Compare loan offers.
Up to three offers, ranked by what they really cost, with fees and charges included.
Why the lowest rate is not always the cheapest
A lower rate with a high processing fee can cost more than a slightly higher rate with no fee, especially on a short loan. This calculator adds each offer's fee and other charges to its interest and ranks the offers by total cost.
How to use it
- Enter the loan amount and tenure once.
- Fill each offer's rate and fee. Add other charges under More options.
- Ask each lender for its offer in writing, with every fee listed in its Key Facts Statement.
Questions.
What is a Key Facts Statement?
A short standard sheet that RBI requires lenders to give before you sign. It shows the rate, all fees and the yearly cost of the loan, so offers are easy to compare.
Should I include GST on fees?
Yes, if the lender charges it. Fees usually attract 18% GST, which adds to your cost.
How many offers should I get?
Two or three written offers are usually enough to see the real market rate and to negotiate with your own bank.
Want a lower rate?
Ask 23 banks and housing finance companies for a lower rate on the loan you already have, at their branch nearest you. Free, from your own email.