Interest Rate Calculator
Welcome to our interest rate calculator! This calculator shows you the actual interest rate that you will pay/are paying on your loan. When a lender offers you, say, a home loan at 10.5% interest per annum, does it really mean that the interest rate is actually 10.5%? That answer would be a resounding "NO!" What is it, then? This calculator will show you. If you have the figures for your home loan amount, your tenure and the prescribed EMI, enter them in their respective fields in the calculator; and check out the interest rate that appears at the top right corner field. THAT is the actual interest rate that you will be paying on your loan. We also give you a pie-chart that segregates your principal and interest paid over the tenure of your loan. And, you also have the luxury of using the sliders for each parameter to see how your interest rate, principal and interest paid change as you change any of the parameters. This calculator gives you an idea of how much you interest you pay over time. Here is another tip - You can use our EMI Calculator to find out how much your EMI would be for the same loan amount, tenure, and lender-specified interest rate. You can then compare the EMI thus arrived at and the EMI that has been actually offered to you by the lender. If there is a difference, you can get it clarified from your lender - Why is there this difference? How do you calculate the interest on my home loan? All this will give you a better idea as a whole on how your home loan works.
Note: All calculators and comparators are made based on certain assumptions which may not be true in your case. You should consult your personal financial advisor before taking any decision. Apnaloan disclaims any responsibility for any decision taken based on these calculators and comparators.