It calculates loan payment based on loan amount, number In spreadsheet functions, PMTįull form is Payments. Installment) can be figured out using PMT function. Probably the most effortless methods of EMI calculation areīy using Excel spreadsheet or by using Google spreadsheet. EMI Formula in Excel Spreadsheet / Google Correspondingly, in the event when interest rate get decreases during the loan tenure, then the equated payments get diminished or the loan tenure get reduced. A borrower should always know rights of a loan defaulter. In the event that the borrower makes a pre-payment during the loan tenure, then either the equated payments are reduced or tenure of the loan gets decreased. Calculation of EMI is subject to components like: Rate of interest, Principal Amount, Tenure of the loan. Borrower pays fixed installments to the moneylender throughout the loan tenure at specified dates until loan is completely paid off. For example: real estate loan, mortgage loan, business loan, car loan, etc. There are many different types of loan that works on similar concepts. In simple words, Equated Monthly Installment is equally divided money to clear principal along with interest of a loan within specified time span. Lenders get installments from borrowers to repay both interest and principal every month over a predefined tenure. EMI Formula in Excel Spreadsheet / GoogleĮMI means a fixed installment paid by borrower at a predefined schedule date of each month.
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