Simple Interest
Interest and maturity value on a flat, non-compounding rate.
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How it is calculated
SI = P × R × T ÷ 100
P is the principal, R the annual rate in percent and T the time in years. Months are divided by 12 and days by 365.
Worked example
₹50,000 at 7% for 3 years gives 50000 × 7 × 3 ÷ 100 = ₹10,500 interest, so the maturity amount is ₹60,500.
Questions people ask
Short-term personal borrowing, some vehicle loans, gold loans and many friendly loans. Bank deposits and most long-term products compound instead.
Pick "Days" as the unit. The calculation divides by 365, which is the convention most lenders use for interest on a daily basis.