Personal Loan Comparison Calculator
Personal loans provide quick funds for emergencies, weddings, or debt consolidation. Compare up to three personal loan options with Loanpao’s advanced calculator to find the most affordable deal tailored to your needs.
Compare Personal Loans
What Is Personal Loan Comparison?
Personal loan comparison involves evaluating multiple loan offers based on loan amount, interest rate, tenure, and repayment terms to identify the most cost-effective option for your financial needs, such as medical expenses or debt consolidation.
How To Use Personal Loan Comparison Calculator
To use the personal loan comparison calculator, follow these steps:
- Enter the loan amount, interest rate, and tenure for up to three personal loans.
- Click "Compare Loans" to view EMI, total interest, and total repayment for each loan.
- Review the results table and chart to choose the best loan option.
How Is Personal Loan Comparison Calculated?
The comparison is based on the EMI formula: EMI = P × r × (1+r)^n / [(1+r)^n - 1], where:
- P = Loan amount
- r = Monthly interest rate (annual rate / 12 / 100)
- n = Loan tenure in months
For example, for a ₹5,00,000 loan at 12% interest for 5 years:
- Monthly rate = 12% / 12 / 100 = 0.01
- Months = 5 * 12 = 60
- EMI = 5,00,000 × 0.01 × (1+0.01)^60 / [(1+0.01)^60 - 1] ≈ ₹11,122
- Total Repayment = 11,122 × 60 ≈ ₹6,67,320
- Total Interest = 6,67,320 - 5,00,000 = ₹1,67,320
The calculator compares these metrics across multiple loans.
Personal Loan Comparison Criteria
| Criteria | Details |
|---|---|
| Interest Rate | Lower rates reduce EMIs and total interest paid. |
| Loan Tenure | Shorter tenures increase EMIs but reduce total interest. |
| Prepayment Penalties | Loans with no or low penalties offer flexibility. |
| Processing Fees | Lower fees decrease the overall loan cost. |
Frequently Asked Questions
Comparing personal loans helps you find the most affordable option, saving on interest and fees over the loan term.
Key factors include interest rates, loan tenure, prepayment penalties, and processing fees.
Yes, this calculator allows comparison of loans with varying tenures to assess their impact on EMIs and total repayment.