Skip to main content

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.

Labels

Labels:
Location: India

Comments

Post a Comment

Popular posts from this blog

How Does IndusInd Bank Personal Loan EMI Change in The Case of Balance Transfer?

Several banks and NBFCs provide the option of a personal loan to customers who are looking to fulfill their financial needs in an urgent way. IndusInd Bank Personal Loan is one of the popular options among customers due to its affordable interest rates. But do you know about the repayment method of a personal loan? Well, it is one of the important things that several people miss to notice. That’s why we are first talking about the concept of EMI?  Well, let’s say you borrow some money from IndusInd Bank in the form of a personal loan, you can repay the amount via Equated Monthly Installments (EMI). This amount consists of a portion of both the principal and interest amounts. You must be thinking what must be the reason behind this concept of EMI? Well, lenders introduced this to make the overall repayment process smoother and simpler for individuals. The EMI amount is usually a fixed amount that you will need to clear off every month within a fixed time frame. For example, you too...
2 comments
Read more

Is Bajaj Finance Personal Loan Interest Rate the Best for You?

Many of us give priority to the interest rate while borrowing a loan. But our issue has been resolved with Bajaj finance personal loan interest rate . Yes, with the bajaj finance personal loan, you can avail an interest rate starting from 13.00% per annum. And this rate of interest will be dependent on your current income, credit score, monthly obligations and type of employment. As you know unsecured loans are easy to get but it's really hard to find a lender that offers you a personal loan at an affordable rate, and your need has been fulfilled by Bajaj Finance. So read this article furthermore to know the benefits of bajaj finance personal loan interest rate. List of Advantages lower interest rates means lower EMI lower EMI means affordable interest payouts use bajaj finance personal loan emi calculator for assistance loan closure before the maturity of the bajaj finance personal loan no extra cost for lower bajaj finance personal loan interest rate fixed bajaj finance personal...
1 comment
Read more

Apply For Canara Bank Personal Loan & Meet Your Needs

Whenever you need a lump sum of funds, you can borrow it from Canara Bank, and for this you just have to apply for the Canara bank personal loan . Using the personal loan, you can pay your debts, meet any financial obligations like wedding expenses and medical emergencies, etc. Read the article below and know details of the Canara bank personal loan. Can I Borrow Canara Bank Personal Loan? Yes, you are eligible to borrow a personal loan from canara bank if you meet the following criteria:- The salaried employees of a  Central or State Government Reputed PSUs Joint Stock Companies. Reputed Corporates Public Limited Companies Private Institutions Lecturers Asst. Professors Professors of Colleges, Research Institutes and Universities. IT/BT Companies There is no specified income criteria for the canara bank personal loan, so you don’t have to worry about that. How Much You Can Borrow? From Canara Bank, you can borrow a personal loan up to 6X your monthly income or INR 3 lakh which is ...
1 comment
Read more