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Being associated with bank for short-term, I often get this question from friends and relatives. How to calculate EMI? When you apply for loan, they will just tell you the EMI, but does not tell you how they are calculated unless you ask them specifically to show how they calculated it. EMI table is also called as amortization table, which shows the balance at each installment.
EMI or equated monthly installments is the most popular form of loan payment. It is a fixed amount of repayment made every month towards the loan, which includes payment towards both principal and interest.
It is easy to prepare an EMI table in Excel sheet. There is a financial function called PMT to calculate the EMI.
PMT(rate,nper,pv)
rate – Interest rate for the loan.
nper – Total number of payments for the loan.
pv – Present value/principal.
Prepare excel sheet with the following data and enter the PMT function in the cell “C7.”
- Rate = C6/C5, which divides rate of interest by number of months thus giving rate of interest per month.
- Nper = C4*C5, which gives total number of months we need to pay equated installment.
- Do not forget to take the loan amount in minus value, so that our EMI table shows positive values.
Now prepare table with Serial Number of Payment, Monthly Installment, Interest Amount, Principal Amount, and Balance. Take the first row with serial number “0” and in the balance amount point the cell to “Loan Amount” – type “=C3” Next Enter the serial number as 1. Monthly installments will remain same so take absolute cell reference (by adding $) which will not change when you drag the cells to auto increment. In “Monthly Installment” column, enter “=$C$7“. In the “Interest Amount” column, enter “=F10*$C$6/$C$5” which means we are dividing the balance amount at the end of the month by monthly interest rate (rate of interest/payments per year). As the rate of interest and yearly payments are not going to change, we used absolute reference using $ sign. In “Principal Amount” column type “=C11-D11” which deducts the monthly interest from monthly EMI and whatever the balance available shows as payment towards the principal amount. In “Balance” column enter,” =F10-E11“, which means we are deducting the principal amount in the EMI to ascertain the original balance at the end of the month upon which we are going to calculate interest for the next month. Now select the row and drag it until balance becomes “0”.
That’s all! We made our own EMI calculator in Excel. This Excel EMI calculator is created for a tenure of 20 years. If you are just calculating for 5 years, i.e., 60 months, 61st month shows values red colored and in minus range. So you need to take up to “0” in the balance column. Ignore the values in RED. If you want to calculate for more years, then just select the last row and drag it to extend it.
Download the Excel EMI Calculator.
Update – Oct 16, 2009: Mr. Parixit Namdhar, one of my blog readers, suggested that instead of entering the formula “=$C$7” in column “C” entering “=IF($B11>($C$4*$C$5),0,$C$7)” solves the minus values problem. This formula makes the minus values zero making it easily understandable and looks neat. Download the Version 2 from the below link. Thanks a lot Parixit!
Download the Excel EMI Calculator V2.
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June 28th, 2009 at 11:36 pm
Dear Naveen
Your EMI calculator is really helpful.
July 9th, 2009 at 6:37 pm
Hi Naveen, I found your EMI calculator on the web and found it very useful.
Thank you.
-ravi
July 13th, 2009 at 3:24 pm
How to get monthly installment if you have only. Period & loan amount & interest rate…….? if you dont have PMT formula.
July 14th, 2009 at 10:47 pm
naveen G
ur software saved my lot of valueable time.
thanks for this social service!
July 23rd, 2009 at 11:26 pm
I had been looking for the method how to calculate emi in excel for a long time. Thank you very much that you have not put your password in the coloums.
July 30th, 2009 at 3:13 pm
dear mr naveen pls send excel spread sheet for calculate home loans
July 31st, 2009 at 7:08 pm
It is same like a personal loan….just enter the loan amount, rate, and tenure. That’s all.
August 6th, 2009 at 3:50 pm
Dear Mr Navin,
Many many thanks for your efforts. all the best. thanks.
August 11th, 2009 at 9:07 am
good you have done good effort
August 12th, 2009 at 8:42 pm
Thanks for taking time to appreciate my work.
August 21st, 2009 at 3:26 pm
Good effort. It was very useful
September 1st, 2009 at 7:52 pm
Its really very gud and useful.
