Planning to apply for a Personal Loan? Knowing about the various Personal Loan calculators can take a whole lot of hassle out of your day. The biggest advantage of using MS Excel is its formulas. You can calculate and estimate almost anything and everything in excel. So, data can be better documented in the excel sheets. Similarly, you can calculate your EMI in excel with the use of formulas.
The Formula That is Used in Excel to Calculate EMI is: =PMT(rate,nper,pv).
In this calculation, you have to put the inputs in the excel cells in a systematic manner and then put the formula to get the EMI amount. To calculate EMI, you need to put the principal amount, loan tenure and the rate of interest. The mechanism of EMI calculation using excel sheet is demonstrated below:
The alternative way of calculating the EMI in excel is using the EMI calculator with in-built formulas. Here you just need to put the inputs as per the specified column and you will automatically get the EMI. You will neither have to be aware of the EMI formula nor have to apply it. You can download it and use it anytime in offline mode.
A Sample of Such EMI Calculator is Mentioned Below:
There is one more solution to EMI calculation, that is the personal loan calculator. Almost every lender offers EMI calculator in their websites. Here you need to put the inputs and instantly you will get the EMI.
All the three mechanism will give you the exact figure of EMI; you just have to choose the right one according to your convenience.
Must Read: Find Out How Much EMI You Will Have To Pay On Your Personal Loan
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