It is great to calculate your EMI before applying for a Personal Loan. It can help you know an exact EMI amount that you will pay over the desired loan amount.

You can use the Personal Loan EMI Calculator at the Bajaj Finserv to know the same. You can select the loan amount, tenure and rate of interest to get the exact payable EMI amount.

EMI may affect your monthly expenses until you repay it. Some simple steps that can help you reduce the loan EMI and manage outlays easily are:

• Opt for a longer repayment tenure – It will help you spread the loan cost over a longer duration and help you pay in small install
• Negotiate with the loan provider for a lower rate of interest
• Maintain a strong CIBIL score to enjoy lower interest rates and reduced EMIs
• Shop around for the best deals as per your needs and repaying capacity

The Personal Loan Interest rate amount that you need to bear along with the EMI per month can be calculated online. You need to use the personal loan interest calculator.

Once you select the desired loan amount and the repayment tenure along with the applicable interest rate, then the tool will suggest the exact interest rate amount payable. It will be the total interest rate amount payable on the required loan amount over a tenure.

You can also use the Bajaj Finserv Personal Loan EMI Calculator to know an exact EMI payable before applying for loan. It will help you make prior arrangements for ensuing EMIs.

A personal loan amortization schedule is a detailed table of periodic payments to be made during the loan tenor. Lenders use an amortization calculator to create this schedule. Amortization is a calculation process that specifies loan repayment via EMIs over the tenor chosen.

It carries an elaborate breakdown of the principal and interest amount included in every EMI payable throughout a tenor, until complete repayment of the loan. The schedule gives accurate insights to a borrower on the principal and interest component included in each EMI.

An equated monthly instalment (EMI) is a fixed monthly payment, part of the equally divided repayments, used to clear off your outstanding loan. Your personal loan EMI depends on the loan principal, the rate of interest and the loan tenor.

An EMI calculator uses a simple formula to determine your EMI. The formula used is:
E = P * r * (1+r) ^n / ((1+r) ^n-1) where

• E is EMI
• P is the principal loan amount,
• r is the rate of interest calculated on a monthly basis, and
• n is the tenor/duration

Bajaj Finserv Online Personal Loan EMI calculator brings the following advantages.

• Quick EMI calculation
• Minimizes the chances of error
• Helps in the evaluation of a suitable repayment schedule via EMI calculation.
• Helps in choosing a suitable amount that is repayable over time without affecting a borrower’s financial health.