9.1 Loan Instalment Calculator
This topic provides systematic instructions to calculate the loan instalment that user wants to borrow from the bank.
Repayment of a loan includes both the repayment of the principal amount of the loan, and the interest. These two components, together add up to the loan installment amount, which is typically an equated amount paid monthly to the lender (bank).
Loan instalment calculator is a simple calculator which calculates the instalment value of the loan, for specific amount, tenure and rate of interest. It helps users to understand the monthly outlay, if they were to borrow a sum of money, for a specific time.
To check the loan installment amount:
- Perform the following navigation to access the Loan Installment Calculator screen:
From the Dashboard, click Menu, and click Accounts, and then click Corporate Loans. Under Corporate Loans, click Overview, and then click Loan Installment Calculator.
The Loan Installment Calculator screen displays.For more information on fields, refer to the field description table below:
Table 9-1 Loan Installment Calculator - Field Description
Field Name Description Loan Amount Specify the amount that user wants to borrow from the bank. Loan Tenure (In Years) Specify the desired tenure of the loan in years. Interest Rate Specify the desired interest rate that is to be charged on the loan. The system calculates and displays the monthly installment amount for the loan required.
Parent topic: Loan Calculators