Car Loan - EMI - Varying Interest Rates All,
While contemplating on a car loan, many dimensions come into picture which bank ? What should be the loan amount ? Should I go for a fixed interest or variable ? Should I go for 3, 5 or 7 years ?. While doing my research recently, I zeroed in on SBI loan that offered varying interest rates (i.e., 8% for year 1, 10% for years 2&3 followed by floating rates for years 4&5). With these rates, I wanted to see how my EMI equations look like with different down payment options. Unfortunately, I didn't come across a good excel or any tool that offers me to play around when interest rates are multiple (may be I didn't google well). I was landing up at tools that gave me loan ammortization schedule when the ROI is fixed across the loan term.
So I made a makeshift excel myself after making a regular Loan Amortization Schedule, that I downloaded from the net, as the base. Don't remember from where I downloaded the original sheet but due credit to its authors .
Sharing the excel that I developed for me. It might benefit some of you.
Caution/Disclaimer - This is a highly customized sheet. I have hidden many unwanted rows etc., Edit only yellow highlighted cells.
How to Use? -
1) This is useful when you want to see your numbers while going for a 5 year loan and the interest rates are different for each year.
2) Edit ONLY yellow highlighted cells in the first 5 tabs based on your requirement.
3) Once done, see the summary in the last tab. |