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

	A	B
1	Loan Amount	1000000
2	Loan Interest Rate	10.5%
3	Loan Tenure(Months)	240
4	EMI	=$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!

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.