September 7th, 2009 at 10:42 am
Thanks for the EMI Calculator, But do you have any Excel sheet to calculate the Actual Area of Flat by adding different rooms.
September 7th, 2009 at 8:43 pm
Hello Roy! If you can explain me your requirements, I will search, learn, experiment, and come up with an excel sheet which can automate your requirements.
September 11th, 2009 at 11:47 am
Naveen, great tool yar. Very helpful to know the balance
. Thanks for sharing.
September 11th, 2009 at 3:02 pm
This calculator is really very helpful. thanx a ton!!
Is this is the standard one, used by all banks?
September 14th, 2009 at 10:31 am
Hi Naveen,
Please let me know how could i recalculate my EMI ,if I pay 20 % of the principal amount after 12 months .
September 22nd, 2009 at 3:34 am
Excellant. Thanks a lot. Can you please also provide us saving or fixed deposite calculators..
September 22nd, 2009 at 6:42 am
Thanks for appreciation. Sure…I will provide all useful calculators in a single Excel sheet when I get free time.
September 22nd, 2009 at 9:04 pm
many thanks Naveen ji,
Its really easy and useful.
thanks again
September 23rd, 2009 at 3:27 pm
First of all thanks for this excellent sheet. However I also would like to know how to calculate the same for a diminishing loan……I dont know exactly what they (bankers) mean by diminishing loan but if you can help me on that, it would be great!
thanks in advance!!!
October 6th, 2009 at 6:07 pm
Wonderfull
Appriciated it had helped me solving my Problems regarding
If you could also provide some info on Schedules and Variable Rate of Interest to Parameters like
EFS
EPI
PMI
PPF
IOA
IPI
Which will still helpfull
Keep up the Good Work
Regards
Sameer
October 7th, 2009 at 3:19 pm
Dear Naveen,
Is there any formula where there is moratorium period (Late commencement of EMI) is there.
Else the excel sheet is very useful.
Regards,
October 9th, 2009 at 12:30 pm
hi naveen
ur EMI calci really saves a lots of time and more comprehensive.
October 10th, 2009 at 11:08 am
Dear neevem
we are looking for such a calculator from long time
its realy a helpful
October 11th, 2009 at 8:22 am
I am glad you find it helpful.
October 15th, 2009 at 11:24 pm
required excell EMI calculator
October 16th, 2009 at 6:32 am
I think you haven’t noticed the link. It is at the bottom.
October 28th, 2009 at 2:27 pm
thanks for your service that to free.
if you need my help in indore do mail me
thanks
cr deshmukh
October 29th, 2009 at 6:55 am
Thanks for your kind comments.
October 31st, 2009 at 8:29 am
Is any facility avail to insert EMI calculator to our blogs?
October 31st, 2009 at 10:49 am
Just google the words “EMI calculator widget” and you will find some.
November 3rd, 2009 at 6:56 pm
your calculator is very useful to me… thank you very much
November 3rd, 2009 at 6:58 pm
Hi Naveen,
Thanks for sharing the information about how to calculate EMI.
Its really very helpful to know the remaining principal amount after each EMI.
November 4th, 2009 at 11:35 pm
hey this is reaaly good thing which is very helpful so that no banker can make fool of a consumer if this kind of things are easily avialable to a common people ……
keep it up ………..
November 5th, 2009 at 1:02 pm
Hi Naveen, this is very nice and helpful… 1 suggestion… way not put another row after Row 7. This should have the total amount that you will be paying. That is C7*C5*C5.
This will give a quick complete information and will help people decide better…
November 6th, 2009 at 1:48 pm
Hi Naveen,
Very Useful calculation, looking for since long.
Please provide if possible emi calculation on reducing balance.
Regards
November 9th, 2009 at 11:45 am
can someon tell me how to calculate EMI on simple calculator? Esp for longer term like 72 to 84 months. Once my friend did it on simple calculator, the next time he did it on his mind….was amazing. am sure there should be a simpler way to break down values
November 9th, 2009 at 3:30 pm
Dear Naveen
Really useful work. Thank u for sharing. I was looking for such calculators for fixed deposits and monthly recurring deposits where compound interest is calculated either monthly or quarterly basis.best wishes
with regards
satheesh
November 15th, 2009 at 10:07 pm
Thanks for your suggestion.
