Interest Rate Calculator

An interest rate calculator is a very essential financial tool required for everyday calculations. Regardless of whether you avail a personal, vehicle or home loan, you have to calculate the total amount you need to repay. Since Equated Monthly Instalments or EMIs have both components- the principal and the interest payable- determining the exact amount you need to pay is vital.

Groww provides you with one of the best interest rate calculators in India. When you avail of a loan from a notable financial institution, you are apprised of the interest rate payable for the tenure. Following the rate charged, you have to make your budgetary plans.

The calculator is also worthwhile for those who avail of multiple loans simultaneously as they may have difficulty tracking every EMI payments. You need just a minute or so to make out your liabilities at the end of each month.

How can an Interest Rate Calculator Help You?

Here are some of the primary benefits that a loan interest rate calculator provides.

• Such a platform helps you with a reliable resource that helps you stay abreast of your outstanding liabilities.
• The tool is also a very potent bank interest rate calculator. If you have availed credit from a bank, you need to repay the entire loan in time. Else, your CIBIL score suffers and your creditworthiness will also reduce.
• An interest rate calculator in India aids you in planning which EMIs have greater priority and which can wait for later.
• Lastly, an interest rate calculator will save you time, eliminate errors and help you stay atop your current financial situation.

Since most loans have long tenures, figuring out their repayment status is often difficult. It is why you need to find an interest rate calculator. Groww has a wide array of financial tools which you will find listed at the end of this page.

Formula to Determine Interest Rate

There is a single formula that assists you in determining the interest rate and total amount repayable in EMIs. It is –

E = P * r * (1+r)^n / ((1+r)^n-1)

In the equation, the following are represented –

Example of Using an Interest Calculator

To understand how to use our bank loan interest rate calculator, here is a simple example.

If you have availed a loan of Rs. 10 Lakh from a lending institution at an interest rate of 10.50% for a tenure of 10 years or 120 months, the formula determines that the EMIs payable is Rs 13,493.

Of this, our calculator can even help you decode that the total amount repayable after the term ends is Rs 16,19,220. Thus, the interest payable is Rs 6,19,220.

How to use the Interest Calculator?

Groww’s interest rate calculator is customized for ease of use. Here are the steps you need to remember.

Simply input the values of the loan amount, the interest rate and the loan tenure and the calculated value will be displayed instantly. You can check the interest accrued for a home loan, personal loan and car loan.?

What are the benefits of using a bank loan calculator?

You can avail the following advantages when you use the interest rate calculator we provide.

• Our calculator saves you from the troubles and pitfalls of opting for manual calculations. If you have multiple on-going loan repayments, you will need some technological aid.
• The calculator is immune to error.
• You can now plan for the future without pondering over the existing loan details.

You will see a wide array of other calculators below. They will help you with financial planning.