Rs. 40,000 to Rs. 55 lakh
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Disclaimer
Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking.
The calculator(s) is not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) is only a tool that assists the users/ customers arrive at the results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.
Personal loan EMI Calculator – Calculate your personal loan EMI online
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The personal loan EMI calculator is a quick and easy online tool that helps you estimate your monthly instalments in seconds. With this personal loan calculator, you simply enter the loan amount, interest rate, and repayment tenure to get accurate EMI results. This smart personal loan calculator also works as a personal loan interest rate calculator, helping you understand how interest affects your total repayment.
Using the Bajaj Finserv Personal Loan EMI calculator, you can plan your loan in advance and choose a comfortable repayment option. You can calculate EMIs for loan amounts ranging from Rs. 40,000 to Rs. 55 lakh and select a tenure between 12 months to 108 months. Adjusting the loan amount and tenure helps you find an EMI that suits your monthly budget and financial goals.
This personal loan EMI calculator online also provides a detailed breakup of the principal amount, interest payable, and total repayment value. With this clarity, the personal loan calculator helps you plan your finances better and make confident borrowing decisions.
How to use the EMI calculator for a personal loan?
A Bajaj Finance Personal Loan monthly EMI calculator is simple to use. The calculator helps you estimate the exact monthly loan repayment amount based on key details.
Here is how the personal loan EMI calculator works:
- Enter details: You need to enter the following information to calculate your EMI amount:
- Loan amount: The total amount you plan to borrow, ranging from Rs. 40,000 to Rs. 55 lakh.
- Loan tenure: The period over which you will repay the loan, between 12 months to 108 months. You can adjust the tenure to find an EMI that fits your monthly budget.
- Interest rate: The annual interest rate offered by Bajaj Finance. For calculation purposes, the calculator converts this into a monthly rate.
- Get instant calculation: Once you enter the required details, the personal loan EMI calculator applies the standard EMI formula to estimate your monthly instalment.
- View repayment details: The EMI calculator displays your estimated monthly EMI, along with the total interest payable and the total repayment amount for the loan.
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Before applying for a personal loan, you can adjust the details to find a suitable EMI option. For example, a higher Personal Loan amount or a shorter tenure may increase your EMI, while a lower loan amount or a longer repayment period may reduce your monthly instalment.
How can a personal loan EMI calculator help you?A personal loan EMI calculator supports better financial planning by showing clear details about your monthly repayments. Here is how a personal loan calculator can help you:
- Estimating repayments: You can calculate your monthly instalments based on the loan amount, tenure, and interest rate.
- Budgeting: You can understand which repayment amount fits your monthly budget by adjusting different values.
- Comparison: You can compare EMIs for different loan amounts, interest rates, and tenures to find a suitable option.
- Financial decision-making: You can make informed financial decisions by understanding long-term repayment commitments and their financial impact.
Formula to determine personal loan EMIs
The formula to calculate personal loan EMIs is:
EMI = [P × R × (1 + R)^N] ÷ [(1 + R)^N − 1]
Where:
- EMI = Equated Monthly Instalment, the fixed monthly payment you make
- P = Principal loan amount, the total amount you borrow
- R = Monthly interest rate (Annual interest rate ÷ 12 ÷ 100)
- N = Loan tenure in months, the total number of EMI payments you make
Let us assume that you take a personal loan of Rs. 10 lakh for 5 years at an interest rate of 10% per annum.
Here:
- P = Rs. 10,00,000
- R = 10% ÷ 12 = 0.83% per month = 0.0083
- N = 5 × 12 = 60 months
So, the EMI calculation would be:
[10,00,000 × 0.0083 × (1 + 0.0083)^60] ÷ [(1 + 0.0083)^60 − 1] = 21,253
The EMI comes to approximately Rs. 21,253 per month.
This formula helps you calculate the fixed EMI required to repay your personal loan over a chosen period while considering the interest rate. The Bajaj Finserv Personal Loan EMI calculator applies this formula automatically and provides instant results without manual calculation.
Personal loan amortisation schedule
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The EMI that you pay has two components- principal and interest. At the beginning of the repayment schedule, a majority portion goes towards interest payment. It keeps reducing gradually, as the principal component goes up.
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 10% per annum:
Month
Opening Balance (Rs.)