November 17th, 2009 at 4:59 pm
Dear sir,
I am really grateful from your note. I really appreciate this kind of simple way to make people understand things. I would really like to be a part of your team
thanks,
Pradip Layek
November 17th, 2009 at 5:25 pm
Realy your excel calculator is realy helpful
Thanx
November 19th, 2009 at 2:10 pm
Dear Naveen,
The information you have given is really helpful.
Thanks, God bless you.
Yasir
November 19th, 2009 at 3:51 pm
Thank you very much naveen thanks a lot
November 26th, 2009 at 2:04 pm
Dear Naveen,
The information you have given is really helpful.
Thanks, God bless you.
Sijo Thomson
December 2nd, 2009 at 2:40 pm
Dude…
Thanks a lot for your emi calculator….
Best wishes.
Prasanth.
December 5th, 2009 at 7:57 pm
Hey,
Thanks a lot Buddy, you have saved my time. Keep up with your social service.
Thanks once again. God bless you:)
Ganesh
December 10th, 2009 at 11:09 pm
It is very informative tool in finance & Accounts
December 12th, 2009 at 3:13 pm
Sir
Example
Loan amount 15000
Monthly Pay 1000 and 12% intrest
I want to statement reduce to Monthly installment and intrest
December 16th, 2009 at 5:33 pm
thanks a lot – it is really helpful to all.
December 17th, 2009 at 2:15 pm
Thanks alot. It is really helpful. It helped me in understanding saving I will make by switching bank
December 18th, 2009 at 12:50 am
Hi,
Thanks for EMI calculator. It was very useful. Can you advise how EMI is calculated when we make part payment and when we try to fore-closure (when they ask for 2% surcharge)
December 20th, 2009 at 11:51 pm
i have input data like loan amount, rate of interest, monthly installment amount. How to calculate loan term?
December 22nd, 2009 at 2:53 pm
Naveen,
Excellent, Please provide us some more useful tools like this. Is there way to arrive at Period, Loan amount and pre-closure period to gain maximum advantage!!!
Thanks
December 25th, 2009 at 12:17 pm
nice thnx
i am bank employee
December 30th, 2009 at 5:09 pm
hai naveen.
U r EMI calculator is very helped me a lot and saved my time.
I need some suggestions regarding experimenting with EXCEL sheets.
December 30th, 2009 at 11:46 pm
dear sir,
great ,really helpful for me.thanks a lot.
January 4th, 2010 at 9:58 am
Hi Naveen,
Great software…….. helped me a lot in getting bifurcated details on the loan payment.
Thanks a lot again…….
Kind Regards,
Vikas
January 5th, 2010 at 8:50 pm
Hi Naveen,
Thanks. found it very useful.
regards,
vinita
January 7th, 2010 at 8:58 am
Thanks a lot Navin for this wonderful emi calc.
I have a question how to calculate EMI for loan rates esp. car loans where we have differential rates. for eg. 8%(1st yr), 10%(2nd yr), 10%(3rd yr) and RBI rate from fourth year. In that case which values to change?
January 10th, 2010 at 12:07 am
Mr.naveen
Thank you very much for your effort in making the HL widgets and spread sheets ,aking our life easy.
How to use it when frequently changing ROI? pls clarify.
January 12th, 2010 at 6:07 pm
Thanks Naveen for ur EMI calculator…… very helpful for us
January 13th, 2010 at 7:31 pm
Hi Naveen,
First of all let me thank you very much for the valuable calculator.
I have taken loan for 20 yrs for X amount @ 10%.
After 3 years the rate of interest has been reduced to 8%, how do I know my Principal and Interest with this new rate of interest.
Waiting for your valuable reply.
Regards,
Bhaskar.
January 13th, 2010 at 11:53 pm
Halllo Naveen,
This is very useful , thanks for sharing this information ,
Appreciate your good work …
Thanks
Nidhil
January 14th, 2010 at 11:48 pm
hi,
Dear Mr Navin,
its great, i mean ur emi calculation sheet , is wonderful.
can u incorporate one more column, so that impact of additional repayments or monthly some lumpsump payment can be shown on, in excel sheet
thanks
amit
January 19th, 2010 at 2:36 pm
Dear Mr. Navin,
Its great, its very helpful for me.
