# How do you calculate interest on an unsecured loan?

How is Interest Calculated on Personal Loans?

1. EMI = equated monthly instalments.
2. P = the principal amount borrowed.
3. R = loan interest rate (monthly basis) = annual interest rate/12.
4. N = loan tenure (in months)

>> Click to read more <<

## Beside this, how do I calculate interest on a loan in Excel?

=PMT(17%/12,2*12,5400)

1. The rate argument is the interest rate per period for the loan. For example, in this formula the 17% annual interest rate is divided by 12, the number of months in a year.
2. The NPER argument of 2*12 is the total number of payment periods for the loan.
3. The PV or present value argument is 5400.
Consequently, how do I calculate interest on a loan? Calculation

1. Divide your interest rate by the number of payments you’ll make that year. …
2. Multiply that number by your remaining loan balance to find out how much you’ll pay in interest that month. …
3. Subtract that interest from your fixed monthly payment to see how much in principal you will pay in the first month.

## Additionally, how do I calculate interest?

You figure simple interest on the principal, which is the amount of money borrowed or on deposit using a basic formula: Principal x Rate x Time (Interest = p x r x t).

## How do you calculate principal and interest on a loan?

The formula for calculating Principal amount would be P = I / (RT) where Interest is Interest Amount, R is Rate of Interest and T is Time Period.

## How much is a 70000 mortgage per month?

Assuming you have a 20% down payment (\$14,000), your total mortgage on a \$70,000 home would be \$56,000. For a 30-year fixed mortgage with a 3.5% interest rate, you would be looking at a \$251 monthly payment.

650 or higher

## What is considered excellent credit?

Generally speaking, a credit score is a three-digit number ranging from 300 to 850. … Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

## What is interest amount formula?

The interest rate for a given amount on simple interest can be calculated by the following formula, Interest Rate = (Simple Interest × 100)/(Principal × Time) The interest rate for a given amount on compound interest can be calculated by the following formula, Compound Interest Rate = P (1+i) t – P.

## What is the formula to calculate monthly interest?

Monthly Interest Rate Calculation Example

1. Convert the annual rate from a percent to a decimal by dividing by 100: 10/100 = 0.10.
2. Now divide that number by 12 to get the monthly interest rate in decimal form: 0.10/12 = 0.0083.

## What is the interest of 1 lakh in SBI?

SBI Fixed Deposit Interest Calculator

Tenure Rates Maturity Amount for ₹ 1 Lakh
211 days to 364 days 4.40% to 4.90% ₹ 1,02,562 – ₹ 1,04,977
2 years to 2 years 364 days 5.10% to 5.60% ₹ 1,10,667 – ₹ 1,18,137
3 years to 4 years 364 days 5.30% to 5.80% ₹ 1,17,111 – ₹ 1,33,344
5 years to 10 years 5.40% to 6.20% ₹ 1,30,760 – ₹ 1,85,011

## What is the interest of 5 lakh in SBI?

State Bank of India Fixed Deposit Returns Based on Investment Amount

Investment Amount For 3 years with interest of 5.3% For 5 years with interest of 5.4%
₹ 50,000 ₹65134 ₹65459
₹ 1 lakh ₹130267 ₹130917
₹ 2 lakh ₹260534 ₹261834
₹ 5 lakh ₹651335 ₹654586

## What is the interest on 1 lakh loan?

1 Lakh Personal Loan Interest Rates 2021

Banks Interest Rates
HDFC Bank 10.99 – 20.75%
ICICI Bank 11.70 – 18.85%
Bajaj Finserv 11.99 – 16.00%
Fullerton India 14.00 – 33.00%

## What is the interest on 50000 loan?

Calculated Monthly EMI for 50000 of loan amount for 3 years at various rate of Interest :

Loan Amount Rate of Interest Per Month EMI
50000 14.00% Rs. 1,709
50000 15.00% Rs. 1,733
50000 16.00% Rs. 1,758
50000 18.00% Rs. 1,808

## Which bank has less interest rate for personal loan?

Compare Best Personal Loan in India

Bank Interest Rates Lowest EMI Per Lakh
HDFC Bank Personal Loan ⊕ Compare 10.25% ₹ 2,137
ICICI Bank Personal Loan ⊕ Compare 10.25% ₹ 2,137
Bajaj Finserv Personal Loan ⊕ Compare 12.99% ₹ 2,275
IDFC First Bank Personal Loan ⊕ Compare 10.49% ₹ 2,149