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Download Personal Loan Repayment Excel Template
Organizing a repayment plan for a personal loan is an important step for individuals seeking to manage their finances effectively.
The Free Personal Loan Repayment Excel Template from Dexovise is a downloadable tool that calculates monthly payments, total interest, and a detailed amortization schedule, helping borrowers plan their budgets with clarity.
Download this personal loan calculator excel to track loan payments and achieve financial stability.
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Key Benefits of the Personal Loan Repayment Excel Template
The personal loan repayment excel template assists borrowers in understanding and managing their loan payments accurately. It offers several advantages to support financial planning and debt management.
The following benefits highlight the value of this tool:
- Calculates monthly payments and total interest, showing the full cost of borrowing for a personal loan.
- Creates a loan amortization schedule excel that lists principal and interest for each payment, helping borrowers track their loan balance over time.
- Allows entry of prepayments to show how extra payments reduce interest costs and shorten the loan term.
- Includes a chart that breaks down payments into principal, interest, and fees, making the repayment structure easier to understand.
- Supports customizable inputs like loan term or payment frequency, fitting different personal loan agreements.
- Provides a mobile-friendly design, allowing borrowers to access the template on various devices.
- Uses clear instructions, making it straightforward for individuals to set up and use the template without difficulty.
How to Set Up the Personal Loan Repayment Excel Template
The personal loan repayment excel template helps borrowers calculate their loan payments by entering specific financial details.
This excel loan payment schedule simplifies the process of planning repayments for personal loans.
Below are the steps and inputs needed to set up the template:
- Loan Amount (Principal): Enter the total amount borrowed, which is the starting balance of the personal loan.
- Annual Percentage Rate (APR): Provide the yearly interest rate, shown as a percentage, which includes the cost of borrowing.
- Loan Term: Specify the repayment period in months (up to 84) or years, matching common personal loan durations.
- Payment Frequency: Choose monthly or biweekly payments to align with the loan’s repayment schedule.
- Prepayments: Input any extra payments planned, which reduce the loan balance faster and save on interest.
- Start Date: Add the date of the first payment to create an accurate amortization schedule.
- Fees: Include any origination fees or other charges to calculate the total cost of the loan.
To prepare the personal loan EMI calculator, download the template, open it in Microsoft Excel, and enter the loan details in the designated fields as guided by the instructions.
The template will produce the monthly payment amount, total interest, and a complete amortization schedule, showing the repayment plan clearly.
How Personal Loan Payments Are Calculated
The personal loan repayment excel template determines monthly payments using a standard formula for fixed-rate loans, which is common for personal loans.
This calculation considers the loan amount, interest rate, and term to provide an accurate repayment plan, including the impact of prepayments.
Below, the formula, its Excel version, and an example explain how the template operates.
The formula for the monthly payment (Equated Monthly Installment, EMI) is:
EMI = [P × (R/12) × (1 + R/12)^N] ÷ [(1 + R/12)^N – 1]
Where:
- P = Loan principal
- R = Annual interest rate (as a decimal)
- N = Number of monthly payments
In Microsoft Excel, the PMT function is used:
=PMT(R/12, N, -P)
Where “R” is the APR, “N” is the number of months, and “P” is the loan amount (negative for outgoing payments). The personal loan repayment calculator adjusts for prepayments, reducing interest costs.
Example Calculation: Consider an individual with a personal loan:
| Category | Details |
| Loan Amount | $10,000 |
| Annual Percentage Rate (APR) | 8% (0.08) |
| Loan Term | 3 years (36 months) |
| Payment Frequency | Monthly |
| Origination Fee | $200 |
| Prepayment (Month 12) | $1,000 |
Using the Excel PMT function:
- Monthly rate = 0.08 ÷ 12 = 0.006667
- Total payments = 3 × 12 = 36
- EMI = PMT(0.006667, 36, -10,000) ≈ $313.36
Total repayment without prepayment is 313.36 × 36 = $11,280.96, with interest of $11,280.96 – $10,000 = $1,280.96, plus $200 fee = $11,480.96.
With a $1,000 prepayment in month 12, the template recalculates, reducing interest to ~$1,050 and shortening the term, saving ~$230.
The loan repayment excel tool creates a schedule detailing each payment’s principal and interest.
What Are Personal Loans and Their Key Features
A personal loan is a type of financing where an individual borrows money from a lender, such as a bank or credit union, to cover expenses like debt consolidation, medical costs, or home improvements, without needing collateral.
These loans typically have fixed interest rates and repayment terms of 1 to 7 years, making payments predictable.
The personal loan calculator excel helps borrowers plan these payments to avoid financial stress.
Key features define how personal loans work. Below are the main features explained:
- Unsecured Nature: Personal loans do not require assets like a car or house as security, relying on the borrower’s creditworthiness.
- Fixed Interest Rate: The interest rate stays the same throughout the loan term, ensuring consistent monthly payments.
- Annual Percentage Rate (APR): The yearly cost of borrowing, including interest and fees, which affects the total loan cost.
- Prepayment Option: Many loans allow extra payments without penalties, reducing interest and loan duration.
- Loan Tenure: The repayment period, usually 12 to 84 months, impacts monthly payments and total interest.
Why Plan Your Personal Loan Repayment with This Template
Creating a repayment plan for a personal loan is a necessary step for individuals to manage their finances and avoid debt difficulties. The personal loan repayment excel template calculates payments and tracks loan progress, assisting in organizing budgets effectively.
The following sentences explain why this tool is valuable for planning:
- It shows the monthly payment needed for a personal loan, helping individuals fit payments into their monthly budget.
- The excel loan payment schedule tracks how much principal and interest is paid each month, making it easier to plan finances over time.
- It calculates savings from prepayments, allowing borrowers to see how extra payments lower the total loan cost.
- Adjusting inputs like loan term or APR shows how these changes affect payments, helping individuals choose affordable loan terms.
- The downloadable template allows borrowers to save and review their repayment plan anytime, supporting consistent financial planning.
This template is valuable because it helps individuals understand their personal loan payments and plan their finances to maintain stability.
