Personal loan Calculator
The Personal Loan EMI Calculator online tool helps borrowers estimate their monthly repayments. A personal loan calculator is beneficial when computing EMIs. The Bajaj Finserv Personal Loan EMI Calculator requires you to fill in only three essential fields to calculate EMI for your personal loan – the loan amount you wish to borrow, followed by the interest rate and the tenure.
In the case of the Bajaj Finserv Personal Loan, you can get a loan amount of up to Rs. 55 lakh and choose a repayment tenure ranging from 12 months to 96 months. You can alter the EMI payments to meet your repayment capability. Increasing the tenure will lower your EMIs and vice versa. You can do this by making changes in the respective fields of an EMI calculator.
The personal loan amount calculator also shows the break-up of the principal and interest amounts while calculating the EMI and the total cost of borrowing.
How can a personal loan EMI calculator help you?
A loan calculator simplifies financial planning by offering insights into your repayment structure. Here's how a personal loan calculator can assist you:
- Estimating repayments: Calculate monthly instalments based on loan amount, tenure, and interest rate.
- Budgeting: Determine affordability by adjusting variables to find suitable EMI amounts.
- Comparison: Compare EMIs for different loan amounts, interest rates, and tenures to choose the best option.
- Planning loan tenure: Adjust tenure to balance monthly payments with overall interest costs.
- Prepayment evaluation: Assess the effect of making extra payments or early loan closure on the total interest paid.
- Financial decision-making: Make informed decisions by understanding long-term financial commitments and implications.
Formula to determine personal loan EMIs
The formula to calculate personal loan EMIs is:
EMI = P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- EMI = Equated Monthly Instalment
- P = Principal loan amount
- R = Monthly interest rate
- N = Loan tenure in months
This formula computes the fixed monthly payment required to repay a loan amount over a specified period, considering the interest rate. It's used by personal loan EMI calculators to estimate repayments accurately.
Personal Loan Amortisation Schedule
A personal loan amortization schedule details each payment's principal and interest breakdown, helping borrowers track repayment progress, plan finances, and understand the impact of additional payments on debt.
Here is an example of the amortisation schedule for a personal loan of Rs. 1 lakh taken for a tenure of 12 months at an interest rate of 11% per annum:
Month |
Opening principal outstanding |
Interest paid |
Principal repaid |
Resulting principal outstanding |
1 |
1,00,000.00 |
916.67 |
7,921.50 |
92,078.50 |
2 |
92,078.50 |
844.05 |
7,994.11 |
84,084.39 |
3 |
84,084.39 |
770.77 |
8,067.39 |
76,016.99 |
4 |
76,016.99 |
696.82 |
8,141.34 |
67,875.65 |
5 |
67,875.65 |
622.19 |
8,215.97 |
59,659.68 |
6 |
59,659.68 |
546.88 |
8,291.29 |
51,368.39 |
7 |
51,368.39 |
470.88 |
8,367.29 |
43,001.11 |
8 |
43,001.11 |
394.18 |
8,443.99 |
34,557.12 |
9 |
34,557.12 |
316.77 |
8,521.39 |
26,035.72 |
10 |
26,035.72 |
238.66 |
8,599.51 |
17,436.22 |
11 |
17,436.22 |
159.83 |
8,678.33 |
8,757.89 |
12 |
8,757.89 |
80.28 |
8,757.89 |
0 |
Using a personal loan calculator with amortisation schedule helps in understanding the breakdown of each EMI into interest and principal repayment components. This detailed schedule aids in financial planning by providing a clear picture of how the loan balance decreases over time and the total interest paid throughout the loan tenure.
How to use the Bajaj Finserv online personal loan EMI calculator?
The Personal Loan Calculator helps you calculate EMI for a personal loan easily. Follow these steps to determine your monthly EMI:
- Enter loan details – Input the loan amount, interest rate, and tenure in the designated fields.
- Click 'calculate' – Instantly view your monthly EMI, total interest payable, and repayment schedule.
- Adjust parameters – Modify the values to compare different loan scenarios and choose a repayment plan that suits you.
Once you’ve calculated your EMI, apply for a personal loan with our hassle-free process and get quick access to funds.
Advantages of using the personal loan calculator for computing EMIs
- Accurate repayment planning: Provides precise calculations of monthly payments based on input data to help you plan your repayment as accurately as possible.
- Time-saving: Quickly generates EMI amounts without manual calculations or spreadshets.
- Financial Planning: Helps plan budgets and expenses by forecasting future loan repayments.
