How to compare loan quotes from different banks..???

To apply for a loan, you should compare interest rates, loan amount, loan tenure, processing charges and prepayment penalty levied by different banks. Every lender provides information about loans through their websites. You can compare all the loan parameters through their websites. Online comparison is the easiest and most convenient way to check the most favorable deal that suits your needs.

That’s an interesting formula you have given Nitin Sampat. If only I would have seen this post earlier then I could have made good use of this. But when I was in the hunt for a personal loan provider, I compared the quotes using couple of websites and I found the best possible personal loan deal for myself.

Today all banks give different rate of interest and they also calculate in many different ways specially on personal loans.so if you compare that ways you can easily understand.I just apply personal loan with axis bank they are providing really best rate of interest.

Banks calculate interest rates in different ways so quote are different also based on monthly reducing rate, flat rate, hence just looking at the interest rate value alone might not give you a true picture of which personal loan quote is the best. The processing fee should also be considered when comparing loan quotes. The best way of finding out which personal loan quote is the cheapest is by comparing the total amount that you need to pay in order to completely pay off your personal loan.

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The simple formula for this is
Total cost of personal loan = Loan amount + Total interest charged throughout loan tenure + Processing fees & related taxes