3 min
11-Sep-2024
Personal loans are a convenient financial tool when you need immediate access to funds. Whether it is for home renovations, education, or medical emergencies, a personal loan can help fulfil various needs. One common loan amount is Rs. 15 lakh and spreading repayments over a 10-year tenure makes the EMIs more manageable. Understanding how to calculate EMIs and the factors that influence loan costs is essential to ensure that the loan suits your financial situation. In this article, we will explore how to manage and calculate the 15 lakh personal loan EMI for 10 years.
Please note: With a Bajaj Finserv Personal Loan, you can get tenure options ranging up to 96 months, which is 8 years.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
P = Loan amount (Rs. 15 lakh)
R = Monthly interest rate (Annual interest rate divided by 12)
N = Loan tenure in months (10 years = 120 months)
For instance, if the interest rate is 13%, the EMI for Rs. 15 lakh over 10 years will be approximately Rs. 22,397 per month. You can use a personal loan EMI calculator to simplify this calculation.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.
By using tools like the personal loan EMI calculator, you can plan your finances effectively and ensure that your loan fits within your budget. Keep in mind that factors such as credit score, income level, and lender policies play a key role in determining your interest rate, so it is worth doing your research and comparing different options.
Please note: With a Bajaj Finserv Personal Loan, you can get tenure options ranging up to 96 months, which is 8 years.
How to calculate Rs. 15 lakh personal loan EMI for 10 years?
Calculating the EMI for a Rs. 15 lakh personal loan for 10 years requires knowing the loan amount, interest rate, and tenure. The EMI is determined using the formula:EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
P = Loan amount (Rs. 15 lakh)
R = Monthly interest rate (Annual interest rate divided by 12)
N = Loan tenure in months (10 years = 120 months)
For instance, if the interest rate is 13%, the EMI for Rs. 15 lakh over 10 years will be approximately Rs. 22,397 per month. You can use a personal loan EMI calculator to simplify this calculation.
Personal loan EMI calculator for Rs. 15 lakh
A personal loan EMI calculator helps you determine your monthly payments with just a few inputs: loan amount, interest rate, and tenure. For a Rs. 15 lakh personal loan with a 10-year tenure, the calculator will quickly show you the EMI. It also allows you to experiment with different interest rates and tenures to find the most affordable option. This tool is valuable as it saves time and provides accurate results, making financial planning easier.Eligibility for a Rs. 15 lakh personal loan
The eligibility criteria for a personal loan differ across different lenders. You can qualify for a Bajaj Finserv Personal Loan once you meet the below eligibility criteria:- Nationality: India
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL Score: 685 or higher.
Documents required for a Rs. 15 lakh personal loan
With a Bajaj Finserv Personal Loan, you can apply for a Rs. 15 lakh personal loan with minimal documents:- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
Factors that affect the interest rate applicable on a Rs. 15 lakh personal loan
Several factors influence the interest rate offered on a Rs. 15 lakh personal loan. These include:- Credit score: A high credit score increases your chances of getting a lower interest rate.
- Income level: Lenders may offer better interest rates to applicants with higher, stable incomes.
- Loan tenure: A longer tenure may attract a slightly higher interest rate due to the extended risk period.
- Loan amount: Sometimes, larger loan amounts can result in lower interest rates as lenders may view them as more profitable.
- Lender’s policies: Different lenders have their own criteria and rates, so shopping around can help you get a better deal.
How to apply for a Rs. 15 lakh personal loan
Applying for a Rs. 15 lakh personal loan from Bajaj Finance is a simple process that can be done online. Follow these steps to ensure a smooth application:- Click on ‘APPLY’ on this page to open our online personal loan application form.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
- Choose the repayment tenure and click on ‘PROCEED’.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.
Conclusion
A Rs. 15 lakh personal loan with a 10-year tenure offers an excellent opportunity to spread out repayments and make them more manageable. Understanding how to calculate the EMI and knowing the various factors that impact interest rates and eligibility can help you make informed decisions.By using tools like the personal loan EMI calculator, you can plan your finances effectively and ensure that your loan fits within your budget. Keep in mind that factors such as credit score, income level, and lender policies play a key role in determining your interest rate, so it is worth doing your research and comparing different options.
