Calculate EMI on bank loans.
Sample calculation for a loan of 1000000 for 10 yearly payments at 9.5% per year.
Yearly payment: 159266.15, Total interest: 592661.52
Bank loans including home loans, car loans and personal loans, in general, are amortized for monthly payments. This advanced loan repayment calculator can be used for loans amortized over daily, weekly, biweekly, monthly, bimonthly, quarterly, half-yearly and yearly repayments. You can also view/ generate detailed repayment schedule of payment made every day, week, month, quarter or year.
The formula for periodic loan repayment is based on the formula for present value of annuity:-
A = R × ((1 - 1 / (1 + i)n) / i)
i = r/t
A = Loan amount
R = Loan repayment amount per payment period
n = number of terms or payment periods; n = 36 for 3 year loan with monthly repayments
i = periodic interest rate per payment period
r = Interest rate in % per annum
t = 365 for daily payment, 12 for monthly payment, 1 for yearly payment
Disclaimer:- The content of this website does not constitute financial advice and is solely meant for information purpose. The calculations are accurate as per the prescribed formula.