An interest rate is an amount levied upon the principal loan amount while availing a personal loan. The interest rate is typically calculated on an annual basis known as the annual percentage rate (APR).
An interest rate is usually charged based on the prevailing percentage of interest in the market – fixed/variable. Borrower’s financial background and the capacity to repay the loan amount also affect the interest rate.
Nowadays, evaluating interest rate has become a simple and quick process with a complete digital form of calculation known as the loan EMI calculator available easily on the
loan apps or financial websites for exact calculation of the interest rate, unlike the conventional way of calculating interest rate that happened to be tedious and complicated.
Borrowers should make use of the interest rate calculator to avail the below benefits
Accuracy
An interest rate calculator maintains the accuracy required while calculating the interest rate on the principal amount.
Saves time
The interest rate calculator saves your time and ensures the calculation is error-free. Overall, you get a clear picture of the equated monthly installment with the repayment tenure for the sanctioned loan amount.
Helps in planning
The interest rate forms a deciding factor after which an EMI can be derived. So, once the interest rate is calculated further EMIs can be derived, and accordingly, the planning of loan application for a specific amount can be done.
Calculate different types of interest
Some interest calculators online give an option of selecting a simple interest or a compound interest option. Accordingly, you can select to stay up to date with the interest charged.
How to use the interest rate calculator Via HeroFinCorp?
HeroFinCorp an instant personal loan app is a complete digital personal loan app, which is curated to perform the interest rate calculation with the help of a loan EMI calculator.
HeroFinCorp Loan EMI calculator displays a simple and easy process for calculating personal loan interest rates.
Here is the simple method you can take into consideration to avail the best interest rate
Simply input the principal loan amount value, percentage of interest, and loan tenure in the HeroFinCorp Online Personal loan EMI calculator and the results will be displayed instantly.
For example: if you avail a loan amount of Rs.1,50,000 from HeroFinCorp at an annual interest rate of 25% for a tenure of 2 years, the formula determines that the EMI you will repay will be Rs.8,006/-
The calculator is immune to errors and so the scope of discrepancies is eliminated. It is entirely a digital process that asks borrowers to input the values and the results are out in seconds.
The interest rate calculator is undoubtedly an ideal choice before you submit a loan application. The lender cannot fool you because you already have clarity on the interest rate beforehand.
HeroFinCorp instant personal loan app can be downloaded through the Google Play store from your android phone. The simple and secured login and sign-in method make it a reliable, safe, and user-friendly instant loan app for the borrowers in need of urgent cash.
