Simple Interest Calculator

Calculate simple interest with ease
One-time
Monthly SIP
₹
1,00,000
5.6
%
10
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Principal
Interest
Total value
28,70,000
Principal:
20,00,000
Interest:
8,70,000

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What is a Simple Interest Calculator?

A simple interest calculator is a straightforward online tool that helps you calculate the interest you will earn or need to pay on a loan or investment based solely on the original principal amount. Remember: It’s particularly useful for figuring out costs for short-term loans or the returns on simple investments, where the interest doesn't compound over time.

How Does a Simple Interest Calculator Work?

A simple interest calculator takes three main pieces of information: the amount of money you start with (the principal), the interest rate per period, and the number of time periods you want to calculate for. It multiplies these together to give you the total interest amount. To understand how to calculate simple interest, let’s know the following formula:

SI = P × R × T / 100

Where,
SI = simple interest
P = principal amount
R = the interest rate per annum
T = the time in years
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How to Use a Simple
Interest Calculator

Use our simple interest calculator to calculate simple interest and to see how your money can grow over time:
Enter initial details
Input the total sum of money you’re either borrowing or investing and the rate at which the interest will accrue annually.
01
Specify time period
Mention the duration in years (or other time units as required) for which the money will be borrowed or invested.
02
Calculate returns
Once calculated, you can see the total interest generated over the specified period.
03

Advantages of a Simple
Interest Calculator

Using a simple interest loan calculator to determine your investment’s growth comes with the following benefits:
Fast and straightforward
It provides quick calculations without the complexity of compound interest, making it easy to predict costs or returns.
Planning tool
Whether saving for a goal or budgeting for a loan repayment, knowing the interest upfront helps you better plan your finances.
Transparency
It gives you a transparent view of how much interest you can expect to pay or earn, which helps make informed financial decisions.
Accessibility
Most simple interest calculators are free online and incredibly user-friendly, making them accessible to everyone.

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80,000+ NRIs
trust Vance

Vance is the preferred app among 80,000+ NRIs in the UK and UAE for sending money to India. Download vance today.
Get started now

Frequently Asked Questions

How to calculate simple interest?

A simple interest calculator multiplies the principal amount (the original sum of money) by the interest rate per period and the number of periods to calculate the total interest. The formula used is Interest = Principal x Rate x Time.

What details are required to use the Simple Interest Calculator?

To use this calculator, you need:
  • Principal Amount: The initial sum of money borrowed or invested.
  • Interest Rate: The annual interest rate applicable to the principal.
  • Time Period: The duration over which the interest will accrue.

Is the Simple Interest Calculator free to use?

Yes, simple interest calculators are typically free and widely available online.

Can I use the Simple Interest Calculator for loans and investments?

Absolutely! The simple interest calculator can be used to calculate interest on a loan and predicting returns on an investment.

How accurate are the results provided by the Simple Interest Calculator?

The accuracy of the results from a simple interest loan calculator depends on the correctness of the inputs you provide. It precisely calculates interest based on the simple interest formula, assuming the rate and time period remain constant.

Can I adjust the time period and interest rate in the Simple Interest Calculator?

Yes, you can freely adjust both the time period and the interest rate in the simple interest calculator to explore different scenarios and understand how they affect the total interest.

Does the Simple Interest Calculator consider compounding interest?

No, a simple interest loan calculator does not account for compounding interest. It only calculates interest based on the original principal amount for each period without considering the accumulation of interest from previous periods.

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Fixed Deposit Calculator for NRIs

Calculate your returns on NRI fixed desposit using Vance NRI FD calculator

What is a Home Loan EMI Calculator?

Owning a home is not just a milestone but a dream for many. This is why - an EMI calculator for home loans is a crucial tool when you’re planning to buy a home. It’s an online tool that helps you figure out how much you'll need to pay each month towards your home loan. This gives you a clear picture of your monthly payments so you can plan your budget comfortably and see if the loan fits into your financial landscape without stretching it too thin.

How Does a Home Loan EMI Calculator Work?

Vance’s home Loan EMI calculator uses a mathematical formula that is designed to distribute the interest and principal amount over time so that by the end of the loan period, you've paid off everything smoothly. To calculate EMI for home loans, here’s the formula: 

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]

Where,
P = Principal loan amount
N = Loan tenure in months
R = Monthly interest rate
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How to use NRI FD Calculator

Calculate your returns on NRI fixed desposit using Vance NRI FD calculator

1

Enter principal & interest

Input the amount you plan to deposit and the interest rate offered by the bank.

2

Choose the tenure & frequency

Decide the duration for which the amount will be deposited and how frequently interest should be compounded

3

That’s it

Our NRI FD calculator will show you how much interest you earn and the maturity amount

Benefits of NRI FD Calculator

Here are the importance and benefits of using Vance NRI FD Calculator

Financial planning

Helps in planning financial goals and retirement.

Accessibility

Easily accessible online without any need for manual calculations.

Time-saving

Quickly calculates complex compounding calculations.

Informed Decisions

Allows NRIs to compare different FD options and choose the best one.

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Benefits of NRI FD Calculator

Here are the importance and benefits of using Vance NRI FD Calculator
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* Grow your savings with returns as high as 8.25% p.a. Read Terms and Conditions while opening a Fixed Deposit to know more.
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