Thanks,
Dhirendra Singh
January 25th, 2010 at 11:51 am
Hi Naveen,
Thanks a lot for ur gr8 work.
I had the same calculator which i used to use online.
But yesterday, I was trying to do it offline at home.
I stuck somewhere.
I got the answer.
Thanks a lot.
Keep on providing such work for offline use.
January 27th, 2010 at 4:15 pm
thank you very much Naveen,! helpful to all
January 30th, 2010 at 9:05 am
HI Naveen,
This is good work. Can someone post a similar worksheet but accounting for variable rate of interest. So, now the worksheet should have one more column called “Rate of Interest” and could change from month to month.
Thanks much!
February 2nd, 2010 at 1:30 pm
Naveen,
Gr8 job !!!
however, can you come-up with EMI calculator for floating interest rate?
the current EMI calculator provides EMI only for fixed rates.
Thanks,
Prasad
February 8th, 2010 at 6:56 pm
Naveen,
Wonderful piece of work done here. I was searching for something like this before I start my work.
I will add on Variable Interest rates, Multi Disbursement (for new houses) and once done will post it here with a link
Thanks Again
February 9th, 2010 at 10:40 pm
It’s a wonderful calculator. Helped me understand the EMI concept nicely.
Thanks you very much Naveen
February 11th, 2010 at 10:05 am
The calculator is useful but m looking for one which allows me to enter principal prepayment anywhere between the tenure and recalculates the balance with reduced tenure.
February 12th, 2010 at 9:39 am
if it can be down lode on mobile then its a best facility for us
February 17th, 2010 at 5:45 pm
THE EMI FORMULA IS PERFECT.
February 21st, 2010 at 11:18 am
Hey Naveen,
Your EMI calculator is very useful.
But this calculator is as per current bank calculations ?
February 22nd, 2010 at 4:45 pm
Dear Naveen
Excellent!
Your EMI calculator is really helpful. Keep on providing if anything is new. This is really a social service! All the best for all of your future efforts. God bless you:)
Regards.
March 4th, 2010 at 11:01 am
if one installment is paid at the time of disbursement then by this formula EMI get wrong on monthly reducing .
March 5th, 2010 at 5:53 pm
Gr8 job, which you have done. But I was wondering that how to use this Excel file to find out the emi for banks like sbi who keep 8% interest rate for the first year and 9.5% or so for the remaining years.
What i mean to say is, how to calculate the EMI for two different rate of interests where we know the duration of both the rates in months
March 6th, 2010 at 2:33 pm
i am working releted to banks.i need to 3 type of emi caculater. how to caculet rate of intrest, how to caculet loan amt., how to caculet IRR,
March 10th, 2010 at 4:32 pm
Sir, How to calculate in case of pre-closure loan – principal balance and interest saved pre-closure.
March 11th, 2010 at 8:56 pm
Thanx Naveen,its a very useful tool.
March 12th, 2010 at 2:51 pm
But I was wondering that how to use this Excel file to find out the emi for banks like HDFC who are giving me the per lac emi for 3yrs, 4yrs and 5 yrs. Also i want to know abt sbi who keep 8% interest rate for the first year and 10.5% or so for the remaining years.
same doubt where Hansraj quoted few days before.
What i mean to say is, how to calculate the EMI for two different rate of interests where we know the duration of both the rates in months
March 12th, 2010 at 5:04 pm
hello,
I want to download the emi calculator, plz advise
March 12th, 2010 at 8:37 pm
Haven’t you noticed the links at bottom to download the Excel file?
