Loan Interest Calculator helps you to keep track of your Loans and Outstanding Amounts in each Loan by the creation of multiple Interest calculation accounts and calculating Interest Amounts.
ERachana Technologies has developed Loan Interest Calculator a simple solution for calculating interest for various loans using Simple Interest Calculation Method.
This Application helps you to keep track of your Loans and Outstanding Amounts in each Loan.
Many times, we come across situations where one has to keep track of multiple borrowings, especially in case of businesses. Most businesses have more than one loan and keeping track of these loans, their payments, accruing interests and outstanding amounts becomes a tedious task.
Keeping this in mind, ERachana Technologies has come up with a Simple Loan Interest Calculation Utility, where it becomes very easy to keep track of the final outstanding amount while having multiple loans. It serves as a loan borrowing calculator for you, using which you can plan your monthly repayment of loans. This Utility can be used as a Quick Loan Calculator for calculating Interest amounts for your Personal Loans. If you have taken personal loans or if you are giving out personal loans then this software will be very helpful to you. When a loan is given by the bank, Interest Calculation is done by banking software.
Just enter the basic details like Amount Borrowed, Date of borrowing, and Rate of Interest. Then, as you make payments, enter the amounts and dates. If new borrowings are made, enter the borrowed amount. The software will calculate the final outstanding amount and Interests Accrued just by using this basic data and spare you the hassles of complicated calculations.
You can keep track of your Loans and Outstanding Amounts and also Interest accrued in each case.
The Loan Interest Calculator can be installed in the same way as any other standard windows application. Download, Install and Register theLoan Interest Calculator Application from our website www.erachana.net. Installation & Registration is explained in detail in other videos.
Once you complete registration, create a New File and Select Settings.
1. Click File menu and New File
2. Name the file and click Save.
1. Click Settings in Main Menu
2. This application can be used by Selecting Settings –Lender or Receiver and Click Save.
In this Help, We have taken the example of a Receiver managing his details.
Once the Settings are selected, Loans can be added into the Loan Interest Calculator.
1. In Main Menu, click Loan Interest Calculator.
2. Loan Details screen appears.
3. Enter Loan Details - Loan Name, Rate of Interest and Remarks.
4. Enter the date of the transaction in Transaction Date. In Subsequent transactions, Auto Date automatically shows the date of the previous transaction.
5. Once you click Save, after entering Transaction Date, Principal Returned/Interest Returned or Taken Amounts, the rest of the details are calculated automatically.
6. You can see the number of days since the last Transaction in the No. of Days, Calculation Amount, Interest Amount and Outstanding Amount in different Running Balances.
7. Click Update and then click Save to save your transaction.
8. You can see your Current Loan transactions in the grids.
Click Add button and Enter details to add any new Payment or Borrowing as explained above.
1. Click New and Enter details as previously explained.
2. Click Save.
You can see the details of different loans added in the bottom grid.
You can also see the Summary of Current Loan in the Running balances in section the shown.
The Summary of all Loans can be seen in Total No. of Loans, Total Interest Calculated and Total Running Balance.
You can Export the Calculation of a Particular loan or Summary of all the loans to Excel
This application is useful to track Interest Calculations and Outstanding Amounts for frequent Lenders and Borrowers.
a) Allow users to Enter Principal Payment or Interest Payment
b) Monthly Reports
c) Bug Fixes
a) Allow users to enter Multiple Loan Details
b) Allow users to do multiple transactions for a given loan
c) Calculate Simple Interest using given Rate of Interest
d) Allow users to choose among Lender or Receiver