Look beyond the headline rate
Lenders advertise the interest rate, but your real cost includes processing fees (plus 18% GST), documentation charges and sometimes mandatory insurance. The true APR folds all of these into one number, so a "9.99%" loan with a 2.5% fee can turn out costlier than a 10.5% loan with a 1% fee, as in the example above.
Related: personal loan EMI · loan eligibility · balance transfer
How to use the Compare Loan Offers (True Cost & APR) tool
- Enter up to three loan offers: amount, rate, tenure and fees.
- Compare EMI, total interest, total cost and the true APR.
- Pick the offer with the lowest total cost or APR.
Why SaralKit?
- Free forever: no "credits", no trial, no premium tier, no watermark and no daily limit.
- No account, ever: nothing to sign up for. Just open the page and use it.
- No data stored: your files and the numbers you type are processed by your own browser. We never upload, store or see them.
- Works offline: once the page has loaded, most tools keep working without internet.
- Open source: anyone can read the code on GitHub.
Frequently asked questions
Why can a lower interest rate cost more?
Processing fees are deducted upfront, so you receive less money but repay the full amount. A 2.5% fee can make a 9.99% loan more expensive than a 10.5% loan with a 1% fee. The APR here includes fees, so you can compare fairly.
What is APR?
The annual percentage rate is the true yearly cost of the loan including fees, calculated from the money you actually receive and the EMIs you pay.
Is GST charged on processing fees?
Yes, 18% GST applies to processing fees in India. Add it to the fee for an exact comparison.