Interest Rate Calculator
Calculate interest rates, monthly repayment amount, and total repayment with accuracy using Hero Fincorp loan calculator.
Calculate Personal Loan EMI
What is an Interest Rate?
An interest rate is the cost of borrowing money, charged by lenders as a percentage of the loan amount. It could be fixed or floating, and this has a direct effect on both your monthly EMI and the total cost of repayment.
In India, the Reserve Bank of India (RBI) provides a benchmark lending rate, but the final rate is decided by the lender. Factors such as your credit score, debt-to-income (DTI) ratio, income level, employment history, loan type, and repayment tenure all influence the interest rate offered to you.
What is Interest Rate Calculator?
The interest rate calculator is a free online tool made available by lenders and NBFCs like Hero FinCorp. It allows you to find out the total interest you will have to pay and your monthly EMI for the given loan amount, interest rate, and repayment tenure.
If you want to compare loans from different lenders, this tool will also be helpful. Just enter the data for various lenders and you will get the results immediately on your screen.
The feature that gives you more freedom and control over the choice of repayment plan is the ability to change the loan amount and tenure to see how your EMI changes. In this case, you can select a repayment schedule that fits your budget and repayment capacity.
How can an Interest Rate Calculator Help?
An Interest Rate Calculator helps users by simplifying the process of calculating interest earned or paid on financial transactions. Here is a list to point out how an interest calculator can be helpful:
1. Shows Your EMI Instantly: Simply by providing the loan amount, interest rate, and repayment period you will learn your monthly EMI in just seconds.
2. Breaks Down Loan Cost: Find out the total repayment including the principal amount and interest component with the help of a finance interest calculator.
3. Compares Loan Options: By inputting the information into the loan interest calculator, you can see the various loan offers from lenders, and choose the loan plan that works best for you.
4. Helps Plan Your Finances: You can find an EMI that fits your budget by adjusting the duration, loan amount, or interest rates to see how the calculator calculates interest.
5. Saves Time and Effort: There is no need for manual calculation, the calculator is an online tool that guarantees accuracy and provides exact results in a short time.
6. Avoids Surprises: Determine the total cost of borrowing first, including accumulated interest, you can reasonably repay, and ultimately better plan financially.
Benefits of Interest Rate Calculator
The loan interest rate calculator is a simple to use online tool that allows you to figure out your EMI amount, interest share, and total repayment in a few seconds. Just to compare with manual calculations, this finance interest calculator gives the output in a very short time without any mistakes.
It can be used for an instant personal loan, home loan, car loan, or business loan. All you need to do is to input the loan amount, interest rate, and repayment period. The calculator calculates interest clearly, showing both the principal amount and accumulated interest.
This is the perfect tool for you to understand what is the exact price of taking a loan from a bank, change the duration or loan amount, and pick the repayment plan which is most convenient for you.
