How to check the EMIs of your Insta Personal Loan

Read on to know how an EMI calculator can help you check your EMIs and decide on the right amount to borrow.
How to check the EMIs of your Insta Personal Loan
5 min read
7 Apr 2023

Insta personal loans are increasingly becoming the preferred choice for borrowers who need urgent funds to manage various expenses. The method of paying back a loan is typically through equated monthly instalments (EMIs). It is a fixed monthly payment that you make to repay your loan. This sum consists of both the principal and interest. The loan amount, the interest rate, and the duration of the loan all affect how much the EMI will be.

EMIs are crucial because they allow borrowers to repay their debts in a systematic and reasonable manner. By making timely EMI payments, borrowers can establish a strong credit score, which can ensure smooth credit access in the future. EMIs also help lenders in managing their cash flows and predicting their revenue, which is crucial to their business operations.

You can easily figure out your EMIs with the help of an EMI calculator. If you are looking for a personal loan instantly, you can use Bajaj Finserv Insta Personal Loan EMI Calculator to check your EMIs.

How to calculate your EMIs?

The Bajaj Finserv Insta Personal Loan EMI Calculator is a specialised tool for calculating loan EMIs and repayment schedules for the loan amount that you wish to borrow.

The EMI calculator simply requires the loan amount, tenure, and interest rate to calculate estimated monthly payments. You can adjust the monthly payment amount to reflect your ability to repay. If you increase the tenure, your EMIs will reduce but will increase the overall interest paid. A shorter loan tenure, on the other hand, will increase the EMIs but reduce the overall interest payable.

You can modify the calculator fields to find the combination that suits you the best.

It is crucial to select the appropriate loan tenure when figuring your EMIs. You can also examine your monthly or annual EMIs by selecting "View Repayment Schedule".

How to determine your repayment capacity?

Evaluating your loan repayment capability is a crucial step in selecting the appropriate loan amount. You must evaluate your income, expenses, and other financial responsibilities to determine your repayment capacity. Calculating your fixed obligation to income ratio (FOIR) is one method of calculating your repayment capacity.

FOIR is calculated by dividing your monthly income by your monthly fixed obligations. Fixed commitments consist of, credit card payments, and any other monthly payments which you are obligated to pay. Your monthly income consists of your pay, rental revenue, and other sources.

Your FOIR should ideally not exceed 50% of your monthly income. If your FOIR is greater than 50%, it suggests that you may have trouble repaying the loan and that you may need to consider a lesser loan amount or a longer loan tenure. These factors play an important role in calculating your EMIs.

Choosing your Insta Personal Loan amount

Insta Personal Loans are readily accessible to all borrowers. Anyone can check their Insta Personal Loan offer by entering their mobile number and the OTP sent to it, as opposed to a traditional personal loan where you must fill out a lengthy application to find out how much you can borrow. Existing customers can get access to their pre-approved loan offers while new customers can check their pre-assigned loan limits. You have the option of accepting it or choosing a lower amount. You can use the Bajaj Finserv Insta Personal Loan EMI Calculator to check the loan amount that fits your needs and repayment capacity, and then go ahead with the application.

Calculate your EMIs

Frequently asked questions

How to calculate EMIs for an Insta Personal Loan?

Before applying for a loan, it is a good idea to calculate your EMIs so that you can comfortably plan the repayment. While this can be done manually, an EMI calculator assists you in figuring out the exact amount in just a few clicks. Simply select the loan amount, loan tenure, and interest rate to determine the EMI.

An EMI calculator uses a simple mathematical formula to calculate your monthly instalments. 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 monthly, and
n is the tenure/ duration in months.

What are the advantages of using the Bajaj Finserv Insta Personal Loan EMI Calculator?

The Bajaj Finserv Insta Personal Loan EMI Calculator offers the following advantages:

  • Instantly calculates your EMIs
  • Reduces the likelihood of making errors
  • Displays the payback schedule based on your EMIs
  • Assists in selecting a loan amount that can be repaid without negatively affecting your financial situation
How to minimise your Insta Personal Loan payments?

The following are some of the basic steps you may take to reduce your loan payments and better manage your finances:

  • Choose a longer time of repayment to spread out the cost of the loan over a longer period and make smaller monthly instalments. Please note that this will increase the overall interest paid on the loan.
  • Keep a good CIBIL score to take advantage of low interest rates.
How do I make payments on my Insta Personal Loan?

Set up a NACH mandate with your bank to pay back your Insta Personal Loan in instalments.

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