Frequently asked questions
It is a good idea to calculate your EMIs before getting a personal loan to plan the repayment comfortably. While you can do this manually, an Insta Personal Loan EMI Calculator helps you in estimating the amount accurately. Simply choose the loan amount, tenure, and interest rate to know your 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
You can repay your Insta Personal Loan through EMIs by setting up a NACH mandate with your bank.
Some simple steps that you can take to lower your loan EMIs and effectively manage your expenses are:
- Choose a longer repayment term to spread out the cost of the loan over a longer period and make smaller monthly payments.
- Talk to the loan provider about getting a lower interest rate.
- Maintain a high CIBIL Score to benefit from affordable interest rates.
The benefits of using Bajaj Finserv Insta Personal Loan EMI Calculator include:
- Provides EMI calculation instantly.
- Reduces the chances of mistakes.
- Assists in the establishment of an appropriate repayment schedule using the EMI calculation.
- Helps in choosing a loan amount that can be repaid without having a negative impact on your financial position.