How do I calculate reducing EMI in Excel?

How do I calculate reducing EMI in Excel?

The formula which you can use in excel is: =PMT(rate,nper,pv). Let us check the EMI of Suraj by using the above formula. It must be noted that the rate used in the formula should be the monthly rate, that is, 12%/12=1% or 0.01.

How is EMI reducing balance calculated?

There are two methods to calculate EMI: the flat-rate method and the reduce-balancing method….2. Reducing-Balance Method

1. A = Periodic EMI amount.
2. P = Principal borrowed.
3. r = Periodic interest rate (annual interest rate/12)
4. n = Total number of payment (number of months during the loan tenure)

How is monthly EMI calculated?

The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months

How much loan I can get if my salary is 60000?

However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to Rs. 16.20 lakhs….Multiplier Method.

Salary	Expected Personal Loan Amount
Rs. 40,000	Rs. 10.80 lakhs
Rs. 50,000	Rs. 13.50 lakhs
Rs. 60,000	Rs. 16.20 lakhs

What are the disadvantages of EMI?

Longer Debts: The borrowers have to pay the monthly installments or EMIs until they are done with the principal amount and the applicable interest rate. In terms of home loans or personal loan these tenures go as long as 20 to 30 years.

Why is EMI bad?

This is because most EMI schemes come with a hidden cost, which is the interest you will have to pay. Additional costs: Apart from the interest cost, most credit card companies charge a processing fee when you opt for an EMI scheme. This is a percentage on the transaction amount and varies from bank to bank.

How can I purchase from EMI?

About the Non-Credit Card EMI options

1. Debit card. Today, almost every major bank offers the facility of EMI through their debit cards.
2. Amazon Pay EMI.
3. Through Post Dated Cheques.
4. Debit Card.
5. Amazon Pay EMI.
6. Through Post Dated Cheques.
7. Debit Card.
8. Amazon Pay EMI.

What is EMI processing fee?

Rate of Interest The Rate of Interest is arrived by the Bank by taking into account various factors. This will be at 24% reducing per annum. Processing Fee Processing Fee charged on Click An EMI is 2.5% of the purchase conversion amount or Rs. 200 (whichever is higher)

How can I use EMI?

You will have to pay the Down Payment and the first EMI installment in the next billing cycle of your credit card. For example, if you have made a purchase of ₹18000 that is available on 9 months no cost EMI using Down Payment, then initially your bank will block your credit limit by ₹18000.

How can I activate EMI on my debit card?

Steps to Avail Debit Card EMI

1. Go to partner website/App.
2. Select product.
3. Choose Debit Card EMI on payment page.
4. Complete your payment.

How do I convert my monthly outstanding to EMI?

In case you want to convert your outstanding into EMIs, you can do so by logging on to your account through net banking and opting for smart EMI options for credit cards. Alternately, you can visit the nearest branch and ask your bank executive to help convert you’re outstanding into EMIs

How can I check my EMI on debit card?

If you are eligible for a debit card EMI facility, you will find the option of ‘NO COST EMI’ or ‘Pay using debit card EMI’. To know SBI Debit Card EMI eligibility through SMS, type DCEMI to 567676 from your registered mobile number.

How does EMI on debit card works?

#1 In case of debit card EMI, the amount is first debited from your bank account. After a few days, the amount is credited back to your bank account and the transaction is converted into a loan

Why is my debit card not eligible for EMI on Amazon?

Terms and Conditions of EMI 8000 and above on Amazon.in made using eligible debit cards of ICICI, Axis and SBI banks and (c) Rs. 5000 and above on Amazon.in made using eligible debit cards of HDFC and Axis. The EMI facility is not available on purchases made using Net Banking or Pay on Delivery payment methods.

How can I check my HDFC debit card EMI eligibility?

HDFC Bank customers check your loan eligibility instantly- SMS to 5676712 from your Bank registered mobile no. or visit store or branch near you. Any other Bank customers can also avail Consumer loans.

How can I repay my HDFC debit card EMI?

How to pay EMI on Debit Card?

1. Choose your favourite product and add it to your shopping cart.
2. If you are at a retail store, ask them for the EMI Option through Debit Card at the billing counter.
3. Choose from a time tenure that seems most comfortable to you.
4. Link the savings or current account that is linked with the Debit Card.

How does HDFC foreclose debit card EMI?

Can I foreclose my EMIs with ‘Debit Card EMI’ payment mode? Yes, you can, by contacting your bank for foreclosure of your EMIs.

How can I check my loan offer in HDFC Bank?

If you are an HDFC Bank customer, you can log in to your NetBanking account and check your eligibility for a pre-approved offer.

How can I get a 50000 instant loan?

Meet urgent funding requirements with an instant personal loan of 50,000 Rupees from Bajaj Finserv. Fulfil minimum eligibility criteria and complete a hassle-free application process to receive instant approval and quick disbursal of Rs. 50,000 loan. Avail the advance without providing any collateral.

How much loan I can get if my salary is 12000?

Salary of 12000, Am I eligible for Loan? Check here online

Product	Salary	Min. loan amount
Personal Loan	12000	40000
Home Loan	12000	300000
Car Loan	12000	150000
Credit Card	12000

How can I get a 30000 instant loan?

Documents Required for ₹ 30,000 Personal Loan

1. Pan Card.
2. KYC (Identity and Address proof)
3. Salary slips.
4. Income Proof – Latest 3 months salary slips, Receipts, Form 16 etc (for self-employed professionals)
5. Bank Statements – 6 months bank statements.
6. House ownership proof (if any)