PURPOSE/OBJECTIVES
This tool will help users to verify the EMI statement with the bank’s EMI statement. It will allow users to prevent bank fraudulence if any.
I faced the same type of problem. A huge amount was included in my loan amount after the payments of 6 EMIs by one of the well-known finance companies which could not be noticed by anyone. At the end of the year, my program was not tallying with the statements of the loan finance company. So, I re-checked my software, thinking that the bank may not do such types of mistakes. I modified my software and checked the statement. There was fraudulence in the bank's statement and the same was sorted out at that time and everything became normal as per my software. So, it will be advantageous to everyone who takes a loan from the bank of any finance company.
Overview
For any loan taken, we must repay it with equated monthly installments
called EMI. This tool requires limited information like:
1) The opening balance of a loan.
2) EMI-start-Month.
3) EMI amount.
4) Rate of interest.
5) Part payment amounts with month.
6) The details of EMI were skipped.
1) The opening balance of a loan.
2) EMI-start-Month.
3) EMI amount.
4) Rate of interest.
5) Part payment amounts with month.
6) The details of EMI were skipped.
Based on your information, this tool will calculate the entire EMI account statement, which can be compared with the statement of the loan-providing company.
Procedure
Step-1
Here, enter the principal amount (P), rate of interest (PCPA), (write 13 for 13%), and the number of months of EMI, then we will get the EMI amount. The information will be forwarded for the first-year EMI chart.
The software will take the principal loan amount, rate-of-interest, and EMI starts month directly from the previous sheet. The latest modified information on these fields will be available throughout the EMI charts.
Step-2
For any changes in the EMI amount, enter the month from the drop-down menu and the new EMI amount in the next cell under the head "EMI".
For any changes in the rate of interest, enter the month from the drop-down menu and the new rate of interest in the next cell under the head "INTEREST".
If any part-payment is done, enter the month from the drop-down menu and the part-payment amount in this cell under the head "Part-Payment".
If any EMI is missed, it will be entered here under the head "EMI not paid for some month".
Step-3
Summary of the EMI statement:
All the information is available in the graph.
ANIL SATPUTE