March 14th, 2010 at 11:34 pm
hi…Naveen…hey thanks alot yaar…it is very useful tool …
March 16th, 2010 at 12:51 am
good effort
March 16th, 2010 at 3:51 pm
Dear Naveen,
Found u r excel sheet very interesting,
Pl update the excel sheet with the impact of extra lumpsum amount which is paid occasionally by us.
if updated pl send one copy to gholap.amol@yahoo.co.in
March 17th, 2010 at 1:50 am
hi naveen,
ur excel was great, it helped me to identify more info about my loan.
i have a small request, if possiable let me know how to calculate the flat roi from dimni roi.
thanks
john
March 19th, 2010 at 12:30 pm
Thanks for EMI calculator. It was very useful. Can you advise how EMI is calculated when we make part payment and when we try to fore-closure
March 24th, 2010 at 3:43 pm
sir,
I have availed education loan for 1.5lac and I am paying interest and part of principal of Rs.5000 on 25th every month. The rate of interest is 10.5%. In the moratorium period- i.e study period they charge simple interest on the outstanding-if you pay interest every month-
How to calculate interest in this case
March 25th, 2010 at 10:35 pm
it’s a great stuff naveen . however, if someone wants to know what actually PMT is then here is a reference:
E= P x r x (1 + r)n / ((1+r)n -1)
Here p=principal amount
r = interesr rate per month(ex: if interest rate per annum is 10% then 10/(12*100))
n= tenure in months
March 25th, 2010 at 10:44 pm
Thanks Parijat!
I have been getting a lot of questions with various options like rate change in between and floating rates. If you or any other members of my blog can solve these questions, please post it in comments.
March 30th, 2010 at 4:37 pm
Hi Naveen!
Your software is really helpful. Thank you so much!
March 31st, 2010 at 6:20 pm
hi naveen … this great job…..
pls make some where a box which shows total amount of interest ….paid in total period… thanks….
April 5th, 2010 at 11:08 am
Dear Sir
Seen the EMI calculator. It will be more usefull if it is slightly modified to calculate the EMI & interest those who are availaing SBI loan. It is like they are charging 9.5% compound ineterst. Moreover inaddition to the monthly EMI you can pay addtional amount whatever you want to reduce the principal amount. One more thing I have noticed interest amount varies depending upon the no of days for different months. Fo example for feb if the int amount is 1000 then for march it becomes nearly 1500. Please let me know if the software is modified as i want to know the procedure they are following. Waiting for your reply.
With Regards
Prasenjit Das
Kolkata
April 8th, 2010 at 2:18 pm
Good sheet , really helpful . If someone wants to pre payment , than how to calculate his previous & after pre payment amount statement.
April 9th, 2010 at 7:17 pm
Thanks for making this available to us Naveen. cheers.
April 12th, 2010 at 2:48 pm
Hi
I had availed a home loan for 15 lk on a self constructed house. During the construction phase itself I paid back close to 1 lk. I understand that this will be categorized as pre-emi and the entire amt would be offset againt interest.
My doubt is , how should I modify the xls (simply great one !!) to include this adjustment ?
Thanks
April 22nd, 2010 at 11:47 am
Thanx a lot Naveen…. your calulators have really helped me and also have learnt quite a bit. Thank you.
April 26th, 2010 at 12:15 pm
hello sir, i have required a emi calculator, but not simple as presence in market. suppose that i have get 700000 Rs. loan . first year interest is 8% and second $ third year will be 8.5%. then how can i calculate emi for 3 year .i have required that type of calculator so please send me email
April 26th, 2010 at 6:03 pm
Unfortunately, I don’t know more about this type of calculation. Still, I will find out how they care calculated and come up with a solution for that when I get free time.
Thanks for your comment.
May 4th, 2010 at 11:37 am
dear naveen, good work. one thing i want to know is i’ve opted for car loan. int rates are 8% – I year, 10% – II,III year, 11.25% from IV th year onwards. i’ve took the loan for 7 years. can u pls help me to calculate the EMI.
May 8th, 2010 at 8:09 pm
THANX BUDDDY…………..:)
iT REALLY WORK NICE
May 8th, 2010 at 8:21 pm
Your EMI calculator was of great help in understanding the segregation of principal and interest. thanks for posting it and explaining in detail how the sheet works. Thanks once again.
May 9th, 2010 at 11:03 am
Dear Naveen,
With floating rates coming in, this calculator has to be dynamic for changing interest rates. So in the EMI Calculator there should be column for interest rate % in the Amortization schedule and not just a fixed interest rate on top.
