Loudness compensation is one of the most important functions of hearing aids. Because hearing loss is commonly more severe for high-frequency signal than low-frequency signal, the gain of the loudness compensation should be modified with the frequency of the signal. In this paper, a new method for multichannel loudness compensation based on human auditory is proposed. Then design algorithm for near perfect reconstruction oversampled filter banks is presented, and the parameters of the sub-band filters are designed for senile hearing loss. Simulation and experimentation results prove the validity of this method.