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 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
Use Hero FinCorp’s Interest Rate Calculator to:
- Check your EMI and repayment details instantly—no manual math needed.
- Get error-free results instantly compared to manual calculations
- Check for personal loan, home loan, car loan, or business loan with ease
- Just enter the loan amount, interest rate, and tenure to get your results.
- Get a full breakdown of the principal and interest so you can plan.
- Change the loan amount or tenure to instantly check how your payments change.
- Pick the payment plan that works best for you.
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