Wednesday, December 31, 2008

EMI calculation formula for spreadsheet

Nowadays everyone seems to be taking loans for varying needs such as home, automobile, education etc. We start paying the EMIs per month to pay back the loan as per the bank mandate. Some of us, are tech savvy or nerdy enough to want to keep track of the loan payment by wanting to create an excel sheet for the same. Some time we may want to create an Excel for our monthly EMIs maybe just to calculate how much are we paying in interest and principle per month.

I had to fumble with the EMI formula to make it work in Excel, so here I am sharing the Excel/Google spreadsheet formula so you may use it in your own loan amortization sheet right away!

Use the formula shown below to calculate the EMI for your Loan. The table below shows dummy values, which should result in an EMI of 9983.80
























AB
1Loan Amount1000000
2Loan Interest Rate10.5%
3Loan Tenure(Months)240
4EMI=$B$1*(B2/12)*(((1+(B2/12))^$B$3)/(((1+(B2/12))^$B$3)-1))


I hope this comes handy to you. Do let me know by commenting if yuo have anything to add or you used this article. Wishing you a Happy New Year!

Wednesday, December 10, 2008

India - Now serving DVDs online!

Thanks to the Indian Railways, it is proved that a successfully implemented online venture is very much possible in our dear India too! Ofcource well planned logistics and financial muscle would be required but more and more people in India seem to be willing to tread online for their convenience.

After the grand success of Online DVD renting(think Blockbuster, Netflix) in America, the Indian markets could not have been much behind. And lo and behold, we have our very own offering for the Indian masses. I had heard of companies such as SeventyMM renting DVDs online, but I really never checked it out, untill recently I saw a BigFlix store sprung up in the market near my house. Time to take stock of things.

Yeah, the local DVD walla might offer cheaper rates, but do you really want to use your LCD screen to see a hall print, which you rented at the rate of a DVD? So perhaps it is time to check out these services and enjoy the true DVD quality movies in the convenience and luxury of our homes. Hopefully the customer would end up again being the king with the services competing amongst themselves and offering us the best value of money.

Here I offer a small comparision matrix of the services, though not a review of the same. So without much ado, here is a small compilation I made of some of the services in market:


BigFlix SeventyMM Movie Mart Clixflix
Membership fee Rs. 299 Rs. 250 Rs. 279 Rs. 399
Refundable fee Rs. 400 Rs. 349
Rs. 1998
Registration fee Rs. 0 Rs. 199

Disks at a time 1 1 1 2
Stores in India NA None NA In and around Mumbai only
Late fee after days None 4 None 3
Max movies in a month Once a day 6 Once a day 6
Movies in store > 18000 > 18000

Membership pause facility Yes NA NA NA


You may also check out a nice article I came across at Webyantra titled SeventyMM - national footprint eagerly awaited.

If you have used these services, or prefer any other, do share your say in the comments.