How is Interest Calculated
Short term loans mean higher EMIs, but less rate of interest in the long run, while long term loans incur lower monthly EMIs, but cost you more interest till the entire loan tenure. Use the interest rate calculator to calculate the interest easily in no time or go the manual way using the below simple interest formula:
Principal Loan Amount X Interest Rate X Total Number of Years = Interest
INR 2,00,000 x 5% x 5 = 50,000 is the interest for 5years
Factor Affecting the Interest Rate
Getting clarity on the interest amount helps in deciding the monthly EMI. Clear all your outstanding loans on timeto get a good interest rate. With reasonable interest rates and flexible timelines, you can manage EMIseasily. When applying for an instant loan, the interest rate offered by the lender depends on three factors:
- Principal loan amount
- Monthly income
- Credit history
Considering the above factors, you can calculate the interest rate payable on the principal amount and tenure.
Calculate Loan EMIs with HeroFinCorp
HeroFinCorp, a secured personal loan app in India, is easy to use and recommended to calculate loan EMIs. The tool is free, secured, and accurate for giving results within seconds.The interest rate charged may be fixed or floating, depending upon the loan type you have applied.Floating interest rates may increase or decrease with time. Check the base interest rate available and calculate the EMI. Download the HeroFinCorp app via Google Play store and begin with calculating the interest and derive EMIs that fit your budget.A loan calculator is a technology that saves your time in doing manual calculations. Assessing EMI simplifies loan taking decisions and helps in quick disbursal.
About Hero Fincorp
Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.
