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A personal loan calculator is quite useful when it comes to calculating EMIs. You can determine the loan amount, interest rate, and loan tenure to calculate EMI if you are a borrower. Moreover, you can compare the effect on monthly repayments by entering different interest rates, tenures, and loan amounts. As a result, it becomes straightforward to choose a loan that best suits your financial capabilities.
Bajaj Finance Personal Loan EMI Calculator is easy to use and provides various benefits. You need to fill in only three details (Loan Amount, Annual Rate of Interest and Tenure) to determine your monthly instalment. If you increase the tenure, it will lower your EMIs, and vice versa. This EMI Calculator lets you quickly change the entries in the respective fields. Furthermore, it shows the apparent break-up of the interest and principal amounts and the total cost of borrowing. After understanding the Bajaj Finance personal loan EMI calculator, let’s get more details about it.
If you want to know how the Bajaj Finance personal loan EMI calculator works, you must be familiar with some key terminologies. A personal loan EMI calculator utilises an EMI calculation formula to compute your monthly instalments. Along with the EMI amount, the calculator provides an amortisation schedule representing the interest and principal components breakup over the loan tenure.
The Bajaj Finance personal loan EMI calculator formula is as follows.
EMI = P*r*(1+r)^n/((1+r)^n-1)
where,
To better understand how this calculator works, we can use an example of Bajaj Finance's personal loan EMI calculation, which is explained below.
Suppose, let’s assume that you have applied for a Bajaj Finance Personal Loan of ₹1 lakh at an interest rate of 14% per annum for a tenure of 2 years. Based on the above formula, your EMI would be ₹4801. You can easily calculate your EMI for varied amounts of personal loans. With this calculator, you can vary the tenure to check how it influences your EMI.
The features and benefits of the Bajaj Finance personal loan EMI calculator justify its usefulness and simplify your EMI calculation hassles.
The amortisation schedule of the Bajaj Finance personal loan represents a detailed table of periodic payments to be disbursed for the loan tenure. It shows the repayment plan for a loan over its whole term. It offers a detailed breakdown of every periodic payment, usually every month, until the full repayment of the loan. It demonstrates the payment distribution between the interest charged and the principal amount.
Generally, lenders use an amortisation calculator to prepare this loan schedule. Specifically, amortisation is a calculation process that indicates loan repayment through EMIs over the chosen tenure. The schedule provides precise insights to a borrower on the interest and principal components involved in each EMI.
A longer tenure leads to lower EMIs, whereas a shorter tenure will raise the EMI amount but reduce the total interest being paid. Hence, you must choose a tenure that matches your repayment strategy and financial capability. The following table shows the Bajaj Finance personal loan EMI amount for various repayment tenure durations.
Repayment Tenure Duration | EMI Amount (INR) |
2 years | 24,243 |
3 years | 17,333 |
4 years | 13,915 |
5 years | 11,895 |
Using the Bajaj Finance personal loan EMI calculator formula makes it easy to calculate your EMI amount. Bajaj Finance Personal Loan EMI Calculator offers various benefits that streamline the hassles of calculating EMI. Remember that the actual interest rate applicable to the loan depends on the existing rates at the time of loan booking and your credit profile. To get the most accurate EMI amount, it’s always recommended to use the online Bajaj Finance Personal Loan EMI calculator.