Loan Calculator
This loan calculator will calculate your monthly payments for various types of loans like simple interest loan, personal loan, home loan, education loan and car loan. Select Calculate after entering your loan amount, terms, and annual interest rate.
A loan calculator is a useful online tool that allows you to easily calculate your EMI amount. The calculator will display both the interest and principal amounts earned over the loan's term.
How To Calculate Simple Interest?
The loan calculator is a simple and straightforward online tool for calculating interest. To calculate the simple interest, enter three critical details into the simple loan calculator:
- principal amount
- time period
- interest rate
put the values in the following formula-
a = p(1 + (r*t))
where,
a = amount
p = principal
r = interest rate
t = time
for example, you make an investment of ₹15,000 for two years at a 5% rate.
so, the amount you will receive will be
15,000*5*2/100
= 1,500
so,
a = 15,000 + 1,500
= ₹16,500.
Advantages Of Using Loan Calculator?
A simple interest loan calculator computes the amount you earn by investing money at the end of the maturity period. The amount calculated using the simple interest EMI calculator, on the other hand, shows both the interest and the principal amount you must pay to the lender.
A simple loan calculator, as opposed to traditional calculators, is an online tool that displays results instantly.
The following are the benefits of using an online calculator:
- It includes comprehensive information such as interest and principal amount.
- The online calculator eliminates the possibility of mathematical error, which is common when using manual methods.
- The online calculator provides a quick picture of the interest you will receive while borrowing, lending, or depositing money.
- It allows you to keep track of your profits and losses over time. This will aid you in your future planning.
- It allows you to compute the total amount you'll receive upon maturity.
- It saves time when compared to manual calculators.
- It is available 24x7 days.
What Are Different Types Of Loan Calculator?
The following are the various types of loan calculators that are available online:
Simple Interest Loan Calculator:
Simple loan calculator allows you to calculate the amount you will receive at maturity. The amount calculated with the simple interest calculator includes both the interest and the principal, the calculation formula: a = p(1 + (r*t))
Personal Loan Calculator:
Personal loan calculator calculates your EMI based on variables such as the amount borrowed, interest rate, and loan tenure. You can also use the personal loan calculator to determine an appropriate EMI. The calculation formula is EMI = [p x (r/100) x 1+(r/100)n]/[1+(r/100)(n-1)].
Home Loan Calculator:
Home loan calculator makes it simple to calculate EMI by entering variables such as loan amount, interest rate, and loan term. It also displays the total principal and interest payable, as well as the amortization schedule. The calculation formula is: EMI = [p x r x (1+r)n]/[(1+r)n-1].
Education Loan Calculator:
Education loan calculator can easily calculate your education loan. To calculate your monthly EMI, all you need are the loan amount, interest rate, and loan term. The calculation formula is: EMI = [p x r x (1+r)n]/[(1+r)n-1].
Car Loan Calculator:
The car loan calculator helps you in calculating the EMIs you pay to your lender. To calculate your monthly EMI, enter information such as the loan amount, interest rate, and loan term. The formula is as follows: EMI = [p x r x (1+r)n]/[(1+r)n-1].