Simple Loan Calculator. If you are planning to apply for any loan, this loan calculator will give you simple calculation solution. You just need to enter the loan amount you wish to apply for and it will tell you the best interest and the instalments which you can create for your request. There are different interest plans on loans. It might be simple or compound depending on the scheme and the requirement. This article will guide you to analyse details about any simple loan. The calculations will assist you to proceed.
Also Read: Auto Loan Calculator.
Simple Loan Calculator
The Simple Loan Calculator will help you calculate the interest and define monthly instalments for you. The calculations by this loan calculator are processed in seconds and you can easily understand, how much you have to pay as an interest by changing the time duration of your loan. This will help to modify the loan period and will help you conclude the better plan.
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How to use the Simple Loan Calculator
- Enter the amount you wish to apply loan for in the first tab.
- Now enter the month duration for which you will be taking loan.
- Enter the interest percentage as per your credit score.
- Check the details of monthly instalments and the interest amount.
- That’s it.
In our tool, there is no need to hit enter or click any proceed button. As soon as you provide the inputs, the details are calculated automatically. The interest percentage depends on the credit score. Every individual can get the loan but the interest is somewhat higher for low credit score individual. We recommend you to maintain your credit score. This benefits you only.
Here is the average interest percentage offered by top banks in the band of different credit score:
| S.No | Credit Score | Simple Loan interest % |
|---|---|---|
| Source: techcheater.com | ||
| 1 | Super Prime (781-850) | 3.68% |
| 2 | Prime (661-780) | 4.56% |
| 3 | Non Prime (601-660) | 7.52% |
| 4 | Sub Prime (501-600) | 11.89% |
| 5 | Deep Sub Prime (300-500) | 14.41% |