A simple interest calculator is a tool that helps you calculate the interest on loans or investments based on the simple interest formula. You just need to enter the principal amount (the loan or investment amount), the interest rate, and the time period for which you want to calculate the interest. The calculator then provides you with the total interest amount that you’ll either pay or earn over that period. It’s designed to make financial planning easier and more transparent by giving you quick and accurate results without needing to know complex formulas.
Simple Interest, Simply Calculated!
Your go-to tool for quick, hassle-free interest calculations. Get precise results in seconds!
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About Our Simple Interest Calculator
Need to figure out how much interest you're going to pay or earn? The simple interest calculator by RING is your perfect companion! Whether you’re managing a personal loan, calculating investment returns, or just curious, this basic interest calculator gives you an instant breakdown of the interest, saving you time and effort. No complex formulas—just simple, straightforward calculations that anyone can understand! It’s ideal for everyday financial planning, whether you’re a student, professional, or business owner.
Benefits of Simple Interest Calculator
Calculate interest in seconds!
Easy to use, even for beginners.
Ideal for personal loans and investments.
No extra frills—just simple interest.
Features of Simple Interest Calculator
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Simple Interest EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Simple Interest Calculator
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Rahul Mehta
Mumbai
I was calculating interest on my personal loan, and RING’s **simple interest calculator** helped me get the results in no time! I'm not great at maths, but this tool made everything so clear. No confusion, just plain simple math—perfect for someone like me who prefers easy solutions. I used it several times to check different loan amounts, and each time it was quick and accurate.
Neha Shah
Ahmedabad
This calculator is a lifesaver! I was tracking my returns on an investment I made a few months ago, and the basic interest calculator gave me accurate results instantly. What I loved most was how user-friendly it is—I didn't have to struggle with complex inputs or formulas. It’s been such a helpful tool for my long-term financial planning. Definitely recommending it to my friends!
Vikram Singh
Bengaluru
Using the simple interest calculator on RING was the easiest part of managing my finances. As a small business owner, I value tools that are quick, reliable, and easy to use. This calculator helped me calculate the interest I’d be paying on a loan for expanding my business. The results were precise, and I could plan my repayments without any stress. It’s one of the best tools I’ve come across.
Pooja Iyer
Chennai
I'm terrible with numbers, but RING’s basic interest calculator made it easy for me to figure out the interest on my personal loan. I was able to calculate how much I’d pay over the loan period in less than a minute. The interface is simple, and the steps are straightforward. I used it to compare different loan durations, and it helped me choose the best repayment plan for me.
Rakesh Kumar
Delhi
I needed to calculate how much interest I would owe on my loan over the next year. The **simple interest calculator** gave me the exact numbers, and I could quickly adjust the inputs to see how the interest changed based on different loan amounts and durations. It was a huge time saver, and I didn't need to struggle with manual calculations. So much better than doing it by hand or trying to guess!
Simran Kaur
Ludhiana
If you’re like me and find financial calculations confusing, then this **basic interest calculator** is what you need. I used it to figure out how much interest I’d earn on a fixed deposit, and it showed me the exact amount in seconds. The best part is, you don’t have to be a finance expert to use it—it’s that easy! I now use it for everything from loans to investments.
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Got Questions? Let's get to them.
What is a simple interest calculator, and how does it work?
How accurate is RING’s basic interest calculator?
RING’s basic interest calculator is extremely accurate. It uses the standard simple interest formula to calculate the exact interest amount based on the inputs you provide. Since it’s a digital tool, there’s no room for human error in the calculations. The calculator provides you with reliable results every time, so you can confidently use it for planning your finances, whether you’re looking to take out a loan or calculate your investment returns.
Can I use the simple interest calculator for any type of loan?
Yes, you can use the simple interest calculator for any type of loan that follows the simple interest model. This includes personal loans, car loans, educational loans, or any other loans where the interest is calculated using the simple interest formula. The calculator helps you see how much interest you’ll be paying over time and can assist you in making better decisions about borrowing money.
Is the basic interest calculator free to use?
Yes, the basic interest calculator is absolutely free to use. You can access it anytime on the RING platform, whether you’re a customer or not. We believe in making financial tools accessible to everyone, and our calculator is designed to help you make informed decisions without any cost involved.
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