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The interest rates for Chartered Accountant Loans can be either fixed or at a diminishing rate of interest (also known as the reducing balance rate). The former will remain constant throughout the loan period whereas the next one will be applicable on the balance of your principal amount only.
EMI = (principal + total interest payable) / loan tenure in months i.e. total interest payable = P x r x n/100
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
There are two kinds of Chartered Accountant Loans interest rates: fixed and floating.
Here, the rate of interest charged on the Chartered Accountant Loans amount will remain constant throughout the loan repayment period. You know your Chartered Accountant Loans EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, Chartered Accountant Loans interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating Chartered Accountant Loans interest rate makes it difficult for you to ascertain your monthly financial obligation.
There are two methods to calculate interest: flat rate method and the reducing balance method.
In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the Chartered Accountant Loans will be considered and calculated on the basis of the outstanding loan amount.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
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