Well it does not give the option for a fixed one ( you will have to feed the reducing balance rate ) but i can do a search on the fixed rate thing if u want) ,but we can find that out from the sheet itself and it is very simple . Here is how :-
1)All banks quote a reducing balance rate . For ex sbi quoted me 12%
2) Feed the loan Amount , Loan Period/Tenure, No. OF Installments per year ( = 12 , one each month from jan to dec) and the reducing balance rate
3) A list of EMI 's will be displayed in the excel sheet
4)In the top right corner a total amount of interest for the entire tenure is quoted .
5) Interest = (Princiapl X Rate X Time )/100
Therefore :- Rate = (Interest X 100)/Principal x Time
Interest = Total Interest Amount Displayed in Excel Sheet
Principal = Loan Amount
Time = Duration of the Loan ( in years )
Voila you have the fixed rate !!!
@ Ramky - got your pm , will mail you the excel sheet when i reach home , replied the same thing via pm too .
I can vouch for the accuracy of this template cause it worked for me for SBI Loans and the amount was correct till two decimal places
