Bajaj Finserv Personal Loan EMI Calculator

Wanna know the exact amount of your EMIs that you need to give away while availing a personal loan from Bajaj Finserv? If yes, look no further and use Bajaj Finserv Personal Loan EMI Calculator online to calculate your monthly installments in just a few seconds.

How to Use Wishfin Bajaj Finserv Personal Loan EMI Calculator?

The Personal Loan EMI Calculator by Wishfin lets you know about your EMIs, interest outgo, and the 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 within a few seconds. The device takes into consideration:

• Loan Amount
• Tenure
• Interest Rate

The moment you feed these credentials into the device, it will instantly churn out the results for you within few seconds. And, with the help of a graphical representation, it helps you to understand things in a better way.

Example of Bajaj Finance Personal Loan EMI Calculation

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

Suppose Rakhi Varma, a 32-year-old Dentist, wants a loan of INR 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

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

If the principal amount is ₹ 1.5 lakh with an interest rate of 12% and a tenure of 5 years, the EMI will be calculated as follows:

• Principal Amount (P): ₹1,50,000
• Interest Rate (R): 12% per annum (which is 12/12/100 = 0.01 per month)
• Loan Tenure (n): 5 years, or 60 months

Let’s see how to calculate it:

[1,50,000 x 0.01 x (1 +0.01) ^ 60]/[(1+0.01) ^60 -1] = 3,337

The EMIs you will be required to pay is ₹ 3,337

Bajaj Finserv Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

What is the Lowest EMI Offered by Bajaj Finserv on Personal Loan?

Bajaj Finserv personal loan interest rate starts from 10.97% per annum and EMI for different time periods is shown in the table below.

And the interest rate ends at 16.00% per annum for which the EMI would be as in the below mentioned table.

Advantages of Bajaj Finserv Personal Loan EMI Calculator

The personal loan EMI calculator offered by Bajaj Finserv comes with a range of advantages, such as:

• It’s extremely easy to use and hassle free. All you need to do is enter the loan amount, interest rate, and loan duration. The calculator does the rest by showing you how much to pay each month.
  
• Knowing your monthly installments can help you plan your finances better. You can adjust your budget to make sure you can comfortably make your loan payments.
  
• The calculator provides a precise figure, which reduces the chances of errors compared to manual calculations.
  
• It's available online, so you can use it anytime for free to make informed decisions about borrowing money.

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 .

Factors Affecting Bajaj Finserv Personal Loan EMI

Let’s shed light on a few factors that have an impact on your personal loan EMI:

• Loan Amount: The principal loan amount directly influences the EMI. If you apply for a higher loan amount, your EMIs will also be high. On the other hand, a lower loan amount means that your EMIs will be also less. For instance, if you borrow ₹5 lakh, your EMI will be higher as compared to a loan amount of ₹2 lakh.
  
• Interest Rate: A higher interest rate suggests larger EMI payments, while a lower rate reduces it. For instance, an interest rate of 14% p.a. will result in higher EMIs compared to an interest rate of 11% p.a.
  
• Loan Tenure: The tenure or duration of the loan repayment period is inversely related to the EMI. A longer tenure reduces the monthly EMI but increases the total interest paid over the loan period. Conversely, a shorter tenure increases the EMI but reduces the total interest paid.
  
• Monthly Income: If you have a higher monthly income, it can improve loan eligibility and may help in negotiating better interest rates. This means lower EMIs.

Fees and Charges Related to Bajaj Finserv Personal Loan

If you are planning to take loan from Bajaj Finserv, here are the associated charges and fees you must be aware of:

Limitations of Using Bajaj Finserv EMI Calculator

The Bajaj Finserv Personal Loan EMI Calculator is a useful tool for estimating monthly loan repayments, but it has several limitations that users should be aware of:

• Indicative Results: The results generated by Bajaj Finserv EMI calculator are indicative and not guaranteed. The actual rate of interest applied to the loan will depend on the prevailing rates at the time of loan booking, which means the calculated EMI might differ from the actual EMI.
  
• No Consideration for Additional Charges: The EMI calculator does not factor in additional charges such as processing fees, late payment penalties, and more. These additional costs can significantly impact the total repayment amount.
  
• Dependence on User Input: The accuracy of the EMI calculation is highly dependent on the accuracy of the user-provided inputs. Incorrect or unrealistic inputs can lead to misleading results, which might affect financial planning and decision-making.
  
• Limited Customization: While the calculator allows for adjustments in loan amount, tenure, and interest rate, it does not offer advanced customization options such as varying interest rates over different periods or the inclusion of prepayment options.

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.

Bajaj Finserv Personal Loan Status

It is absolutely easy for you to know the real-time status of your personal loan online. With the help of an online facility, you can know anytime whether your application has been approved, pending, or rejected. No matter what the status is, it’s a hassle-free and quick process for you to know the actual status of Bajaj Finserv Personal Loan.