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Interest on bank loan

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Querist : Anonymous

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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
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
26 May 2014 int on loan is calculated closing bal only........
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Nikhil Kaushik

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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)
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Rupesh Jain

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Rupesh Jain (Expert)
27 May 2014 it is depend on agreement with the lender.
normally it is calculate on daily balance.

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