Disclaimer
Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking. The calculator(s) are not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) are only a tool that assists the users/ customers arrive at results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.
Frequently asked questions
Term Loans are credits that come with a fixed loan amount, a tenure of repayment, and a repayment schedule. A Term Loan EMI calculator is an online tool that allows the borrower to compute monthly instalments to repay the loan availed. It helps determine the EMIs a borrower needs to pay throughout the repayment tenure.
A Term Loan EMI calculator also helps borrowers compute the total amount payable by the term’s end along with total interest payable. Its use allows borrowers to estimate the EMI amount they must pay every month, thus help in proper financial planning.
Also known as a Term Loan interest calculator, it uses a mathematical formula to compute EMI, interest, and the total amount payable.
The formula used is
E = P x r x (1 + r) ^ n / [(1 + r) ^ n - 1]
Whereby,
- E = EMI
- P = principal or the loan amount
- r = Term Loan interest rate
- n = Loan term or tenure (in months)
Once the principal, rate of interest and tenure are entered, it displays three results:
- Total interest payable
- Total amount payable (principal + interest)
- EMI amount
Steps to calculate Term Loan EMI
- Input the loan amount you need.
- Choose a loan tenure.
- Enter the rate of interest applicable.
Once these data are put in, the calculator will display the results in the form of EMIs.
A Term Loan EMI calculator is a useful financial tool for comparing various loan options or loan terms. Make your comparison with the applicable Term Loan interest rates for different financial institutions to choose the best option. Also, try different tenure options to find the most beneficial balance between EMIs and the total cost of the loan. Use an online interest calculator to know your estimated EMI amount.
