Calculate Simple Interest (SI) on any amount with our free tool. Enter principal, interest rate, and time period to see the total interest earned and maturity amount. Perfect for students studying SI formulas and anyone comparing fixed deposit or loan options.
The formula is straightforward: SI = P × R × T / 100. Our calculator goes beyond basic calculation — it shows a year-by-year growth table so you can see how your money grows over time. Compare this with our Compound Interest Calculator to see the power of compounding.
How to Use This Calculator
- Enter the Principal Amount (initial investment or loan amount).
- Enter the Annual Interest Rate (%).
- Enter the Time Period in years.
- Click “Calculate” to see SI, total amount, and year-by-year table.
Frequently Asked Questions
What is the formula for Simple Interest?
Simple Interest = (Principal × Rate × Time) / 100. For example, SI on ₹1,00,000 at 8% for 3 years = (1,00,000 × 8 × 3) / 100 = ₹24,000. The total amount would be ₹1,24,000.
What is the difference between Simple and Compound Interest?
In Simple Interest, interest is calculated only on the original principal. In Compound Interest, interest is calculated on principal + accumulated interest. Over time, compound interest grows much faster. Use our Compound Interest Calculator to compare.
Where is Simple Interest used in real life?
Simple Interest is used in short-term personal loans, some car loans, Treasury bills, and simple FD calculations. Most bank FDs and home loans use compound interest. Simple interest is easier to calculate and is commonly tested in competitive exams.