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Get to know your personal loan EMI instantly

Courtesy personal loans, now you can have anything you can set your mind for. Many attractive and customized personal loan offers are up for grabs these days and most of these are readily available. It’s quite tempting for loan seekers to avail personal loans and make their wishes come true.

But, availing a personal loan without really assessing the affordability can put you in troubled waters. A failure on your part to assess your own financial position before availing a loan can put your future financial plans in jeopardy.

Now you will ask me- how to assess the same perfectly so as to avoid any inconvenience to your regular budget?

 Take it easy! Now you have a tailor-made solution provided by the Bajaj Finance personal loan EMI calculator. It displays your personal loan EMI accurately, without you having to do any lengthy calculations yourself! Just provide it a couple of basic inputs and it will do all that on your behalf within seconds!

We will discuss all that in details later in this page.

Headquartered in Pune, Bajaj Finance Limited is a subsidiary of Bajaj Finserv, one of the premier NBFCs in India. It provides diverse offerings in wealth management, consumer finance, SME and commercial lending.  With 300 consumer branches and over 33,000 distribution points, it is one of the most popular loan providers in the country.

Bajaj Finance provides highly customized personal loans to address unique needs of loan seekers. With Bajaj Finance personal loans, you can avail the cheapest interest rates, with speedy loan approval.

What is a Bajaj Finance personal loan EMI?

EMI is the monthly amount you are due to pay the Bajaj Finance Limited if you avail a personal loan from them. You need to pay this amount on a fixed date every month, throughout your loan tenure. The EMI includes a portion of both the principal and the interest components, as ascertained by Bajaj Finance based on the loan amount you availed. However, the proportion of these two components varies every month. As per the usual practice followed by Bajaj Finance, the principal component keeps on increasing and the interest component keeps on reducing, with every EMI you pay off.

What is a Bajaj Finance personal loan EMI calculator?

A personal loan EMI calculator is a valuable tool that carries out detailed calculations and displays your EMI, based on the inputs you provide. If you are confused about how your EMI is calculated by Bajaj Finance, you should use the Bajaj Finance personal loan EMI calculator. This calculator will enable you to assess your loan repayment well before you avail the personal loan of your choice. It will also provide you an accurate assessment of your financial standing post the repayment of your personal loan EMI.

 

Bajaj Finance personal loan interest rates and charges

Category

Rate/Charge

Interest rate

10.99 % to 16.00%

Maximum Loan amount

Rs 25 lakhs

Loan Tenure

12 to 60 months

Processing fee

In the range of 1.5 % -3 % of the loan amount + GST as applicable

Prepayment charges

4 % ( allowed only after 1st EMI)

The formula used by a Bajaj Finance personal loan EMI calculator

The Bajaj Finance personal loan EMI calculator displays the amount you would have repaid at different stages of your personal loan tenure. This important tool does the calculation based on the below-mentioned formula to display your EMI-

                 (1+r)n

E = P * r  ((1+r)n -1 )

  1. Where E is the Bajaj Finance personal loan EMI.
  2. P is the loan amount borrowed by you
  3. ‘r’ is the Bajaj Finance personal loan interest rate. Please note that the monthly interest rate is applicable here, in lieu of the annual interest rate. It is calculated as r = (annual interest/12) /100. For example, if the interest rate is 10.5% per annum, then r= 10.5/12/100= 0.00875
  4. ‘n’ is the Bajaj Finance personal loan tenure in months. For example, instead of 5 years, 60 months is written.

The inputs you should provide to the Bajaj Finance personal loan EMI Calculator

You need to feed certain inputs to the Bajaj Finance personal loan EMI calculator before displays the desired result.

  1. Personal Loan tenure

You need to pay off your Bajaj Finance personal loan amount before the expiry of this time duration. Usually, this period ranges from 1 to 5 years for a Bajaj Finance personal loan. A longer loan tenure results in lower EMI. If, after putting a certain loan tenure into the calculator as input, the EMI comes out to be beyond your affordable range, you can put lower tenures till the EMI comes into your affordable range. This way, you can make your own calculations and decide on the perfect EMI to suit your affordability.

  1. Loan amount

This is the amount the loan seeker wishes to borrow from Bajaj Finance. The lender calculates the interest payable on this amount. If he borrows a higher amount, he needs to spend more on his EMIs. Bajaj Finance provides personal loans up to Rs 15 lakhs. It takes into account the credit profile, income level and repayment history of the borrower before approving the loan amount to him. While using the Bajaj Finance Personal Loan EMI calculator, you need to insert the loan amount into it in the proper space provided.

  1. Rate of Interest

It is easily the most important component of the EMI calculation process. It is the rate offered by the Bajaj Finance personal loan to the borrower. It will calculate the interest accrued on the loan amount on the basis of this interest rate. The higher is the rate, the more will be the personal loan EMI.  This interest rate usually starts from 10.99%. However, these rates may vary from borrower to borrower, as per their income level and credit profiles.

The below-mentioned example will help you understand the calculations better-

The following table will help you understand the above mentioned points better-

Personal Loan EMI for different loan tenures and amounts –

Bajaj Finance interest rate -11.25% per annum

Loan Amount (Rs.)

2 Years

3 Years

4 years

5 Years

1 Lakh

Rs. 4,672

Rs. 3,286

Rs 2,597

Rs. 2,187

3 Lakh

Rs. 14,017

Rs. 9,857

Rs 7,790

Rs. 6,560

5 Lakh

Rs. 23,362

Rs. 16,429

Rs 12,984

Rs. 10,934

10 Lakh

Rs. 46,724

Rs. 32, 857

Rs 25,967

Rs. 21,867

Mrs. Reema Sinha is looking to obtain a Bajaj Finance personal loan of Rs 5 lakhs for a tenure of 5 years. The interest rate charged by Bajaj Finance is 11.25% per annum. The following table shows her loan EMI, the interest accrued and the amount she needs to repay at the end of every year.

Also, from the graph shown below, you can easily apprehend that the EMI for the personal loan will be lower if she decides to have a significantly longer loan tenure.

Salient features of the Bajaj Finance personal loan

Some of the useful features of the Bajaj Finance personal loan are as follows-

  • Highly Competitive interest rates starting at 10.99% p.a.
  • Speedy procedure. Online personal loan approval in 5 minutes and cash to account within 72 hours
  • Exclusive pre-approved offers for existing Bajaj Finance customers
  • Simplified documentation
  • Flexible repayment tenure ranging from 12 months to 60 months.
  • Multiple loan repayment options such as PDCs & ECS.
  • Diverse personal loan options based on customer requirements
  • Zero foreclosure charges
  • You can get real time alerts on matters related to your personal loan through an exclusive online account

The Bajaj Finance Personal loan EMI calculator displays your EMI accurately and in no time. With the help it, you can make your own permutations and combinations and reach at the most affordable EMI. Thus, you can save yourself from possible financial distress later on. Also, you can make critical decisions related to the Bajaj Finance personal loan, to address your distinct needs and affordability perfectly.