The formula used for calculating loan EMI is mentioned below:
- EMI = [P x R x (1+R) ^ N]/[(1+R) ^ (N-1)]
The variables represented are as follows:
- P: Total loan amount
- R: Interest rate levied on the principal amount (monthly)
- N: Loan tenure of repayment (in months)
Amortization Schedule
- Loan Amount: Rs. 35,00,000
- Tenure: 84 months
- Interest: 14% p.a
| Month |
Principal (Rs.) |
Interest (Rs.) |
Principal + Interest (Rs.) |
Balance to be Paid (Rs.) |
| 1 |
24757 |
40833 |
65590 |
3475243 |
| 2 |
25046 |
40545 |
65590 |
3450198 |
| 3 |
25338 |
40252 |
65590 |
3424860 |
| 4 |
25633 |
39957 |
65590 |
3399227 |
| 5 |
25932 |
39658 |
65590 |
3373294 |
| 6 |
26235 |
39355 |
65590 |
3347059 |
| 7 |
26541 |
39049 |
65590 |
3320518 |
| 8 |
26851 |
38739 |
65590 |
3293668 |
| 9 |
27164 |
38426 |
65590 |
3266504 |
| 10 |
27481 |
38109 |
65590 |
3239023 |
| 11 |
27801 |
37789 |
65590 |
3211221 |
| 12 |
28126 |
37464 |
65590 |
3183096 |
Note: This schedule presents an illustrative breakdown of the first 12 instalments out of the total 84-month loan tenure. The interest and principal composition will continue to adjust progressively over the remaining tenure.
