When you take out a loan from a bank, the first thing you need to consider is the interest rate. If you know the amount of interest you need to pay, you will have a more proactive repayment plan. In today's post, we will send you the file loan interest spreadsheet in excel when borrowing the latest bank in 2022.
Let's find out together!
Types of Bank Loans
Each loan package will have a different nature, interest rate, and term. Before learning about how to calculate bank loan interest in excel, we will introduce the popular forms of bank loans.
- Unsecured loan: is a form in which you have the right to borrow from a bank without any collateral. This form will be evaluated based on the reputation of the customer. The higher the income, the larger the loan amount. However, unsecured loans have quite high interest rates, the maximum loan term is 60 months.
- Overdraft loan: This is a form of loan that is only used when customers want to use more than the amount of money in their account. The maximum limit is 5 times salary, loan documents need to prove income.
- Mortgage loan: This is the most common form of bank loan. Borrowers will need collateral when taking out a loan. The loan limit is from 80% to 120% of the value of the property. The interest rate is also quite reasonable compared to the loan. Moreover, the loan term is extended up to 25 years depending on the needs of the borrower. For this form, the interest rate for late payment or quick payment will be different.
- Installment loans: Each month, the customer will have to pay an equal amount of interest and principal. Depending on the repayment needs of each customer, there will be different payment limits.
Download the Latest Bank Loan Interest Calculation Excel File Today
There are many ways used to calculate bank interest rates such as manual calculation, online calculation, Excel file calculation. With manual calculation, you only need to click on the calculator and perform 3 simple calculations to temporarily calculate the monthly interest that you have to pay. However, the accuracy of this method is not high and does not calculate much data.
On the internet there are many tools to help calculate bank interest very quickly with just a few simple steps. You can find these tools on bank websites or financial information sites.
The Excel file to calculate the bank interest rate will help customers quickly calculate the amount of interest that they need to pay every month, you just need a few simple steps to get the results already. Nowadays, people's demand for bank loans is increasing. They use the loan for many purposes such as buying a house, buying a car, doing business... All matters of interest and principal will be exchanged directly by the staff.
Usually banks will calculate monthly interest according to the committed percentage. But customers should also have their own monthly tracking file to avoid miscalculation that they don't know themselves. You can download the loan interest calculation sheet in excel when borrowing with the latest bank in 2021 below.
Download the loan interest spreadsheet file with Excel: Download.
Instructions for Using the Excel Table to Calculate Bank Loan Interest
Interest Rate Formula
In the file, the loan interest calculation table is based on the interest rate method calculated on the reducing balance and the loan interest calculation table is in the form of one-time payment at the end of the period. The calculation formula is as follows:
- First month interest = loan amount x fixed monthly interest rate
- Interest in the following months = remaining principal x interest rate
The amount that customers need to pay each month will be: Amount to be paid each month = loan amount / loan period + loan amount x fixed interest rate per month
The Most Correct Way To Fill In The Loan Interest Spreadsheet With Excel
Before setting up a loan interest calculation table in Excel, customers need to determine the necessary objects to make a table, including:
- Loan amount (VND)
- Loan period (years)
- Borrowing date (day/month/year)
- Annual interest rate (%/year)
- Monthly Payment (VND)
- Payment number
- Total profit
- Total loan cost
- Date of payment
- Initial balance
- Payment
- Principal
- Interest rate
- Final balance
With the loan interest rate spreadsheet file on excel, customers only need to perform the initial input steps including loan amount, annual interest rate, loan term in years, loan start date. Then the excel file with pre-installed formulas will perform the calculation and produce the results.
Eg:
- Loan amount: 20,000,000 VND
- Annual interest rate: 20%/year
- Loan term: 12 months
- Loan start date: April 13, 2021
We have the following result:
Update the latest prepayment fees of banks today
The Benefits of Excel Table Calculating Bank Loan Interest
People are now very fond of using excel spreadsheet because it has many advantages, is a very useful support tool that all borrowers need to use.
- Customers do not need to do complicated manual calculations that lead to errors, just enter the data in the correct ratio to get quick results.
- No need to know too many calculation methods, but just need to master the process of calculating interest
- Save a lot of time, manpower and cost for calculation. The tool is automatically calculated according to the pre-entered formula, so it will be very accurate, giving fast results.
- You can also take the initiative in all your work, the amount to be paid. If you do not calculate the interest payable in advance, if the loan is large, you will definitely have difficulty when it comes to the interest payment due date. Estimating in advance will help you plan your work more accurately and efficiently.
- Increase professionalism for work. For employees who are working on the company's bank loan and need to estimate the amount of interest to plan, this is a very necessary tool. You will show professionalism in your work and the calculation will be done more accurately and quickly.
This bank interest calculation file is suitable for all subjects. Whether you are knowledgeable about Excel or not, you will be able to use it very easily.
Conclude
In the above article, we have detailed instructions on how to use it and provided a file to download the latest loan interest calculation table in Excel in 2021. Hope this information will help your work. Hello and see you in the next useful articles.
Information edited by: banktop.vn
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