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    nikeshtnt Posts: 52, Reputation: 1
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    Dec 16, 2008, 09:30 PM
    EMI Schedule with daily reducing method
    I am planning to take a home loan and talked to different banks. Some are offering with monthly reducing and some with daily reducing.

    This comes into effect if I do any pre-payment (partial). E.g. Total Loan amount is 1000000 taken on 5th Dec 08. After six months if I pay 200000 on 10th of Jun 09 then in case of monthly reducing my EMI would revise from July 09 only but on daily balance it would be from 11th Jun 09 only.

    I have got EMI calculator for monthly reducing which don't allow entering any fraction of months which is required for daily reducing.

    I am attaching the EMI calculator available with me; please help me in getting it for daily reducing.
    Attached Files
  1. File Type: xls EMICalc2.3.xls (238.0 KB, 5602 views)

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