Loan Comparison: When the Lowest EMI Is Not the Best Deal
A 2-offer comparison where the offer with the lower monthly EMI is not the recommended choice once total cost is calculated.
Comparing 2 loan offers, Higher EMI offer has the lowest total cost of loan at ₹4,65,185, once interest, processing fees, and other charges are all included.
- Loan amount
- ₹15,00,000
- Rate
- 9% p.a.
- Tenure
- 84 months
- Loan amount
- ₹15,00,000
- Rate
- 9.25% p.a.
- Tenure
- 72 months
Lower EMI offer
Higher EMI offer
Lower EMI offer
Monthly EMI
₹24,
Total interest
₹5.27 Lakhs
₹5,27,224
Fees
₹37,
Total cost of loan
₹5.73 Lakhs
₹5,72,724
Higher EMI offerRecommended
Monthly EMI
₹27,
Total interest
₹4.6 Lakhs
₹4,60,185
Fees
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Total cost of loan is total interest plus processing fee plus other one-time charges, compared exactly as each offer is entered. It does not model prepayment, foreclosure charges, or floating-rate resets over the tenure.