Bajaj Finserv Personal Loan EMI Calculator

EMI Calculator 492 views

A Personal loan EMI Calculator is one such device that lets you know about your EMIs, Interest Outgo and Total Amount Payable towards a loan in the best manner. This smart tool works on a simple algorithm, wherein it calculates the values in the simplest way and that too within few seconds. The device takes into consideration:

  • Interest Rate
  • Loan Amount
  • Tenure

After feeding these values into the device, it will fetch the results, letting you know about the exact calculations of EMI, Interest Outgo and Total Amount Payable in just a few seconds.

EMI Calculator for Personal Loan
Loan Amount (₹)
Interest Rate (%)
Tenure(year)
Results
Loan Amount
Interest Rate
Tenure(Months)
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
Year Principal Interest Balance Amount

Below is a table showing tenure wise calculation of per lakh EMI

Tenure (in years)Interest Rate (in p.a.)Per Lakh EMI ( in ₹)
111.99%-15.50%8,884-9,049
211.99%-15.50%4,707-4,872
311.99%-15.50%3,321-3,491
411.99%-15.50%2,633-2,808
511.99%-15.50%2,224-2,405

Bajaj Finserv Personal Loan EMI Calculator

Let’s just understand the functionality of this device with the help of an example below.

Suppose, Rakhi Varma, a 32-year-old, Dentist by profession is looking for a personal loan of ₹4 Lakh to expand her clinic. The lender has agreed to offer her the loan at an interest rate of 11.99% per annum for a tenure of 5 years. So, let’s find out how much EMI, Interest and Total Amount she would be paying in the table below:

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount

Bajaj Finserv Personal Loan EMI Calculation Formula

An EMI Calculator uses the below formula to calculate an EMI:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments

Bajaj Finance Personal Loan Eligibility

When it comes to personal loan eligibility of Bajaj, the lender offers the loan to only salaried individuals. You have to meet the eligibility criteria set by the lender in order to get the fund without any hassle. However, you can also calculate your loan eligibility with the help of a personal loan eligibility calculator online.

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