How To Calculate Personal Loan Emi Using Excel

You can easily compute the personal loan EMI in excel using the appropriate formula. Use the PMT function for an excel cell to compute the EMI. The formula is,  EMI = PMT (Rate, NPER, PV, FV, Type). 

Here, 

Rate is the interest rate of your personal loan on a monthly basis. 

NPER is the limit on the number of monthly installments

PV = Current value of your loan amount

FV = The value after making the final payment

Type is either 0 or 1

Note: the FV value you are giving as input must be 0. The input for type is 0 when you pay the installment at the month end and 1 when you pay the installment at the month beginning. 

Steps to Compute the Personal Loan EMI Using Excel

Step 1:  Download the MS Excel Software on your desktop, laptop, or smartphone. 

Step 2: Open a new worksheet and proceed towards computing your personal loan EMI. 

Step 3: Input the details of the loan such as tenure, loan amount, and interest rate in the cells which you are using to compute your personal loan EMI. 

Step 4: Enter the formula to compute the EMI