How should I compare the total repayment amounts across lenders?

When comparing total repayment amounts across lenders, don’t just look at the interest rate. Start by using an EMI calculator—input the loan amount, interest rate, and tenure for each lender to get your monthly EMI. Multiply the EMI by the total number of payments to see the basic repayment amount.

Then, add all upfront costs like processing fees, origination charges, and documentation fees. Check for prepayment penalties, foreclosure charges, and late payment fees, as these can add up over time. Always read the loan agreement to catch any hidden costs or conditions.

If available, look at the Annual Percentage Rate (APR), which combines both the interest and all mandatory fees, giving you a more accurate picture of the real cost. APR is especially useful for comparing offers side by side, as it standardises the total cost regardless of how fees are structured.

Also, consider the flexibility each lender offers. Some allow part-prepayments or early closure without steep penalties which can save you money if you plan to repay early. Don’t forget to factor in the lender’s customer service and support, as smooth communication can make a big difference if you face issues later.

By weighing all these factors—EMI, total interest, fees, prepayment options, and service—you’ll get a true sense of which loan is most affordable and best fits your financial goals. Take your time, use online tools, and always compare offers before making a decision.