Loan Payment Calculator
This extension helps you to automatically calculate your loan payments in your Deals (Potentials) Module. Once installed, it is very easy to use.
Install this extension from the Zoho Marketplace
Overview
The Loan Payment Calculator extension allows users to easily calculate payment amounts that carry an interest charge. Users no longer have to go to a spreadsheet or calculator and use complex formulas to determine how much your customers will pay each month for their loan. It also eliminates the risk of errors that come from manually calculating these payment amounts every time. Simply fill in the required fields for the loan and you will have the exact amount to pay every time.
Who can benefit: Financial services organizations that offer loans to their customers. Companies that sell their products or services based on credit plans.
How it works: Create a new Deal. Fill in all the fields for the Deal as you normally would, with the Amount field being the principal amount or the sale amount. Select the Loan Term (in years) from the pull-down list; available terms are 1 to 50 years. Key in the Annual Interest Rate (APR) that will be charged. Interest is calculated each period on the current outstanding balance of your loan or sale amount. Choose how often payments will be made on the Payment Frequency from the pulldown list; available payment frequencies are monthly (default), weekly, bi-weekly, semi-monthly, quarterly, semi-annual, and annual. The Number of Payments will be calculated based on this Payment Frequency and the Loan Term. The Payment Amount will be automatically calculated and shown when the Deal is saved. Other fields that will be calculated are the Total Interest that will be paid throughout the whole term and the Total Repayable Amount, which is the principal amount + total interest. The Total Repayable Amount assumes all payments are made as scheduled and there are no prepayments of principal.
FOR EASY REPORT VIEWING:
Add the Annual Interest Rate, the Loan Term, the Payment Amount fields to any Deals Report to keep track and visualize them.
Coming soon: View Amortization Payment Schedule for the Deal (Loan or Sale with Credit Plan).
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