Use the MS-Excel formula “PMT” to calculate your loan EMI using an Excel sheet. The complete formula syntax for EMI calculation for Excel is:
PMT (rate, nper, pv)
rate = Personal loan interest rate (in percentage)
nper = Loan tenure in months, i.e. number of EMIs payable
pv = Loan principal (present value)
While the EMI calculation results will be the same whether you use the online EMI calculator or the Excel formula, the benefit of using the Excel formula is that you can use it offline as well.
Let us check the EMI for Ravi by using the PMT formula.
The rate used should be the monthly interest rate, that is, 8%/12= 0.0066
The number of periods represents the EMIs throughout the tenure.
=PMT(0.0066, 36, 100000)= 3,129.94
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