Finance loan calculation [closed]
How is pre-closure of a loan calculated?
Rate of interest at which the loan was borrowed. The total number of EMIs (Equated Monthly Instalment) already cleared. The foreclosure month. Any charges or costs to be incurred in foreclosure of the loan.
How to use the foreclosure calculator?
| Monthly EMI | Rs. 20,251 |
|---|---|
| Saved Interest | 80% |
| Foreclosure Amount | Rs. 1,00,417 |
What is the formula of loan calculation?
Great question, the formula loan calculators use is I = P * r *T in layman’s terms Interest equals the principal amount multiplied by your interest rate times the amount in years.
What are the loan closure charges?
Personal Loan Pre-payment charges of top financial lenders
Closed between 13-24 months – 4% of principal due. Closed between 25-36 months – 3% of principal due. Closed after 36 months – 2% of principal due.
How is closing point calculated?
All you have to do is divide the total loan amount by 100, because one mortgage point is equal to one percent of the loan value. For instance, a $300,000 loan has 100 $3,000 points. Each point must be paid at closing, in addition to the standard closing costs.
What is pre-closure of loan?
Pre-closure is the process when one repays the loan before the loan tenure ends. Some lenders do levy a penalty for preclosing the loan. However, pre-closure at times does help in lowering the interest rates and debt burden.
How do you close a loan?
What to do:
- Visit bank with the complete set of documents (as mentioned above).
- You may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account.
- Pay the pre-closure amount.
- Sign the required documents, if any.
- Take acknowledgement of the balance amount you have paid.
How are loan installments calculated?
USING MATHEMATICAL FORMULA
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.
How is principal and interest calculated?
In a principal + interest loan, the principal (original amount borrowed) is divided into equal monthly amounts, and the interest (fee charged for borrowing) is calculated on the outstanding principal balance each month. This means the monthly interest amount declines over time as the outstanding principal declines.
How is interest calculated monthly?
Monthly Interest Rate Calculation Example
- Convert the annual rate from a percent to a decimal by dividing by 100: 10/100 = 0.10.
- Now divide that number by 12 to get the monthly interest rate in decimal form: 0.10/12 = 0.0083.
What is a close price?
“Closing price” generally refers to the last price at which a stock trades during a regular trading session. For many U.S. markets, regular trading sessions run from 9:30 a.m. to 4:00 p.m. Eastern Time.
What are closing points?
The closing point refers to when the title of the property is reassigned from the seller to the buyer. These closing costs are paid by either the buyer or the seller.
What is difference between close and adjusted close?
While closing price merely refers to the cost of shares at the end of the day, the adjusted closing price considers other factors like dividends, stock splits, and new stock offerings. Since the adjusted closing price begins where the closing price ends, it can be called a more accurate measure of stocks’ value.
What is the interest formula?
Simple Interest Formulas and Calculations:
Use this simple interest calculator to find A, the Final Investment Value, using the simple interest formula: A = P(1 + rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods.
How are personal loans calculated?
Most personal loans actually use the monthly periodic rate, arrived at by dividing the APR by 12. When applied to the principal, the APR (or periodic rate) determines the additional amount you will pay to borrow the principal and pay it back over time.
How do banks calculate loans?
The rate of interest (R) on your loan is calculated monthly i.e. (R= Annual rate of interest/12/100). For instance, if R = 15.5% per annum, then R= 15.5/12/100 = 0.0129.
How is interest on a 3 month loan calculated?
Calculation
- Divide your interest rate by the number of payments you’ll make that year. …
- Multiply that number by your remaining loan balance to find out how much you’ll pay in interest that month. …
- Subtract that interest from your fixed monthly payment to see how much in principal you will pay in the first month.
How much loan can I get on 30000 salary?
How much personal loan can I get on a ₹30000 salary? According to the Multiplier method, on a salary of ₹30000, you will be eligible for ₹8.10 lakhs for 5 years. Going by the Fixed Obligation Income Ratio method, if you have monthly EMIs of ₹3000, you will be eligible for an amount of ₹7.70 lakhs.
How much loan can I get if my salary is 18000?
Yes Bank Personal Loan Eligibility 2022
| Eligibility Criteria | Salaried | Self Employed Professionals |
|---|---|---|
| Minimum Income | ₹ 18,000 per month | ₹ 12 Lakh gross annual receipts |
| Maximum Loan Amount | ₹ 2 Lakh – ₹ 20 Lakh | ₹ 5 Lakh – ₹ 50 Lakh |
| Work Experience | 6 – 24 months | – 36 months |
| Loan Tenure | 12 – 60 months | 12 months – 60 months |
How much loan can I get if my salary is 15000?
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
How much loan can I get on 60000 salary?
However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to Rs. 16.20 lakhs.
Multiplier Method.
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
| Rs. 60,000 | Rs. 16.20 lakhs |
How much loan can I get on 35000 salary?
Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).
How much loan can I get if my salary is 80000?
For instance, if your net salary is Rs. 55,000, you will be eligible for a loan of approximately Rs 33 lakhs.
How to calculate your home loan eligibility?
| Net Monthly Income (Rs.) | Home Loan Amount (Rs.) |
|---|---|
| 50,000 | 38,04,983 |
| 60,000 | 46,43,370 |
| 70,000 | 54,81,756 |
| 80,000 | 63,20,142 |
How much loan can I get on 45000 salary?
Salaried individuals are eligible to get housing loans up to 60 times their net monthly income as a rule of thumb. So, if your in-hand salary is Rs. 45000 per month, you can get a housing loan up to Rs. 27,00,000 approximately.
How much loan can I get on 17000 salary?
Fullerton India Personal Loan Eligibility 2022
| Eligibility Criteria | Salaried | Self Employed Professionals |
|---|---|---|
| Minimum Income | ₹ 17,000 per month | ₹ 2 Lakh gross annual receipts |
| Maximum Loan Amount | ₹ 50,000 – ₹ 25 Lakh | ₹ 1.50 Lakh – ₹ 20 Lakh |
| Work Experience | 1 – 12 months | 36 months – |
| Loan Tenure | 12 – 48 months | 12 months – 48 months |
How much loan can I get on 24000 salary?
Illustration- Mr A who is 25 years old has a net income of ₹ 24,000. He wants to take a personal loan of ₹ 1 Lakh for 72 months. SBI allows a maximum FOIR of 0.45. Based on the information provided by the applicant the maximum amount he is eligible for is ₹ 5.89 Lakh.
How much loan can I get if my salary is 12000?
Salary of 12000, Am I eligible for Loan? Check here online
| Product | Salary | Min. loan amount |
|---|---|---|
| Personal Loan | 12000 | 40000 |
| Home Loan | 12000 | 300000 |
| Car Loan | 12000 | 150000 |
| Credit Card | 12000 |
How much loan can I get if my salary is 13000?
Salary of 13000, Am I eligible for Loan? Check here online
| Product | Salary | Min. loan amount |
|---|---|---|
| Personal Loan | 13000 | 45000 |
| Home Loan | 13000 | 300000 |
| Car Loan | 13000 | 100000 |
| Credit Card | 13000 |
How much loan can I get if my salary is 10000?
Banks such as SBI and Indian Overseas Bank provide personal loans to individuals who have lower income of Rs. 5000 per month. But the loan amount might be lower than you expected.
Personal Loan For Low Salary Less Than 10000.
| Bank | Minimum Monthly Income Required |
|---|---|
| Punjab National Bank | Rs. 10,000 |
| HDFC Bank | Rs. 15,000 |
| ICICI Bank | Rs. 17,500 |