EMI Calculator 20183295 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.
| 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 ₹) |
|---|---|---|
| 1 | 10.99% - 16.00% | 8,838-9,073 |
| 2 | 10.99% - 16.00% | 4,660-4,896 |
| 3 | 10.99% - 16.00% | 3,273-3,516 |
| 4 | 10.99% - 16.00% | 2,584-2,834 |
| 5 | 10.99% - 16.00% | 2,174-2,432 |
Table of Contents
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 10.99% 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 EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount
Interest Rate
Tenure
Monthly Instalment
Total Interest Amount
Total Amount
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 Finserv 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.
Bajaj Finserv Personal Loan Contact Number
When in need, don’t need to worry as the customer care executives of Bajaj Finserv are always by your side. All you need to do is simply dial 1800 103 3535 either from your mobile or landline in order to be in the touch with the team. These highly skilled professionals with their years of experience and expertise are there to support and guide you 24×7 so that you can have a hassle-free loan journey.
