Not all loans are created equal.
Whether it’s a personal loan, home loan, or car loan, blindly picking one can cost you lakhs more in the long run.
The smart way?
Build your own loan comparison checklist.
With this guide from Vizzve Finance, you’ll learn how to make informed choices based on logic—not sales pressure.
🧠 Why You Need a Loan Comparison Checklist
When banks/NBFCs advertise loans, they highlight what they want you to notice.
But smart borrowers compare across key categories that truly affect your finances:
Real cost of borrowing
Flexibility in repayment
Hidden charges
Reputation & support
🛠️ Step-by-Step: Build Your Loan Comparison Checklist
✅ Step 1: Note Down the Basics
| Item | Why It Matters |
|---|---|
| Loan Type | Secured or Unsecured |
| Loan Amount | Total requirement vs sanctioned |
| Tenure | Affects EMI + interest paid |
Use a simple table in Excel, Notion, or even a notebook.
✅ Step 2: Compare Interest Rates
✔ Fixed vs Floating
✔ Annual Percentage Rate (APR)
✔ Introductory rate (if any)
Vizzve Tip: Look at APR, not just the flat interest rate — it includes fees too.
✅ Step 3: List All Charges
| Fee Type | Typical Charges | What to Ask |
|---|---|---|
| Processing Fee | 0.5% – 2% of loan | Is it refundable if rejected? |
| Prepayment Charges | 2% – 5% | Can I pay early without penalty? |
| Late Payment Fee | ₹500+ or % of EMI | Grace period? |
| Documentation/Legal | Often hidden | Ask upfront |
✅ Step 4: EMI Comparison & Flexibility
✔ Calculate EMI using the same amount & tenure
✔ Ask if there’s a step-up or moratorium option
✔ Can you reschedule EMIs in emergencies?
Use Vizzve’s free EMI calculator or trusted apps.
✅ Step 5: Lender Reputation & Support
✔ How do they treat late payers?
✔ Is customer support responsive?
✔ RBI registered?
✔ Google Play/App Store reviews
Vizzve only partners with RBI-regulated lenders with good service records.
✅ Step 6: Credit Score Impact
✔ Does the lender report to CIBIL?
✔ Will the inquiry affect your score?
✔ Any chance of a soft check instead of hard pull?
Always check if pre-approval involves hard credit pulls.
🧾 Sample Loan Comparison Table
| Criteria | Lender A | Lender B | Lender C |
|---|---|---|---|
| Interest Rate (APR) | 11.5% | 13% | 10.75% |
| Processing Fee | ₹2,000 | ₹1,500 | ₹2,200 |
| EMI (3 years) | ₹3,280 | ₹3,390 | ₹3,250 |
| Prepayment Penalty | 4% | 0% | 2% |
| Customer Support | 4/5 | 3/5 | 5/5 |
⚖️ Final Step: Choose the Loan That Suits You
Don’t just go for the lowest EMI.
Consider the total cost over time, flexibility, and customer experience.
🎯 The goal isn’t the cheapest loan. It’s the smartest loan for your situation.
💬 FAQs
1. What’s the most important thing to compare in loans?
The APR, which includes interest + fees, and the prepayment flexibility.
2. Is it okay to apply to multiple lenders?
Yes, but only if they use soft pulls. Too many hard inquiries hurt your credit score.
3. Can Vizzve help me compare loans?
Absolutely. Vizzve shows side-by-side comparisons from trusted lenders, based on your profile and needs.
Published on : 17th July
Published by : SMITA
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RBI-Registered Loan Partner | 10 Lakh+ Customers | ₹600 Cr+ Disbursed.