How to Use the Loan Interest Calculator?
The Loan Interest Calculator is a useful tool that helps you calculate the interest and total amount based on the loan amount, interest rate, and tenure. Here’s how you can use this calculator:
- Enter the loan amount in rupees.
- Enter the interest rate in percentage.
- Enter the loan tenure in years.
- Click the "Calculate" button.
- The interest and total amount will be displayed on the screen.
How is Loan Interest Calculated?
Loan interest is calculated using the following formula:
Interest = (Loan Amount × Interest Rate × Loan Tenure) / 100
Total Amount = Loan Amount + Interest