Interest Calculator | Loan Amortisation Schedule
An interest calculator and loan amortisation schedule for a loan of ₹100,000 at a 12.00% interest rate, to be repaid over 1 year in 12 monthly installments. The spreadsheet calculates the EMI, total cost, amount paid, interest, principal repaid, and GST on the interest portion.
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Interest Calculator | Loan Amortisation Schedule
The interest calculator provides a detailed loan amortisation schedule for a borrowing amount of ₹100,000.00, to be repaid over a period of one year at an interest rate of 12.00%. The processing fee associated with this loan is ₹200. The periodicity for repayment is set to monthly, resulting in a tenure of 12 months. The effective interest rate per month is calculated at 1.00%, leading to an equated monthly installment (EMI) of ₹8,884.88.
Over the course of the loan, the total cost amounts to ₹1,391.34, which reflects a total interest payment of ₹6,618.55. The total amount paid by the end of the term will be ₹106,618.55, with the principal amount of ₹100,000.00 fully repaid. Additionally, there is a GST charge on the interest portion, calculated at ₹1,191.34.
The amortisation schedule breaks down the payments month by month. In the first month, the opening balance is ₹100,000.00, with an interest charge of ₹1,000.00. The amount paid that month is ₹8,884.88, which includes a principal repayment of ₹7,884.88, leaving an outstanding principal of ₹92,115.12 and a GST on the interest portion of ₹180.00.
In the second month, the opening balance is reduced to ₹92,115.12, resulting in an interest charge of ₹921.15. The same EMI of ₹8,884.88 is paid, allowing for a principal repayment of ₹7,963.73, which brings the outstanding principal down to ₹84,151.39, alongside a GST of ₹165.81 on the interest.
Continuing this pattern, by the third month, the opening balance is ₹84,151.39, with an interest charge of ₹841.51. The principal repayment rises to ₹8,043.36, reducing the outstanding principal to ₹76,108.03, with a GST charge of ₹151.47.
This trend persists throughout the year, with the monthly interest charges decreasing as the outstanding principal diminishes. By the twelfth month, the opening balance reaches ₹8,796.91, incurring an interest of ₹87.97. The final payment of ₹8,884.88 fully repays the principal, resulting in an outstanding principal of ₹0.00 and a GST on the interest portion of ₹15.83.
The entire schedule reflects a systematic approach to loan repayment, detailing each month's financial obligations and the gradual reduction of debt, culminating in a complete repayment by the end of the loan term.