Hint & tricks

V

vikrantchodhary

New member
Pay first installment of your Loan on the same day bank disburse loan to you . This will reduce interest to handsome amount.






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Formula of EMI Calculation -

EMI = P x R x T / (T - 1)

T = (1 + R)^n

R as Rate Monthly Basis
T as Time Period
n as number of months
P as Principal Loan Amount

e.g if Rate is 10.15 % per annum then R = 10.15/1200 = 0.0084583333
no of months n = 360
T = (1+0.0084583333)^ 360 = 20.7426993557
P = 30 Lakhs

Therefore EMI = 30,00000 x 0.0084583333 x 20.7426993557 / 19.7426993557 = Rs 26,660 per month for 30 years @ 10.15% on 30 lakhs loan amount.
 
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