Frequently asked questions
A Personal Loan EMI calculator uses a 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
A personal loan EMI calculator can help you accurately determine your EMIs. You just need to select the loan amount, rate of interest and tenure, to get the exact EMI payable for your personal loan.
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The following factors affect your personal loan EMIs:
- Loan amount: Monthly instalments payable are directly proportional to the loan amount. The higher the loan availed, the higher will be your EMIs.
- Rate of interest: The interest rate is the percentage at which lenders charge interest on the borrowed amount. A higher interest rate increases the EMIs and vice versa.
- Tenure: It is the repayment period for the loan availed and is inversely related to EMIs. A longer tenure reduces monthly instalments, while a shorter tenure increases your EMIs.
You can use our Personal Loan EMI Calculator to know the possible EMI outflow for the sum you need to borrow. The personal loan interest rate personal loan interest rate is decided by your lender basis your loan amount, tenure, and credit history. Once you know the interest rate on the desired loan amount and tenure, you may use the personal loan EMI calculator to determine your monthly instalments. It will help you plan your EMIs and ensure timely repayments.
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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.
The following are the advantages of using a Bajaj Finserv Personal Loan EMI Calculator:
- Quick and hassle-free EMI calculation
- Minimises the chances of error
- A repayment schedule for the entire tenure helps you plan your finances better
- Helps in choosing a suitable amount that is repayable over time without affecting your financial health
If you skip your EMI payment for any reason, you will be charged a penalty fee between Rs. 700 and Rs. 1,200 as an EMI bounce charge. It might also affect your loan tenure and impact your credit score negatively.
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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. 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.
Click here to know more about the personal loan amortisation schedule.