personal loan amortization schedule calculator excel

The details required and calculation is same for any type of loan. I tried and tested with Personal Loan, Auto Loan, Consumer Loan, Business Loan etc. The following EMI Calculator or Amortization Calculator can be used for all types of loan. At the macro level, you can always ask for amortization schedule from the bank but it is an operational nightmare. You can check some of the do’s and don’t related to EMI in my post, 5 Golden Rules of Home Loan EMI. It increases the interest outflow drastically. A common perception is that lower EMI and higher home loan tenure is beneficial whereas in reality it is suicidal in nature. EMI itself is a complex subject and has a major impact on your financials. Every decision should be backed by the financial calculations. For example, recently one of the readers was in a dilemma whether to pay conversion fees and reduce the interest rate from 9.75% to 9.55%. One of the most common queries that i receive is on the impact of the change in interest rate after payment of conversion fees. As a borrower, i find it difficult to check the financial impact of any change in Home Loan.

In short, interest rates will change more frequently. With the introduction of Marginal Cost of Funds based Lending Rate, the interest rates will become more dynamic. There is no option to change Interest rate, EMI or add pre-payment amount during home loan tenure. The EMI Calculator available on the web are not compatible with Home Loans. When i took Home Loan, one of the problems that i faced was to find a right EMI Calculator.

Personal loan amortization schedule calculator excel