Interest on unsecured loan

This query is : Resolved

Sankar Chakraborty (Querist)
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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.

Rahul Gupta

Rahul Gupta (Expert)
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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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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

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CMA.Palani Arumugam

CMA.Palani Arumugam (Expert)
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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.

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