8/10/2019 FM Assignment 1 (Loan Amortization)

1/11

Financial Management

Assignment 1

Introduction

Here, we are considering the interest rates offered by different banks for housing loans. We will

basically consider the interest rates offered by them by considering 3 banks & comparing the schemesoffered by them & their respective interest rates.

I am taking a loan of 20, 00,000/- for a tenure of 10 years & accordingly we will calculate theEMIs & prepare a Loan Repayment Schedule or Loan Amortization Schedule.

Following are the 3 banks I have picked 1. State Bank of India (SBI)2. Canara Bank.3. Kotak Bank.

Comparison among banks

Various Schemes offered

SchemesState Bank ofIndia Canara Bank Kotak Bank

Housing Loan Yes Yes YesVehicle Loan Yes No Yes

Bank Interest Rates Per Lac EMI % changes in last6 months

State Bank of India(SBI)

10.10 % (for Women)

10.15 % (for Others)

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10 Rs. 19,10,358 Rs. 26,708 Rs. 18,99,968 Rs. 16,318 Rs. 10,39011 Rs. 18,99,968 Rs. 26,708 Rs. 18,89,489 Rs. 16,229 Rs. 10,47912 Rs. 18,89,489 Rs. 26,708 Rs. 18,78,920 Rs. 16,139 Rs. 10,56913 Rs. 18,78,920 Rs. 26,708 Rs. 18,68,261 Rs. 16,049 Rs. 10,659

14 Rs. 18,68,261 Rs. 26,708 Rs. 18,57,511 Rs. 15,958 Rs. 10,75015 Rs. 18,57,511 Rs. 26,708 Rs. 18,46,669 Rs. 15,866 Rs. 10,84216 Rs. 18,46,669 Rs. 26,708 Rs. 18,35,735 Rs. 15,774 Rs. 10,93417 Rs. 18,35,735 Rs. 26,708 Rs. 18,24,707 Rs. 15,680 Rs. 11,02818 Rs. 18,24,707 Rs. 26,708 Rs. 18,13,585 Rs. 15,586 Rs. 11,12219 Rs. 18,13,585 Rs. 26,708 Rs. 18,02,368 Rs. 15,491 Rs. 11,21720 Rs. 18,02,368 Rs. 26,708 Rs. 17,91,055 Rs. 15,395 Rs. 11,31321 Rs. 17,91,055 Rs. 26,708 Rs. 17,79,646 Rs. 15,299 Rs. 11,40922 Rs. 17,79,646 Rs. 26,708 Rs. 17,68,139 Rs. 15,201 Rs. 11,50723 Rs. 17,68,139 Rs. 26,708 Rs. 17,56,534 Rs. 15,103 Rs. 11,605

24 Rs. 17,56,534 Rs. 26,708 Rs. 17,44,830 Rs. 15,004 Rs. 11,70425 Rs. 17,44,830 Rs. 26,708 Rs. 17,33,026 Rs. 14,904 Rs. 11,80426 Rs. 17,33,026 Rs. 26,708 Rs. 17,21,121 Rs. 14,803 Rs. 11,90527 Rs. 17,21,121 Rs. 26,708 Rs. 17,09,114 Rs. 14,701 Rs. 12,00728 Rs. 17,09,114 Rs. 26,708 Rs. 16,97,005 Rs. 14,599 Rs. 12,10929 Rs. 16,97,005 Rs. 26,708 Rs. 16,84,792 Rs. 14,495 Rs. 12,21330 Rs. 16,84,792 Rs. 26,708 Rs. 16,72,475 Rs. 14,391 Rs. 12,31731 Rs. 16,72,475 Rs. 26,708 Rs. 16,60,053 Rs. 14,286 Rs. 12,42232 Rs. 16,60,053 Rs. 26,708 Rs. 16,47,525 Rs. 14,180 Rs. 12,528

8/10/2019 FM Assignment 1 (Loan Amortization)

