment. Avoid these if you plan to prepay.
Processing Time
Personal loans can be instant. Home loans take 1-2 weeks. Consider urgency.
CIBIL Impact
Multiple loan applications in short time can hurt your score. Compare first, then apply.
Hidden Charges
Check for late payment fees, statement charges, and foreclosure fees before signing.
How to Compare Loans Effectively
In plain words
When comparing loans, do not just look at the interest rate. The total cost of the loan includes processing fees, prepayment charges, and GST. A loan with a slightly higher interest rate but lower fees may be cheaper overall. Always compare the total repayment amount.
Total Cost = EMI × N
Total Interest = Total Cost – Principal
Where:
EMI is calculated using the standard reducing balance formula
N = Loan Tenure in MonthsA quick example
Compare a personal loan vs a gold loan for ₹5 lakh:
Step by step
- 1.Personal Loan EMI at 16%: ₹12,156/month
- 2.Personal Loan Total Repayment: ₹7,29,360
- 3.Personal Loan Total Interest: ₹2,29,360
- 4.Gold Loan EMI at 7.5%: ₹10,020/month
- 5.Gold Loan Total Repayment: ₹6,01,200
- 6.Gold Loan Total Interest: ₹1,01,200
So the answer is: Gold Loan saves ₹1,28,160 in interest over 5 years compared to Personal Loan. However, gold loan requires pledging gold as collateral.