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diminishing balance interest calculation formula


Banks
Axis bank

Axis bank

Interest Rate for
Home Loan : 9.25...
Personal Loan : 14.00% to 21.00%...
Canara Bank

Canara Bank

Interest Rate for
Loan Against Property : 14.25 - 16.25%...
Home Loan : 9.25...
Loan Faqs
Faq

is the interest charged/calculated? :

Based on the bank the Interest is calculated on a monthly reducing balance or an annual reducing balance basis.
Faq

What is a Monthly Reducing Balance? :

In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.
Loan Blogs
Blog

The basics of business loan

Business loans are provided by various banks to business people for their short or long term financial needs. A lot of times it is important for businessmen to acquire a certain amount of money for running their enterprise. It is well known that without the required capital no business can run....
Blog

Why loan against property is a good option

If you need money for any specific need like marriage, business expansion, foreign education then a good way to raise money is to get a loan against your property. The only condition for that is that you need to own a valuable asset in the form of a self-occupied house or a commercial property....
Insurance Faqs
Faq

Can I cancel my motor insurance and get a refund during the policy period? :

Yes, you can. But in that case you have to show that your vehicle has been insured elsewhere, or the registration certificate for your vehicle has been legally canceled by the Regional Transport Office (RTO). Once the policy has been canceled, the balance of the premium amount will be refunded to...
Insurance Blogs
Blog

Deciding about the amount of life insurance

People go for various life insurance policies due to their many benefits. The amount of life insurance depends on many factors. Ideally the sum assured should provide for all the needs of your family like children's education and marriage while meeting the daily basic expenses when the insured...



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