Please add a column, Interest % after the principal as Column F and calculate the interest for the month based on the rate against entered. By default you can keep the Initial loan interest rate to all months. Let the user change the rate whenever to know the impact of the rate increase or decrease.
May 10th, 2010 at 11:39 am
Good idea. If you can update that xls and send a link to the file via contact form would be appreciated. Thanks for the tip.
May 13th, 2010 at 7:03 pm
hi,
thnx a lot for the speed u gave to my exercise.. pls also let me no how interest will be calculated if there is a moratorium period
May 21st, 2010 at 7:03 pm
Hi,
This is in response to query for a EMI calculator for floating interest.As per my knowledge, even though the Rate of Interest changes the EMI(“Equated” Monthly Installments) remain same, the change is only in the number of installments(i.e the period for repayment decreases/increases).This is useful so that the debtor knows how much he is expected to pay every month.We can ask the lender to change our EMI but that’s not a regular activity.Please correct me if I am wrong.
May 23rd, 2010 at 8:50 pm
my loan amount is Rs.950000/-, rate of intrest 8.5% instalment fixed @12000/per month,first month 2 instalment deducted (Rs.12000+12000),loan period 10 years.please send me up to 0 balance calculation with deduction of intrest and principal amount. Thanks in hope to do
May 24th, 2010 at 3:04 pm
Nice formate
May 26th, 2010 at 2:52 pm
thanks mr.naveen its very useful
May 30th, 2010 at 10:52 am
ur emi calculator is very fast. however, we want to make repayment period in months and not in year which the system does not allow. also prepayment option is also required. kindly help.
May 30th, 2010 at 4:38 pm
hi,
gr8 job,it is very usefull.
June 2nd, 2010 at 2:43 pm
Hi Navin,
Your EMI calculator was of great help in understanding the segregation of principal and interest when EMI is to be started immediately.
I have required a emi calculator, to calculate details in following synario.
Suppose i have got 5,00,000 Rs. loan. first year interest is 8% and second and third year will be 8.5%.
then how can i calculate interest per month as i got moratorium period for 18 months.
Then till 18 months I will have to pay interest only and from 19 month full EMI and interest will be paid. I want to know the calculation for the same.
I have required that type of calculator so please send me email.
I also want to know in EMI loan calculator V2 what is “Payments per year” means for?
Upen.
June 2nd, 2010 at 6:53 pm
Keep the 12 in “Payments per year.” As the formula has number of months in it, I just created that field fer better understanding of how values are taken in the formula.
Regarding your query, I am not sure about the calculation for floating rates. Lot of people have been asking me as few banks are offering loans at different interest rates in different years. I will post an updated calculator once I get time to meet the loan people in bank and see how the amortization chart is prepared.
June 3rd, 2010 at 1:58 pm
Thanks Naveen,
Is it possible to you at least how to calculate interest from 1st month to 6 months for the moratorium period 18 months and 8 % interest rate and 5, 00, 000 loan amount. Because till 18 months I will be paying only interest and full emi will be from 19 month.
Upen
June 10th, 2010 at 12:27 am
hi Naveen,
great job.. its very helpful..
Thanks a lot..
June 10th, 2010 at 1:55 pm
Thanks Naven,
I want “loan Transfer Emi Calulater”. means, Currently, many bank offers different interest Rate. so i want to transfer my home loan to another bank. but i am confuse about my profit or loss. if you have this type of calculator then it’s very useful to us.
thanks
Jeeten
June 16th, 2010 at 2:16 pm
Dear Naveen bhai
Most of people don’t even know what Emi is. People think they have to pay whatever bank or private company is demanding for, as a installments of loan. No one calculate what actual they are paying after getting loan. your social work is heping very much to innocent consumers. thnx so much for this help to everyone.
June 17th, 2010 at 11:27 pm
how do we “understand” what that PMT function does? I looked up in google but couldn’t find it.
June 18th, 2010 at 12:03 am
I think you have missed the link provided to understand it better. Once again the link: http://office.microsoft.com/en-us/excel-help/pmt-HP005209215.aspx
June 21st, 2010 at 3:48 pm
Buddy,
Your calculator is awesome. It really helps a lot for all loan seekers.
