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How is Interest Calculated

How is Interest Calculated

When you borrow any loan, whether a car loan, home loan or personal loan, you are liable to pay both the principal loan amount plus the interest charged. Interest is a cost or a fee paid for borrowing a specific amount of money for a fixed tenure. Calculating interest is not a tedious task anymore, all thanks to the digital platforms available for loan applications. Loan provider websites and apps have eliminated manual calculations and increased accuracy.

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. 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 Simply Cash

Simply Cash, 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 Simply Cash 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.
 
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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SimplyCash is managed and operated by Hero FinCorp Limited, and it follows high data and system security standards.

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