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