9/11

33 Rs. 16,47,525 Rs. 26,708 Rs. 16,34,890 Rs. 14,073 Rs. 12,63534 Rs. 16,34,890 Rs. 26,708 Rs. 16,22,147 Rs. 13,965 Rs. 12,74335 Rs. 16,22,147 Rs. 26,708 Rs. 16,09,295 Rs. 13,856 Rs. 12,85236 Rs. 16,09,295 Rs. 26,708 Rs. 15,96,333 Rs. 13,746 Rs. 12,96237 Rs. 15,96,333 Rs. 26,708 Rs. 15,83,260 Rs. 13,635 Rs. 13,07338 Rs. 15,83,260 Rs. 26,708 Rs. 15,70,076 Rs. 13,524 Rs. 13,18439 Rs. 15,70,076 Rs. 26,708 Rs. 15,56,779 Rs. 13,411 Rs. 13,297

40 Rs. 15,56,779 Rs. 26,708 Rs. 15,43,368 Rs. 13,297 Rs. 13,41141 Rs. 15,43,368 Rs. 26,708 Rs. 15,29,843 Rs. 13,183 Rs. 13,52542 Rs. 15,29,843 Rs. 26,708 Rs. 15,16,202 Rs. 13,067 Rs. 13,64143 Rs. 15,16,202 Rs. 26,708 Rs. 15,02,445 Rs. 12,951 Rs. 13,75744 Rs. 15,02,445 Rs. 26,708 Rs. 14,88,570 Rs. 12,833 Rs. 13,87545 Rs. 14,88,570 Rs. 26,708 Rs. 14,74,577 Rs. 12,715 Rs. 13,99346 Rs. 14,74,577 Rs. 26,708 Rs. 14,60,464 Rs. 12,595 Rs. 14,11347 Rs. 14,60,464 Rs. 26,708 Rs. 14,46,231 Rs. 12,475 Rs. 14,23348 Rs. 14,46,231 Rs. 26,708 Rs. 14,31,876 Rs. 12,353 Rs. 14,35549 Rs. 14,31,876 Rs. 26,708 Rs. 14,17,399 Rs. 12,231 Rs. 14,477

50 Rs. 14,17,399 Rs. 26,708 Rs. 14,02,798 Rs. 12,107 Rs. 14,60151 Rs. 14,02,798 Rs. 26,708 Rs. 13,88,072 Rs. 11,982 Rs. 14,72652 Rs. 13,88,072 Rs. 26,708 Rs. 13,73,220 Rs. 11,856 Rs. 14,85253 Rs. 13,73,220 Rs. 26,708 Rs. 13,58,242 Rs. 11,730 Rs. 14,97854 Rs. 13,58,242 Rs. 26,708 Rs. 13,43,136 Rs. 11,602 Rs. 15,10655 Rs. 13,43,136 Rs. 26,708 Rs. 13,27,901 Rs. 11,473 Rs. 15,23556 Rs. 13,27,901 Rs. 26,708 Rs. 13,12,535 Rs. 11,342 Rs. 15,36657 Rs. 13,12,535 Rs. 26,708 Rs. 12,97,038 Rs. 11,211 Rs. 15,49758 Rs. 12,97,038 Rs. 26,708 Rs. 12,81,409 Rs. 11,079 Rs. 15,62959 Rs. 12,81,409 Rs. 26,708 Rs. 12,65,646 Rs. 10,945 Rs. 15,76360 Rs. 12,65,646 Rs. 26,708 Rs. 12,49,749 Rs. 10,811 Rs. 15,89761 Rs. 12,49,749 Rs. 26,708 Rs. 12,33,716 Rs. 10,675 Rs. 16,03362 Rs. 12,33,716 Rs. 26,708 Rs. 12,17,546 Rs. 10,538 Rs. 16,17063 Rs. 12,17,546 Rs. 26,708 Rs. 12,01,238 Rs. 10,400 Rs. 16,30864 Rs. 12,01,238 Rs. 26,708 Rs. 11,84,791 Rs. 10,261 Rs. 16,44765 Rs. 11,84,791 Rs. 26,708 Rs. 11,68,203 Rs. 10,120 Rs. 16,58866 Rs. 11,68,203 Rs. 26,708 Rs. 11,51,473 Rs. 9,978 Rs. 16,73067 Rs. 11,51,473 Rs. 26,708 Rs. 11,34,600 Rs. 9,835 Rs. 16,87368 Rs. 11,34,600 Rs. 26,708 Rs. 11,17,583 Rs. 9,691 Rs. 17,01769 Rs. 11,17,583 Rs. 26,708 Rs. 11,00,421 Rs. 9,546 Rs. 17,16270 Rs. 11,00,421 Rs. 26,708 Rs. 10,83,112 Rs. 9,399 Rs. 17,30971 Rs. 10,83,112 Rs. 26,708 Rs. 10,65,656 Rs. 9,252 Rs. 17,45672 Rs. 10,65,656 Rs. 26,708 Rs. 10,48,050 Rs. 9,102 Rs. 17,60673 Rs. 10,48,050 Rs. 26,708 Rs. 10,30,294 Rs. 8,952 Rs. 17,75674 Rs. 10,30,294 Rs. 26,708 Rs. 10,12,386 Rs. 8,800 Rs. 17,90875 Rs. 10,12,386 Rs. 26,708 Rs. 9,94,325 Rs. 8,647 Rs. 18,06176 Rs. 9,94,325 Rs. 26,708 Rs. 9,76,110 Rs. 8,493 Rs. 18,21577 Rs. 9,76,110 Rs. 26,708 Rs. 9,57,740 Rs. 8,338 Rs. 18,37078 Rs. 9,57,740 Rs. 26,708 Rs. 9,39,213 Rs. 8,181 Rs. 18,527

