To efficient the processing of loans being offered by the commercial loan lenders, there ought to be a special kind of loan calculator to ease the job. The perfect example of these is the commercial loan calculator for Excel. Through the use of this calculator, calculating and keeping track of the loans offered different clients is made easy since it enables the business person(s) track both the principal balances as well as the interest rates generated since the loan was applied for and granted to the loan borrower.
In addition, it helps show a clear picture of how the terms for the loan may end affecting the borrower’s payment plan.
How to Use the Commercial Loan Calculator for Excel
The loan calculator template is very user friendly and is offered for free, it can be customized in Excel and is also very easy to use, even for a beginner. Here’s how to begin using the loan calculator template:
- Start by entering the principal amount, followed by the interest rate, the payment frequency and then the duration of the loan repayment. Once this has been done, a payment table in the commercial loan calculator template will be generated automatically.
- The commercial loan calculator template can further be customized to accommodate up to 500 periods of repayments. This makes it easier for a business to only have one manageable document to work with thereby enhancing professionalism.
- The user can view the upcoming payments and at the same time a breakdown between the principal and the interests. Through this, it’s possible for one to tell how long the loan repayment plan is due and the track it’s taking.
- The main requirements needed to install the commercial loan calculator for Excel is a functional Microsoft Excel 97-2007.
Tips for Using the Commercial Loan Calculator for Excel
- The commercial loan calculator template ensures that there is accountability with the way loans are handled thereby giving consistency. It’s important to ensure that you fill in all the required fields in the template to help you keep abreast on what’s happening and how the loans are progressing.
- Since the template offered by Excel is merely temporarily, always take the initiative of purchasing the full version to enable you enjoy and experience its full benefits.
- Remember to always backup your document. This is highly important for it gives you a chance to go back and review the progress your business is making and is also important when looking into the financial aspects of your business.
Download: Commercial Loan Calculator