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Author: admin | Category: Loan For Car | Date: 31.12.2013

The best part of fixing Equated Monthly Installments or EMI at the time of taking loan is that the borrower will know precisely how much money they need to pay toward their loan each month. Loans like personal, home, car and others are required the borrower to make a series of monthly payments called EMI for the loan amount over the period. EMI is directly proportional to the loan amount taken and inversely proportional to time period. However interest portion of the loan amount is higher in the initial years and slowly decreases over the years as you start paying your EMI.
In this case, with every payment of your EMI, principal portion will get reduced and on the reduced principal amount your interest will be calculated every month. Considering how simple and useful an EMI chart calculator can be, I developed this EMI Chart calculator in Excel. For the uninitiated, EMI (also known as Equated Monthly Installment) commonly refers to a fixed monthly installment that a borrower has to repay to the lender till such time that the loan amount has been repaid in full.
The excel EMI Calculator can help you calculate how the loan would be repaid over a period of time.
To ease your burden of paying off the loan immediately, you can opt for the EMI (Equated Monthly Instalment) facility.


When you take a loan from bank or financial institutions, you are required to pay fixed monthly payments or EMI calculated based on the amount of loan and contracted period. The principal portion of the loan is lower in the initial years and slowly increases over the years. After such calculation, total of interest and principal amount will be added up and divided by the loan period to get EMI.
However, if any of these three factors changes then EMI will also change and you need to pay higher or lesser EMI.
The interest is typically calculated by multiplying the interest rate with the principal to arrive at the interest amount to be repaid for the month. You will need to input three parameters – the loan amount, the loan tenure and the rate of interest. The EMI amount itself is typically a little higher than the interest amount and hence the excess payment is used to reduce the principal outstanding in the name of the borrower. You can choose your tenure and the amount you are comfortable to repay every month which suits your pocket. Based on the loan amount, interest will be calculated at the beginning and both interest and principal amount will be divided by loan tenure to get EMI figure.


Since the EMI is typically constant over the tenure of the loan (although in some cases, it may be structured otherwise), due to the reducing principal with the payment of every EMI, the interest component reduces and the principal repaid increases over a period of time.
Hence the rate of repayment of a loan through an EMI will progress at a slower rate initially and increase as the time elapsed nears the tenure of the loan. You can know exactly how much will be the final amount that you part with including the interest. As discussed, EMI depends on three factors: loan amount, interest rate and tenure of the loan. Let us calculate when interest is charged at a flat rate and also when its on diminishing balance rate.




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