Here is The Loan Calculator for the loans with the Simple interest applicability. We will give you online calculator and an excel formula as well. You can use it for your calculations or embed it in your website or even you can use the formula in excel tool.
Also Read: The best Amortization loan Calculator.
Simple Interest is the best interest which a financer can give. If you are opting for a loan, i recommend preferring a simple interest EMI calculation over amortization loan or a compound interest loan offer.
Simple Interest Loan Calculator
To calculate the simple interest, you have to enter the Principal amount, the rate of interest and the time duration of your loan. The free Simple Interest Loan Calculator will give you the details of the applicable interest and a brief overview of your instalments.
Formula’s for Simple Interest
Mathematical Formula used for Simple Interest Loan Calculations
Simple Interest = (P * R * T) / 100, where
- P = Loan Amount
- R= Rate of interest (p.a)
- T = Time Period (in Years)
Steps to implement Simple Interest loan Calculator in Excel
- Take different excel cells and enter the following data in
- Loan Amount in Cell 1
- Rate of interest in Cell 2
- Time duration of loan in Cell 3
- Type in cell 4 “=(Cell 1 * Cell 2 * Cell 3) / 100”.
- As soon as you enter the values in Cell1,2 and 3, immediately cell 4 will show the simple interest applicable for the loan amount.
- That’s it.
Excel Formula to implement Simple Interest Loan Calculator
Simple Interest (Cell 4) = (Loan (Cell 1) * Interest (Cell 2) * Time (Cell 3)) / 100
I recommend you to take loans from a trusted and a reputed company. There are different companies which offer the loans and mention very attractive loan percentages. But they have too much of hidden charges. Once you apply for the loan and when you start paying the instalments, then you realise that you are not only paying the extra interest but rather, you are paying a hell lot of charges which you could have avoided.
Many a times, the manipulative brands will call you with many deals and offers and will collect your documents for processing the request. You will start a loan with them. But when you start repaying you get to know details.
So, instead of just simply relying on the attractive offers, always check for the review.