Home Loan EMI Calculator in Excel and Online 2024

Download Excel File

How to Calculate Your Loan EMI Using Excel?

I am providing you an excel file on how to calculate home loan, personal loan, vehicle loan and any other loan EMI calculator through Excel. You can easily calculate your EMI and interest by downloading this loan calculator excel file.
If you want to add interest to your Tally Prime Loan account, you can easily enter the ledger by calculating the loan interest through an Excel file.
Along with this I am giving you an online EMI calculator of any loan through which you can easily calculate the EMI.

deli W39258 12d Calculator Big Size |

3 Years Warranty | with Steps Check and Correct Desktop Calculator - White

★ ★ ★ ★ ★

Solar Powered, Battery Powered calculator

Button life tested for 500000 times. Printing on the button tested for 300000 times

Here's the formula to calculate EMI:

Tally Solutions TallyPrime GST Ready (Single User - Perpetual)

Create and issue professional GST invoices

★ ★ ★ ★ ★

Simplify accounting in your business with Tally Prime 4.0!

Experience an interactive dashboard, seamless WhatsApp integration and effortless Excel import.

Tally Prime is very simple to use ERP Software

TallyPrime Silver - one software for all your business needs - Accounting

What is EMI?

Likened Month to month Installment - EMI for brief - is the sum payable each month to the bank or any other money related institution until the advance sum is completely paid off.

It comprises of the intrigued on credit as well as portion of the foremost sum to be reimbursed. The entirety of central sum and intrigued is partitioned by the residency,

i.e., number of months, in which the advance must be reimbursed. This sum must be paid month to month. The intrigued component of the EMI would be larger amid the introductory months and steadily diminish with each installment.

The precise rate designated towards installment of the vital depends on the intrigued rate. Indeed in spite of the fact that your month to month EMI installment won't alter, the extent of central and intrigued components will alter with time. With each progressive installment, you'll pay more towards the central and less in intrigued.

Here's the formula to calculate EMI:

 

 

where

E = EMI

P = Principal Loan Amount

r = rate of interest calculated on monthly basis. (i.e., r = Rate of Annual interest/12/100.

If rate of interest is 9.00% per annum, then r = 9.00/12/100=0.0075)

n = loan term / tenure / duration in number of months

For example, if you borrow ₹20,00,000 from the bank at 9.00% annual interest for a period of 20 years (i.e., 240 months), then EMI = ₹20,00,000 * 0.0075 * (1 + 0.0075)²⁴⁰ / ((1 + 0.0075)²⁴⁰ - 1) = ₹17,995. i.e., you will have to pay ₹17,995 for 240 months to repay the entire loan amount. The total amount payable will be ₹17,995 * 240 = ₹43,18,800 that includes ₹23,18,800 as interest toward the loan.

You may also like this!       Salesman Wise Report TDL How to Adress on Envelope Print From Tally Prime How To Save Transport Details in Tally Prime | Best Powerful Transport TDL Discount Percentage to Amount TDL. Grid Lines TDL for Tally Prime 3.0

conclusion

Technically, if you change any formula in the excel files provided by vrcrackrs, there may be errors or changes in the calculation. For which I take no responsibility.
online calculator source by emicalculator.net to whom I sincerely thanks.