An existing EMI reduces your offer because it takes up part of the income that would otherwise repay a new loan. Closing a small loan before you apply frees that room. The example below shows one applicant's offer and its cost.
Worked example: Divya in Jaipur
Divya is 29 and works as a salaried HR manager in Jaipur. She earns Rs. 65,000 a month, has a CIBIL score of 760 and pays an Rs. 8,000 EMI on a two-wheeler loan. Her Insta Personal Loan offer is Rs. 3 lakh, which she plans to use for her sister's wedding, at an illustrative 16% per annum.
EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]. P is the loan amount in rupees, R is the annual rate divided by 12 and by 100, and N is the tenure in months. The formula spreads the principal and interest into equal monthly payments, so early EMIs carry more interest and later ones more principal. All figures are rounded to the nearest rupee.
| Tenure | Monthly EMI (Rs.) | Total interest (Rs.) | New EMI as share of salary (%) |
|---|
| 36 months (3 years) | 10,547 | 79,696 | 16.2 |
| 48 months (4 years) | 8,502 | 1,08,100 | 13.1 |
Last updated: 16th October, 2026
The 48-month option lowers the EMI by Rs. 2,045 but adds Rs. 28,404 in interest. The processing fee on Rs. 3 lakh is up to Rs. 12,390. Divya picks 48 months (4 years), because her two EMIs together then stay at 25.4% of her salary.
What can delay approval: an Insta Personal Loan offer depends on your relationship with Bajaj Finance and your financial profile. New customers may need a CIBIL check and documents, such as KYC documents and bank statements.