- Flexibility: Adjust variables like loan amount and tenure to find the most suitable repayment plan.
- Informed decision-making: Empowers borrowers with insights to make wise choices about borrowing.
Additionally, you can easily calculate personal loan eligibility using our tool to see how much you can borrow based on your financial profile.
Frequently asked questions
An equated monthly instalment (EMI) is a fixed monthly payment made by a borrower to a lender on a pre-determined date each month. EMIs are comprised of both interest and principal amounts. It is helpful to use a personal loan EMI calculator when calculating EMIs in advance. Our EMI calculator simply needs you to enter the loan amount you wish to borrow, the interest rate, and the tenure in order to calculate your monthly instalments.
A personal loan EMI calculator is an easy-to-use online tool that estimates borrower's Equated Monthly Instalments (EMIs) for a personal loan. The calculator provides an exact computation of the monthly repayments after entering the loan amount, interest rate, and tenure, allowing the informed borrowing decisions.
A Personal Loan EMI calculator uses an EMI calculation 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
For example, you have applied for a Bajaj Finserv Personal Loan of Rs. 1 lakh at an interest rate of 14% p.a. for a tenure of 2 years. Your EMI will be 4801. Check your EMI easily using our online EMI calculator for different amounts of personal loans.
A personal loan EMI calculator helps borrowers choose a suitable loan by allowing them to compare different loan options depending on their EMI affordability. Borrowers can compare the impact on monthly repayments by entering various loan amounts, interest rates, and tenures, making it simpler to select a loan that best meets their financial capabilities.
Below are some simple steps that can help you reduce personal loan EMIs:
- Choosing a longer repayment tenure will help you spread the loan cost and reduce your monthly instalments.
- Maintain a good CIBIL Score to enjoy low-interest rates and reduced EMIs.
You can use Bajaj Finance Personal Loan EMI Calculator to calculate EMIs of personal loans offered by financial institutions. You must enter the desired loan amount, tenure and interest rate in the personal loan interest calculator to estimate your monthly EMIs in advance.
We strongly recommend not skipping your regular repayments as it could negatively impact your CIBIL score. Also, in such cases bounce charges and penal charges will be charged.
(i) Bounce charges - Up to Rs. 1,200/- per bounce
“Bounce charges” shall mean charges for (i) Dishonor of any payment instrument; or (ii) Non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.
(ii) Penal Charge - Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.
Find out more about personal loan tenure options
A personal loan amortisation schedule is a detailed table of periodic payments to be made for the loan tenure. Lenders use an amortisation calculator to create this schedule. Loan amortisation is a calculation process that specifies loan repayment via EMIs over the tenure selected.
It carries a detailed breakdown of the principal and interest amount included in every EMI payable through the tenure until the complete repayment of the loan. The schedule gives accurate insights to a borrower on the principal and interest components included in each EMI.
Factors such as credit score, loan amount, repayment tenure, and current market rates will determine your personal loan rate of interest. Research various lenders, compare their offers and negotiate for the best rate. Bajaj Finance Limited offers personal loans at competitive interest rates starting from 10% p.a.
You can calculate your EMIs using our online EMI calculator and obtain precise results. Simply input your desired loan amount, interest rate, and loan tenure into the monthly EMI calculator to obtain an estimated EMI based on your preferences.
Yes, personal loan calculator can help to calculate the total interest on the loan, providing valuable insights into the overall cost of borrowing. Utilising the interest calculator allows for a more informed financial decision-making process.
The EMI for a Rs. 20 lakh personal loan (10-year tenure) at 10%p.a. interest is approximately Rs. 26,430. Use a personal loan calculator for accurate estimates.
The EMI for a Rs. 25 lakh personal loan (5-year tenure) at 10% p.a. interest is around Rs. 53,037. Adjust the tenure using a loan calculator for precise calculations.
The EMI for a Rs. 12 lakh personal loan (5-year tenure) at 10% p.a. interest is roughly Rs. 25,457. Use a personal loan calculator to explore different repayment options.
Several factors impact the EMI for a personal loan:
- Loan Amount – Higher loan amounts result in higher EMIs.
- Interest aate – A higher rate increases EMIs, while a lower rate reduces them.
- Loan tenure – Longer tenure lowers EMIs but increases total interest paid.
- Processing fees – Additional charges may affect the total loan cost.
- Prepayment and foreclosure – Early repayment may incur penalties, impacting loan expenses.
Use a personal loan calculator to estimate your EMI accurately.
