Personal Loan EMI Calculator | Loan EMI & Interest Calculation Method with Excel Formula Examples
Personal Loan EMI Calculator | Loan Interest Calculation Method with Excel Formula
In this video by FinCalC TV, we will see how to calculate EMI of Personal Loan using Excel Examples, Loan Interest Calculation method, personal loan principal calculation method with interest rate of banks such as SBI, ICICI, HDFC, Bajaj Finance personal loan calculator and interest rate 2021 2022.
If you have personal loan than it is important to know how EMI is calculated on your personal loan, personal loan interest calculation, personal loan EMI calculation, personal loan principal calculation with excel examples online and offline modes. SBI, ICICI, HDFC, Bajaj Finance all provide you personal loans with good interest rates, but do you know the EMI calculation method and formula?
Do you know EMI = Principal + Interest Amounts?
How Loan prepayment can help you save loan interest amount?
Whether to reduce EMI or Tenure after loan prepayment?
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TIMESTAMP:
00:00 Intro
00:24 Free Calculator App
00:45 Personal Loan EMI Introduction
01:25 EMI is Principal + Interest Amounts
02:14 How to Save Interest by Loan Prepayments
02:54 Loan Interest affecting factors
03:50 Fixed vs Variable Interest Rates
05:00 Personal Loan Calculation with Excel
07:19 EMI Calculation method & formula
09:06 Loan Interest Calculation formula
10:15 Principal Amount Calculation in Loan EMI
13:59 Total Interest in Personal Loan
14:38 Total Amount Calculation in Loan
15:20 Calculations with different Principal & Rate
16:04 More Videos using Excel
Following queries will be solved:
What is personal loan?
Personal loan interest rates?
Loan EMI calculation method?
Loan EMI calculation formula?
Personal loan prepayments condition?
Loan prepayment charges?
How to save personal loan interest amount?
loan prepayment reduce emi or tenure?
home loan emi calculation?
prepayment penalty and charges?
what are fixed and variable interest rates?
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About the video:
How should I use the personal loan EMI calculator?
The personal loan calculator has been designed in such a way that it can be used by anyone. You do not need to know the complex formulae to calculate your monthly payments. Just enter three key inputs – loan amount, term and interest – and the calculator will automatically do the calculations for you. Increasing the interest rate or loan amount will increase your EMI, while increasing the tenure will reduce the EMI.
What is a Personal Loan EMI?
EMI or Equated Monthly Instalment is the amount that is payable per month, if you avail of a Personal Loan for a certain period. The EMI amount will be used to pay off both the Principal Loan Amount and the Personal Loan Interest over the loan tenure, until the loan is paid in full. The EMI will remain the same throughout the tenure.
What is rate of interest for personal loan?
It depends on different banks and financial institutions
How do I calculate EMI in Excel?
Calculate EMIs using the PMT function on Excel.
=PMT(RATE,NPER,PV,FV,TYPE)
Factors that Affect Personal Loan EMI
Principal- The principal is the loan amount that you avail from the lender. It is directly proportional to your EMIs - lower principal will lower your monthly instalments
Rate of interest- The rate of interest is the rate at which the lender offers you the loan. It is also directly proportional to the value of your loan EMIs.
Tenure- The tenure is the time within which you repay your loan. The tenure is inversely proportional to your loan EMIs - longer tenure makes the monthly instalments cheaper and vice versa.
#PersonalLoan #LoanEmiCalculation #ExcelFormula #EMICalculationMethod #FinCalCTV #Excel
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DISCLAIMER:
Examples used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.