Interest Rate Comparison Calculator
Compare Flat vs Reducing Balance Interest Rates
Loan Amount
₹
Interest Rate
%
Loan Tenure
Formula for Interest Rate Comparison
This calculator uses the standard EMI or compound interest formula to compare how different interest rates affect repayment or returns.
For Loan Interest Rate Comparison (EMI-based)
EMI = [P × r × (1 + r)^n] ÷ [(1 + r)^n – 1]
- P =Loan amount
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Loan tenure in months
FV Formula (Compound Interest):
FV = P × (1 + r/n)^(n × t)
- P = Principal amount (initial investment)
- r = Annual interest rate (in decimal)
- n = Number of compounding periods per year
- t = Time in years
Loan Comparison
Example:
Loan Amount : ₹2000000
Tenure : 15 years
Result: 8% interest rate is the best option, offering the lowest EMI and saving over ₹4.29 lakhs in interest vs 10%.
Investment Comparison
Example:
Principal : ₹5000000
Period: 10 years
Result: Even a 2% increase from 6% to 8% adds ₹1.84 lakhs in growth.
Frequently Asked Questions
What is Flat Interest Rate?
What is Reducing Balance Interest Rate?
Which interest rate is better?
How much can I save with reducing balance rate?
Why do banks prefer flat rate?
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