Interest Rate Calculator
Personal Loan EMI Calculator
What is an Interest Rate?
Every loan, whether secured or unsecured, comes with a borrowing cost called interest rate. This rate is charged as a percentage of the loan amount by the lending institutions. The interest rate can be fixed and floating.
In India, the standard benchmark rate is fixed by the Reserve Bank of India or the RBI, but the final rate is decided by the lender on the basis of your credit score, debt-to-income (DTI) ratio, income level, employment history, loan amount, repayment tenure and other eligibility factors.
What is Interest Rate Calculator?
The interest rate calculator, also called a personal loan EMI calculator, is a free-to-use automated tool available on the websites of top lending institutions and NBFCs like Hero FinCorp. It helps you to calculate the total interest payable on your loan based on your loan amount, the interest rate charged by the lender, and your preferred repayment tenure. In addition, it shows the EMI amount you will have to pay every month for loan repayment.
You can also use the online calculator to compare loan plans offered by different lenders by entering the figures in the tool. Once you enter the details, the tool results on the screen instantly.
The best part is that you can change the loan amount and repayment tenure to see its effect on your monthly instalment amount. This helps you choose a suitable EMI that fits your budget.
How can an Interest Rate Calculator Help?
An Interest Rate Calculator helps you to understand how different loan factors affect your monthly payments and total loan cost. For example, if you take a Rs 1,00,000 Personal Loan at 19% per annum interest rate, your EMI and total interest will vary depending on the loan tenure. The table below shows the impact of different repayment tenures on monthly EMIs.
| Loan Amount | Interest Rate (p.a.) | Tenure (Months) | EMI (Rs) | Total Interest (Rs) |
|---|---|---|---|---|
| 1,00,000 | 19% | 12 | 9,216 | 10,592 |
| 1,00,000 | 19% | 24 | 5,041 | 20,984 |
| 1,00,000 | 19% | 36 | 3,666 | 31,976 |
You can see how a longer tenure decreases your monthly EMI amount but increases the total interest payable. The loan calculator allows you to compare such scenarios, helping you choose a loan plan that suits your budget and repayment capacity without surprises.
Benefits of Interest Rate Calculator
The loan interest rate calculator is a simple and dependable online tool that helps you to calculate the total interest payable on your loan and its EMI amount in no time. As compared to manual calculations, this tool is easy to use and gives error-free results.
Whether it is a instant personal loan, Home Loan, Car Loan or Business Loan, you can use this online calculator anytime and anywhere on your laptop or smartphone before applying.
With this tool, you get a clear understanding of how much total interest you will pay throughout the loan tenure and what your monthly EMI amount will be. This can help you plan your monthly budget in a better way and avoid any surprises later on.
- It is an easy to use tool that is available online.
- You can do quick and real-time calculations.
- You can do unlimited calculations without mistakes.
- It helps you compare different loan plans quickly.
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