Personal loan calculator
The Bajaj Finance Personal Loan EMI Calculator is a simple online tool that helps you estimate your monthly loan repayments. Just enter your loan amount, interest rate, and repayment period, and the calculator will quickly show you your monthly instalment.
With Bajaj Finance, you can get a personal loan of up to Rs. 55 lakh and choose a repayment period from 12 months to 96 months. The calculator lets you change the loan details to find an EMI that suits your budget.
It also provides a complete breakdown of your repayments, including the interest, principal, and total cost. This way, you can plan your loan better and make informed choices.
How to use the Bajaj Finance online personal loan EMI calculator?
Calculating your personal loan EMI is simple. Just follow these easy steps:
1. Enter your loan details
Fill in the loan amount you want to borrow, the interest rate, and your repayment period.
2. View your EMI instantly
The calculator will show your monthly EMI, total interest, and repayment amount.
3. Adjust and compare
Change the loan amount, tenure, or interest rate to explore different repayment options and to choose the best repayment options that suits your budget.
Apply for a Bajaj Finserv Personal Loan in just a few clicks.
How can a personal loan EMI calculator help you?
A personal loan EMI calculator makes financial planning easier by offering insights into your repayment structure. Here’s how a personal loan calculator can help you:
Estimating repayments: Calculate monthly instalments based on your loan amount, tenure, and interest rate.
Budgeting: Determine what you can afford adjusting variables to find suitable EMI amounts.
Comparison: Compare EMIs for different loan amounts, interest rates, and tenures to find the best option.
Prepayment evaluation: Evaluate properly that how by making extra payments or closing the loan early affect the total interest paid.
Financial decision-making: Make better decisions by understanding long-term financial commitments and their impact.
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 helps you calculate the fixed monthly payment required to repay a over a certain period, considering the interest rate. Personal loan EMI calculators use it to estimate repayments correctly.
Personal loan amortisation schedule
An amortisation schedule shows you how each EMI on your personal loan is split between principal and interest. It helps you track repayment progress, plan your finances, and understand the impact of additional payments on debt.
Here is a simple example of the amortisation schedule for a personal loan of Rs. 1 lakh taken for 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 EMI calculator with an amortisation schedule helps you understand how your EMI spilt into principal and interest. This will give you a clear picture for planning your finances better and stay in control of your repayments.
Benefits of using personal loan calculator for EMI
Accurate repayment planning: Provides clear calculations of monthly payments based on the given data to help you plan your repayment properly.
Time-saving: Quickly generates EMI amounts without manual calculations.
Financial Planning: It helps in planning budgets and expenses beforehand by forecasting future loan repayments.
Flexibility: Adjust variables like loan amount and tenure to find the repayment plan that suits your budget.
Informed decision-making: Give better picture to borrowers to make wise choices about borrowing.
Additionally, you can calculate personal loan eligibility with our tool to see how much you can get based on your financial profile.
Frequently asked questions
An equated monthly instalment (EMI) is a set monthly payment that a borrower makes to a lender on a specific date each month. EMIs include both interest and principal amounts.
A personal loan EMI calculator is a simple online tool that estimates a borrower's Equated Monthly Instalments (EMIs) for a personal loan. By entering the loan amount, interest rate, and repayment period, the calculator provides an exact amount for the monthly payments.
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 letting them compare different loan options based on their EMI affordability. Borrowers can see how monthly repayments change by entering various loan amounts, interest rates, and tenures. This makes it easier to pick a loan that fits their financial situation.
Here are some simple steps to help you lower personal loan EMIs:
Choosing a longer repayment tenure will help you spread the loan cost and lower your monthly instalments.
Keep a good CIBIL Score to enjoy low-interest rates and reduced EMIs.
You can use Bajaj Finserv Personal Loan EMI Calculator to calculate EMIs of personal loans. 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.
Your Bajaj Finance personal loan interest rate depends on factors like your credit score, loan amount, repayment period, and current market rates. 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 to get accurate results. Just enter your desired loan amount, interest rate, and loan tenure into the monthly EMI calculator to receive an estimated EMI based on your choices.
Yes, a personal loan calculator can help calculate the total interest on the loan. This provides useful information about the overall cost of borrowing. Using 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 rate – 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 calculate your EMI accurately.
To find the equated monthly instalment (EMI) for a personal loan, you can use this formula: EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where P is the principal amount, R is the monthly interest rate, and N is the loan tenure in months.