8/10/2019 FM Assignment 1 (Loan Amortization)

10/11

79 Rs. 9,39,213 Rs. 26,708 Rs. 9,20,527 Rs. 8,022 Rs. 18,68680 Rs. 9,20,527 Rs. 26,708 Rs. 9,01,682 Rs. 7,863 Rs. 18,84581 Rs. 9,01,682 Rs. 26,708 Rs. 8,82,676 Rs. 7,702 Rs. 19,00682 Rs. 8,82,676 Rs. 26,708 Rs. 8,63,508 Rs. 7,540 Rs. 19,16883 Rs. 8,63,508 Rs. 26,708 Rs. 8,44,176 Rs. 7,376 Rs. 19,33284 Rs. 8,44,176 Rs. 26,708 Rs. 8,24,679 Rs. 7,211 Rs. 19,49785 Rs. 8,24,679 Rs. 26,708 Rs. 8,05,015 Rs. 7,044 Rs. 19,664

86 Rs. 8,05,015 Rs. 26,708 Rs. 7,85,183 Rs. 6,876 Rs. 19,83287 Rs. 7,85,183 Rs. 26,708 Rs. 7,65,182 Rs. 6,707 Rs. 20,00188 Rs. 7,65,182 Rs. 26,708 Rs. 7,45,010 Rs. 6,536 Rs. 20,17289 Rs. 7,45,010 Rs. 26,708 Rs. 7,24,666 Rs. 6,364 Rs. 20,34490 Rs. 7,24,666 Rs. 26,708 Rs. 7,04,148 Rs. 6,190 Rs. 20,51891 Rs. 7,04,148 Rs. 26,708 Rs. 6,83,455 Rs. 6,015 Rs. 20,69392 Rs. 6,83,455 Rs. 26,708 Rs. 6,62,585 Rs. 5,838 Rs. 20,87093 Rs. 6,62,585 Rs. 26,708 Rs. 6,41,537 Rs. 5,660 Rs. 21,04894 Rs. 6,41,537 Rs. 26,708 Rs. 6,20,309 Rs. 5,480 Rs. 21,22895 Rs. 6,20,309 Rs. 26,708 Rs. 5,98,899 Rs. 5,298 Rs. 21,410

