Total Interest payable
Total Payment (Principle + Interest)
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 is an online tool that takes your principal, rate of interest, and tenor into consideration to calculate your EMI.
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 of the Personal Loan.
An EMI calculator is very easy to use. All you need to do is enter the following information: The loan amount, tenor (in months), and rate of interest. The calculator will use the information provided by you, run it against the EMI calculation formula, and inform you of the EMI amount you will have to pay every month.
EMI stands for Equated Monthly Installment and is the amount of money that you need to repay to lender against the availed personal loans or any other.
A personal loan EMI amount also includes payable interest rate amount on the loan amount. You can calculate your exact personal loan EMI amount by using the personal loan calculator on the Bajaj Finserv website free of cost.
It is great to calculate your EMI before applying for a 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.
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 personal loan calculator to know an exact EMI payable before applying for loan. It will help you make prior arrangements for ensuing EMIs.
Principal amount is nothing but the total desired loan amount. It excludes interest rate figure. Here is an example to help you out:
If you take a personal loan of Rs.5 lakh for a tenure of 36 months at an interest rate of 12.9%, the principal amount will be Rs.5 lakh. But you will need to pay an EMI which will also consist of the payable rate of interest.
Hence, the loan EMI will be Rs.16,823 per month. The total amount payable over the tenure will be Rs.6,05,623.
Thus, even though you availed a loan amount of Rs.5 lakh, but you will need to repay Rs.6,05,623 (Principal + interest).
You may think that the loan interest rate and annual percentage rate or the APR is the same thing. It may be the same for credit cards, but not the same for loans. APR, or annual percentage rate, is a borrower’s rate of interest as a yearly rate on personal loans.
An APR for the loan includes the fees that you will need to pay such as the origination charges. It is vital to calculate the APR to be aware of the much you will need to pay to avail a personal loan or any other loan.
An annual percentage rate or APR amounts to charges that you need to pay annually over loans such as a personal loan. You can calculate APR by using an APR calculator.
The APR calculator is an easy-to-use tool and can help borrowers calculate the actual cost of their personal loans. Here is how it works: