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EMI Calculation for Loan Amount | Excel EMI Calculator
Hello readers! Today I am going to discuss on EMI calculation for different types of loans e.g. CAR loans, Home Loan, Bike loans, Study loans, etc., and similarly, also we will cover how to calculate EMI in excel by using function. If you are interested to download the EMI calculator excel then download the same from given below link.
Download the Excel EMI Calculator.
The EMI terms equated monthly installment is a process of payment of a fixed amount to a moneylender by a borrower for a specific time period.
EMI Calculation Formula:
E = (P x r x (1+r)^n)/ (1+r)^n -1
Where, P = Loan Amount,
E = Monthly EMI
r = monthly rate of interest
n = number of months
Loan Calculator (Car, Home, Bike & Personal Loan)
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CAR Loan EMI calculation:
Suppose the loan amount is Rs 750000 and the rate of interest is 8.5% P. A and the loan tenure is 5 years. For this scenario, I am going to calculate the EMI.
Data:
| P = 750000 |
| r = 8.5%/12 = 0.7083% = 0.007083 |
| n = 5 x 12 =60 months |
Calculation:
E = (P x r x (1+r)^n)/ (1+r)^n -1
E = (750000 x 0.007083 x (1+0.007083)^60) / (1+0.007083)^60 -1
E = Rs 15387 per month for 5 Years (60 months)
CAR Loan calculation in Excel Sheet by using the function:
Step-1: Open the excel sheet
Step-2: Type the data in an excel sheet.
Step-3: Type the excel function “=PMT” and select it.
Step-4: Select the data as per the below instructions given in the image.
Step-5: EMI value is calculated
Example-2:
Home Loan EMI calculation:
Suppose the home loan amount is Rs 40 lakh and the rate of interest is 9.5% P. A and the loan tenure is 20 years. For this scenario, I am going to calculate the EMI.
Data:
| P = 4000000 |
| r = 9.5%/12 = 0.7916% = 0.007916 |
| n = 20 x 12 =240 months |
Calculation:
E = (P x r x (1+r) ^n)/ (1+r) ^n -1
E = (4000000 x 0.007916 x (1+0.007916)^240) / (1+0.007916)^240 -1
E = Rs 37285 per month for 20 Years (240 months)
We have calculated the same in excel by using the function, the comparison image is given below;
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