I have one request, which to me seems very trivial, Excel Sheet should also display total amount being paid back. (I know this should be very easy. =SUM(C11:C250) should be enough.)
Thanks,
Harsh
June 27th, 2010 at 9:26 pm
thakyou sir
but i have another problem how to calculate monthly deposited interest.
& how to calculate NPA calculation
June 28th, 2010 at 3:17 am
hi naveen you are a wonder. dude even i have also made some plans regarding deposits,loans. so you are we will share them.
July 1st, 2010 at 4:19 pm
Hi Naveen,
Its a nice one you are done.
I feel its better to shows the interest rate difference in IRR and ROI,
That’s easy to understand by the users. Make awareness about the Flat rate and the Diminishing rate its important to know before going for a loan.
July 5th, 2010 at 8:32 pm
Hi Naveen,
Is there any difference in calculating EMI for Hybrid and normal loans. I am talking about SBI’s Easy home loan. In this case the interest rate for first yesr is 8%, interest rate for second and third year is 9% and rest of the period, the interest rate 2.75% below SBAR rate (SBAR = 11.75% p.a.).
How can we calculate EMI in this kind of loans?
Thanks in advance,
Srikanth
July 6th, 2010 at 10:08 pm
Hi,
Its excellent………..
July 17th, 2010 at 5:26 pm
Thanks bhai, You helped me lot with this format as my boss is asking how to calculate Home loan EMI
July 19th, 2010 at 5:24 pm
Awsome Naveen….thanks 4 such a great tool
July 28th, 2010 at 8:17 pm
Hi Naveen,
how to put calculation for floating rate of interests??
July 30th, 2010 at 4:18 pm
MY BOSS ASKING ME. IF WE WILL BRROWING LAON HOW TO CALCULATE INTEREST
August 2nd, 2010 at 5:01 pm
This is one of the best ting that i have found on the net. I was about write one myself but boy you nailed it. Let there be one less EMI Calculator gr8 job ….
August 3rd, 2010 at 8:51 pm
Hello Naveen,
I have a car loan of Rs 2.5 lakhs. Rate of interest was 8% for 1st year and 10% for 2nd and 3rd year. I have paid total 6 installments till now each of Rs 7865/-. Now I want to reduce the tenure of my loan tenure to 18 months. Please advice me how to calculate what additional amount I have to pay per month now
August 5th, 2010 at 12:42 pm
Good
August 6th, 2010 at 11:27 pm
Really, I don’t have an idea on how they calculate it for variable interest rate. But, just tried to find a rough value, though don’t assume it exact. Total loan amount + 6 months interest at 8% comes to 2.6 lakhs. You paid 47190 and the amount left is 2,12,810. So, if you are now converting them into 18 equated installments at 10%, it comes to Rs. 12,781 per month (using the EMI calculator attached to this post).
August 6th, 2010 at 11:52 pm
Thanks a lot for your help
August 20th, 2010 at 7:55 am
Dear Naveen:- Your EMI Calculator is very helpful. How to go about or do if we want the period in months instead of years
August 20th, 2010 at 10:37 pm
Open a new excel sheet and enter this formula: =months-you-need/12 for example if it is 8 months, then =8/12. Now you get a value in that cell. (0.666666667 in example case) Paste that value into the “Loan Term (years)” field. You will get the EMI chart for that many months. If you need it for 2 years 8 months, then the value becomes 2.666666667. 2 denotes years.
August 28th, 2010 at 3:01 pm
hi Naveen, this calculater is very easy, beautiful and helpful, above all you site is also too good. different and informative. can you help me with some macro writing ideas also.
Thanks.
Amreesh Nehra
August 28th, 2010 at 6:51 pm
Search the term “excel macros writing filetype:pdf” in Google and you will find a lot of PDF files to learn macro writing.
September 3rd, 2010 at 4:35 pm
helpful calculater formula . please create inexcel & send me….
September 7th, 2010 at 4:59 pm
are mere bhai manually solve karne ka tareka bta yaar ye to mere ko pta h koi formulla h kya h to jaldi bta
September 7th, 2010 at 5:09 pm
Good job Naveen.Keep it up.