Interest on bank loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 May 2014
I want to ask if interest on any loan is calculated at what balance the interest should be deducted opening balance or closing balance ,as in month repayment is made of some amount? please help
26 May 2014
int on loan is calculated closing bal only........
Nikhil Kaushik
(Expert)
27 May 2014
it is calculated on daily closing balance..for eg if the repayment is made lets say on 15th of the month. Then till 14th the interest will be calculated on the opening balance and thereafter on the reduced balance (opening balance less repayment)
Rupesh Jain
(Expert)
27 May 2014
it is depend on agreement with the lender.
normally it is calculate on daily balance.
normally it is calculate on daily balance.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ETDS return q4 25-26
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
