Check the EMI for your Bajaj Finance Personal Loan by providing the Loan Amount, Interest rate (per annum), and loan tenure (in months) details.
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
To better manage your finances when you’re planning to get a Bajaj Finance Personal Loan, it is essential to calculate your Equated Monthly Instalment (EMI) beforehand. Doing so will help you make informed decisions and get the best loan terms.
The EMI is a fixed repayment amount that you must pay the lender every month. It consists of 2 main components, the principal amount and the interest rate and a sub variable, tenure. There are two ways by which you can calculate your EMI, by using a Personal Loan EMI calculator or by manually calculating with the EMI formula.
If using a Bajaj Finserv personal loan EMI calculator is a hassle for you, you can calculate your EMI amount using the following formula:
E= P x R x (1+R)^N / [((1+R)^N) -1]
Here, P = Principal amount, R = Interest rate and N = Tenure
For your better understanding, let's calculate the Bajaj Finserv personal loan EMI together with an example below: Let’s imagine you take a loan of ₹2,00,000 at an interest rate of 10% for a tenure of 3 years. Then your EMI will be as follows:
P = ₹2,00,000,
R = 10% = 10/12 / 100 = 0.833
N = 36 months
Therefore, using the formula:
EMI = P x R x (1+R)^N / [((1+R)^N) -1]
EMI = ₹2,00,000 x 0.833 x (1+ 0.833)^36 / [ ((1+0.833)^36) - 1]
Therefore, your estimated EMI = ₹6453.44.
Please note that this is merely an example, your actual EMI will depend on the lender and your loan terms.
To make it easier for you, we have put together a calculation to determine your Bajaj personal loan EMI of different tenures by assuming the interest rate to be 11% p.a.
|Loan Amounts||EMI for 12 Months||EMI for 24 Months|
|1 Lakh Personal Loan EMI||₹8,838||₹4,661|
|1.5 Lakh Personal Loan EMI||₹13,257||₹6,991|
|2 Lakh Personal Loan EMI||₹17,676||₹9,322|
|3 Lakh Personal Loan EMI||₹26,514||₹13,982|
|4 Lakh Personal Loan EMI||₹35,353||₹18,643|
|5 Lakh Personal Loan EMI||₹44,191||₹23,304|
|6 Lakh Personal Loan EMI||₹53,092||₹27,965|
|7 Lakh Personal Loan EMI||₹61,867||₹32,625|
|8 Lakh Personal Loan EMI||₹70,705||₹37,286|
|9 Lakh Personal Loan EMI||₹79,543||₹41,947|
|10 Lakh Personal Loan EMI||₹88,382||₹46,608|
|15 Lakh Personal Loan EMI||₹1,32,572||₹69,912|
|20 Lakh Personal Loan EMI||₹1,76,763||₹93,216|
The Bajaj Finance personal loan calculator is a quick and accurate calculator that is convenient to use. Find out your EMI amount in seconds by following these steps below:
Step 1: Visit the EMI calculator webpage.
Step 2: Enter the required information like your loan amount, tenure, and interest rate.
Step 3: The EMI amount will be displayed within seconds, along with the interest payable for the loan.
The Buddy Loan EMI calculator is a free calculator that you can use to determine your EMI amount. It is an accurate and easy-to-use calculator that offers various features. These features will provide you with a clear understanding of your EMI amount and also your loan details over your tenure.
Here is an overview of the features and the advantages they provide:
EMI calculator: The Buddy Loan EMI calculator provides swift and accurate results making it a reliable EMI calculator. You can better plan your finances by using the Buddy Loan calculator.
Pie chart: The calculator from Buddy Loan will also provide you with a pie chart that will portray a breakdown of the total loan payment (Principal + Interest) in percentage.
Table: The table will display a yearly breakdown of your loan, which includes principal, interest and total payable amount with an updated balance and the remaining loan amount.
The main advantage of the Buddy Loan calculator is that it will give you a transparent view of what your EMI entails. Showing you exactly the amount you pay each year. This will essentially help you plan your finances well to avoid a loan default or a financial setback in the loan term.
Bajaj Finance personal loan EMI calculator helps you plan a structured and manageable way to repay your loan. The Bajaj Finserv EMI details, however, are determined by different factors. Understanding these factors is essential to make better financial decisions based on your loan affordability. Here are the key factors that help you advance with a loan plan,
Loan amount: The loan amount influences your EMI. A bigger loan amount will lead to a higher EMI, and a smaller loan amount will result in a lower EMI.
Interest rate: The interest rate of a loan also determines EMI amount. A high interest rate will lead to a higher EMI, while a low interest rate will lead to a lower EMI.
Loan Tenure: The shorter the loan tenure, the higher the loan EMI, while longer the tenure, the lower the EMI will be. However, you will have to pay more interest with a longer tenure as compared to a shorter one.
Processing fees and other charges: Processing fees, prepayment or foreclosure charged by lenders will also significantly impact your loan EMI.
Credit score: If you have a good credit score, you will get a low interest rate which will lead to a lower EMI. So, you can start by checking your credit score for free.
Other factors: Other factors such as the type of interest rate, economic conditions, insurance and loan terms will also affect your Bajaj personal loan EMI.
Ready to take next step ?
The Bajaj Finserv EMI calculator is simple and easy to use. Just go to their website, look for an EMI calculator, and input your loan information accurately. You will get the results within seconds.
Factors like loan amount, interest rate, tenure, fees, credit score and others will affect your Bajaj Finserv personal loan EMI. Read the above information.
All you need is your loan amount, interest rate and loan tenure to know your EMI amount.
Bajaj Finance personal loan EMI calculator has many benefits such as helping you better plan your finances, get accurate EMI amount, helps you budget your monthly expenses, understanding your total interest payable and more.
Yes, prepayments made to a personal loan can lower your EMI as it lowers your loan amount.
You can set up an auto-pay through the Bajaj Finserv website, mobile app, customer care service, or by visiting the Bajaj Finserv branch.
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