Simple Interest
Calculate simple interest and total repayment amount on a loan or deposit.
Simple Interest
₹40,000
Total Repayment Amount
₹1,40,000
How to Use This Calculator
1. Enter the principal amount.
2. Enter the annual interest rate.
3. Enter the time period in years to get total interest and repayment amount.
Formula & Explanation
Simple interest is calculated only on the original principal for the entire duration:
SI = (P × R × T) / 100
Where P is principal, R is the annual rate of interest, and T is the time in years.
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Frequently Asked Questions
Simple interest is interest calculated only on the original principal amount, not on any interest accumulated over time.
It is commonly used for short-term loans, certain personal loans, and some fixed-term deposit schemes offered by NBFCs.
Simple interest grows linearly since it ignores previously earned interest, while compound interest grows exponentially by reinvesting interest each period.
Yes, the simple interest formula SI = (P × R × T) / 100 applies universally whenever interest is not compounded.
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