96 Rs. 5,98,899 Rs. 26,708 Rs. 5,77,307 Rs. 5,116 Rs. 21,59297 Rs. 5,77,307 Rs. 26,708 Rs. 5,55,530 Rs. 4,931 Rs. 21,77798 Rs. 5,55,530 Rs. 26,708 Rs. 5,33,567 Rs. 4,745 Rs. 21,96399 Rs. 5,33,567 Rs. 26,708 Rs. 5,11,417 Rs. 4,558 Rs. 22,150

100 Rs. 5,11,417 Rs. 26,708 Rs. 4,89,077 Rs. 4,368 Rs. 22,340101 Rs. 4,89,077 Rs. 26,708 Rs. 4,66,547 Rs. 4,178 Rs. 22,530102 Rs. 4,66,547 Rs. 26,708 Rs. 4,43,824 Rs. 3,985 Rs. 22,723103 Rs. 4,43,824 Rs. 26,708 Rs. 4,20,907 Rs. 3,791 Rs. 22,917104 Rs. 4,20,907 Rs. 26,708 Rs. 3,97,794 Rs. 3,595 Rs. 23,113105 Rs. 3,97,794 Rs. 26,708 Rs. 3,74,484 Rs. 3,398 Rs. 23,310106 Rs. 3,74,484 Rs. 26,708 Rs. 3,50,975 Rs. 3,199 Rs. 23,509107 Rs. 3,50,975 Rs. 26,708 Rs. 3,27,265 Rs. 2,998 Rs. 23,710108 Rs. 3,27,265 Rs. 26,708 Rs. 3,03,352 Rs. 2,795 Rs. 23,913109 Rs. 3,03,352 Rs. 26,708 Rs. 2,79,235 Rs. 2,591 Rs. 24,117110 Rs. 2,79,235 Rs. 26,708 Rs. 2,54,912 Rs. 2,385 Rs. 24,323111 Rs. 2,54,912 Rs. 26,708 Rs. 2,30,381 Rs. 2,177 Rs. 24,531112 Rs. 2,30,381 Rs. 26,708 Rs. 2,05,641 Rs. 1,968 Rs. 24,740113 Rs. 2,05,641 Rs. 26,708 Rs. 1,80,690 Rs. 1,757 Rs. 24,951114 Rs. 1,80,690 Rs. 26,708 Rs. 1,55,525 Rs. 1,543 Rs. 25,165115 Rs. 1,55,525 Rs. 26,708 Rs. 1,30,145 Rs. 1,328 Rs. 25,380116 Rs. 1,30,145 Rs. 26,708 Rs. 1,04,549 Rs. 1,112 Rs. 25,596117 Rs. 1,04,549 Rs. 26,708 Rs. 78,734 Rs. 893 Rs. 25,815118 Rs. 78,734 Rs. 26,708 Rs. 52,699 Rs. 673 Rs. 26,035119 Rs. 52,699 Rs. 26,708 Rs. 26,441 Rs. 450 Rs. 26,258120 Rs. 26,441 Rs. 26,708 Rs. -41 Rs. 226 Rs. 26,482

Total:Rs.32,04,960

Rs.12,04,919

Rs.20,00,041

8/10/2019 FM Assignment 1 (Loan Amortization)

11/11

Analysis

Considering the following interest rates of 3 different banks, we will opt for the one which has the leastinterest rate.

Interests are as follows :- 1. State Bank of India 10.15 %2. Canara Bank 10.20 %3. Kotak Bank 10.25 %

The cumulative of the final amount which we pay at the end of our tenure is more than the principal because of TIME VALUE OF MONEY, we take into account what will be the future value of themoney at the end of our tenure. Even the interest factor adds up. Therefore, the amount which we paythe end of our tenure is more than our principal amount.

On calculations we get EMIs as follows :-

1. State Bank of India 26,597/- 2. Canara Bank 26,652/- 3. Kotak Bank 26,708/-

Here, we observe that the EMI of State Bank of India is comparatively less than that of others & hencewe will apply for home loan at SBI than that of other banks.

Conclusion

As from the calculated EMIs we find that, if loan taken from SBI is beneficiary because the EMI iscomparatively less because of lesser interest rates.

Therefore, I will apply for a Housing Loan at SBI because of lower interest rates as compared to CanaraBank & Kotak Bank.