Interest on unsecured loan
This query is : Resolved
Sankar Chakraborty
(Querist)
06 April 2010
Please help me to calculate interest
As on 01.04.2009 Op. Bal. was 65 lac Cr.
Loan taken on 22.05.09 of Rs. 10 lac & also on 11.11.09 repayment made to party Rs. 15 lac
so what would be interest on loan as on 31.03.2010
please calculate by showing method of calculation because of repayment made to party.
As on 01.04.2009 Op. Bal. was 65 lac Cr.
Loan taken on 22.05.09 of Rs. 10 lac & also on 11.11.09 repayment made to party Rs. 15 lac
so what would be interest on loan as on 31.03.2010
please calculate by showing method of calculation because of repayment made to party.
Rahul Gupta
(Expert)
06 April 2010
You ahve not mentioned the interets Rate. Even then calculation for interest will be done in the following manner >
on Rs 65 Lac - 01.04.09 to 21.05.09
On Rs 75 Lac - 22.05.09 to 10.11.09
On Rs 60 Lac - 11.11.09 to 31.10.10
at the given rate of interest
on Rs 65 Lac - 01.04.09 to 21.05.09
On Rs 75 Lac - 22.05.09 to 10.11.09
On Rs 60 Lac - 11.11.09 to 31.10.10
at the given rate of interest
06 April 2010
AGREE WITH RAHUL JI.
JUST A SMALL ERROR.
on Rs 65 Lac - 01.04.09 to 21.05.09
On Rs 75 Lac - 22.05.09 to 10.11.09
On Rs 60 Lac - 11.11.09 to 31.03.10
at the given rate of interest
JUST A SMALL ERROR.
on Rs 65 Lac - 01.04.09 to 21.05.09
On Rs 75 Lac - 22.05.09 to 10.11.09
On Rs 60 Lac - 11.11.09 to 31.03.10
at the given rate of interest
Message likes :
1 times
CMA.Palani Arumugam
(Expert)
06 April 2010
First of all, you have not mentioned the rate of interest. Assuming rate of interest is 10% then,
Period days Amt.o/s interest
01.04.09 to 21.05.09 51 6500000 90822
22.05.09 to 10.11.09 173 7500000 355479
11.11.09 to 31.03.10 141 6000000 231781
Total 678082
Interest to be calculated as Amt outstaning * rate of interest/365*no of days.
Hope ur query cleared.
Period days Amt.o/s interest
01.04.09 to 21.05.09 51 6500000 90822
22.05.09 to 10.11.09 173 7500000 355479
11.11.09 to 31.03.10 141 6000000 231781
Total 678082
Interest to be calculated as Amt outstaning * rate of interest/365*no of days.
Hope ur query cleared.
Message likes :
2 times
CA. Anoop Gadia
(Expert)
21 July 2010
interest may be fair rate of interest.
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