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How Should The Bajaj Finance Personal Loan EMI Calculator Be Used?

When you are borrowing money from Bajaj Finserv Ltd. make sure you are capable of paying it on time. Otherwise, ready for a huge debt burden. To avoid this issue there is an online tool which is used to generate the EMI amount it is Bajaj Finance Personal Loan EMI Calculator. Read this article below to know more about the tool functioning and its outcome.

Steps to Follow

To use Bajaj Finance Personal Loan EMI Calculator, you have to go through the steps below.

  1. Visit the official website of Bajaj Finserv Ltd.

  2. Select Personal Loan

  3. Click to ‘Bajaj Finance Personal Loan EMI Calculator’

  4. A page will appear on your screen where you can see Loan Amount, Interest Rate and Tenure rows.

  5. Insert each detail of the Bajaj finserv personal loan

How does it work?

Bajaj Finance Personal Loan EMI Calculator generates the possible EMI amount using the matemcial formula of EMI = P × r × (1 + r)n/((1 + r)n - 1). In this formula P is your borrowed loan, r is the rate of interest and n s the repayment tenure.

What benefits does a Bajaj Finance Personal Loan EMI Calculator encompases?

  • Give an approximate idea of your EMI amount

  • Help you pay off the loan early

  • Can prepay the personal loan before the tenure ends.

  • Pay less interest by adjusting the tenure of your loan

  • Find the suitable tenure in which your EMI is affordable and interest is less.

Example of Bajaj Finance Personal Loan EMI Calculator

Suppose you have borrowed a Bajaj Finserv personal loan of INR 8 lakh and the lender charges an interest rate of 16.00% per annum. As you have to pay credit card bills, children school fees and rent you need a EMI that will fit in your budget without disbursing any of them. So, you use Bajaj Finance Personal Loan EMI Calculator. Check out the table below to know how much EMI, interest and total payment you have made during the tenure of 12 to 60 months for the mentioned loan amount.

Loan Amount (in  INR)

Interest Rate (in Per Annum)

Tenure (in Years)

EMI Amount (in INR)

Interest Outgo (in INR)

Total Amount Paid Yearly (in INR)

8,00,000

16.00%

1

72,585

71,016

8,71,016

8,00,000

16.00%

2

39,170

1,40,092

9,40,092

8,00,000

16.00%

3

28,126

2,12,523

10,12,523

8,00,000

16.00%

4

22,672

2,88,267

10,88,267

8,00,000

16.00%

5

19,454

3,67,267

11,67,267


So, if you are going to borrow a Bajaj Finserv personal loan for wedding, vacation, medical treatment or surgery don’t forget to use the Bajaj Finserv personal loan EMI calculator, a tool that can help you to make payments affordable. You can use the tool even if you borrow Bajaj Finserv Flexi personal loan as it helps you estimate the total payable amount from the loan limit.

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