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Equated Monthly Installments


            Most of you must may have seen an EMI calculator before in different forms provided by different people & financial organisations. Few must have also used the Loan Amortization sheet that is a standard Microsoft Excel Template. The below spreadsheet is customization of Loan Amortization spreadsheet by Microsoft.

Below are the list of changes made to the spreadsheet.
1) A bug in the Loan Amortization Template for the last installment payment has been removed.
2) An additional column has been added in the spreadsheet to accumulate change in interest rate in the middle of term. By inserting the fluctuation in interest rate your schedule gets revised and you can see the profit / Loss due to interest rate fluctuation.
3) Tax Benefit can be computed based on pattern of Indian Income Tax Act wherein you are illegible for deduction of principal & interest paid up to a specific limit. This limit & applicable tax rate can be set in the column provided in the spreadsheet.
Tax benefit is computed on April to March financial year basis.
4) A line chart to show Interest paid, Principal repaid, Loan outstanding & Tax Benefit

        

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Equated Monthly Installments version 1.01.01.xlsm (355k)


Other EMI Calculators

            We have also developed other EMI calculators we can send you this calculators on request. The following is the list of other EMI calculators. Optionally if you have a customized request for any computing any adjustments in Loan Schedule we would be happy to help you.

1) Effective Rate of Interest
     The calculations used by bank is based on nominal rate of interest where in your monthly rate of interest is         just your annual rate /12 . This will give you an effective yield slightly higher than you annual rate of interest.
EMI calculator with effective computes EMI such that actual yield = Annual rate of interest

2) Change of EMI on Change of interest rate
      In a standard EMI Calculator the number of installment is increased / decreased based on change in interest rate. This Calculator changes the Amount of EMI if the interest rate changes keeping the term constant

3) Increasing / Decreasing Installments
      Few may wish to take a loan where the installment is increasing p.m. Say an EMI of 10,000/- increasing by 156/- p.m.

4) Increasing / Decreasing Installments with change of interest rate
      A Schedule with increasing EMI + Change in term on interest rate fluctuation
                                 And increasing EMI + Change in increase on interest rate fluctuation

5) Flexible Payments
     A Calculator with option of flexible payments. Payments do not need to be done at every end of the month. The Schedule adjusts automatically based on the payment date & amount.

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Please Note:
The font of this spreadsheet is set of Currency with Indian Rupee symbol.  If the same appears as [?] on your system you can download the Microsoft update from the following link.