Interest Paid During the Month (Rs.)
Principal Repaid During the Month (Rs.)
Closing Balance (Rs.)
1
1,00,000
833
7,958
92,042
2
92,042
767
8,025
84,017
3
84,017
700
8,091
75,926
4
75,926
633
8,159
67,767
5
67,767
565
8,227
59,540
6
59,540
496
8,295
51,245
7
51,245
427
8,365
42,880
8
42,880
357
8,434
34,446
9
34,446
287
8,505
25,941
10
25,941
216
8,575
17,366
11
17,366
145
8,647
8,719
12
8,719
73
8,719
0
Benefits of using a personal loan EMI calculator
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Using a personal loan EMI calculator makes your loan planning simple and stress-free. It allows you to estimate your personal loan EMI quickly online without complex calculations.
- Accurate repayment planning: You can estimate your monthly EMI based on the loan amount, tenure, and interest rate to plan your finances more effectively.
- Time saving: You receive instant EMI results without manual calculations, reducing errors and speeding up your decision-making process.
- Better financial planning: You can understand how the EMI fits into your monthly expenses and maintain better financial stability.
- Flexible adjustments: You can adjust the loan amount and tenure to compare different EMI values and choose a suitable repayment plan.
- Informed decisions: You can clearly view repayment details, helping you make informed borrowing decisions.
- Free to use, anytime: You can use the online calculator at any time without any cost, making loan planning simple and accessible.
You can quickly check how much loan you may be eligible for by using a personal loan eligibility calculator. This tool helps you estimate your borrowing capacity based on your income, existing obligations, and financial profile, making it easier to plan a suitable loan amount.
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Frequently asked questions
Overview
Calculation
How is personal loan EMI calculated?
Personal loan EMI is calculated using the loan amount, interest rate, and repayment tenure through a standard EMI formula. An EMI calculator for personal loan automatically computes these details and instantly shows the estimated EMI, total interest payable, and total repayment amount.
How can I reduce my personal loan EMI?
A low EMI personal loan can be achieved by choosing a longer repayment tenure, borrowing only the required amount, and maintaining a good CIBIL Score. A strong credit profile may help borrowers access better loan terms and more manageable monthly repayments.
What is the EMI for a Rs. 10 lakh personal loan?
The EMI for a Rs. 10 lakh personal loan varies according to the interest rate and repayment tenure. A personal loan EMI calculator helps borrowers accurately estimate monthly repayments and compare different loan repayment scenarios before applying.
Does prepayment reduce my EMI or loan tenure?
Prepayment can reduce either your EMI or loan tenure, depending on the lender's policy and the option selected. Most borrowers choose tenure reduction as it helps lower the total interest payable over the remaining loan period.
What is the EMI for a Rs. 5 lakh personal loan?
The EMI for a Rs. 5 lakh personal loan depends on the interest rate and repayment tenure chosen. Using a personal loan EMI calculator can provide an instant estimate based on your selected loan amount, tenure, and applicable interest rate.
How to restart repaying a personal loan after 10 missed EMIs?
To restart repaying a personal loan after 10 missed EMIs, borrowers should immediately contact their lender and discuss available repayment options. The lender may suggest a repayment plan, restructuring, or other solutions based on the borrower's circumstances.
What is the EMI for a Rs. 15 lakh personal loan?
The EMI for a Rs. 15 lakh personal loan depends on factors such as the interest rate and loan tenure. A personal loan EMI calculator can quickly estimate the monthly instalment and total repayment amount for different borrowing options.
What is the EMI for a Rs. 10 lakh personal loan?
The EMI for a Rs. 10 lakh personal loan varies according to the interest rate and repayment tenure. A personal loan EMI calculator helps borrowers accurately estimate monthly repayments and compare different loan repayment scenarios before applying.
Can the Bajaj Finance EMI Calculator be used for a Top-up Loan?
The Bajaj Finance Personal Loan EMI Calculator is designed to estimate EMIs for personal loans based on the loan amount, interest rate, and tenure. For a top up loan on personal loan, borrowers can review the applicable loan terms and repayment details separately to understand their repayment obligations.
Can I use the Bajaj Finance Personal Loan EMI Calculator to calculate monthly EMIs on a personal loan?
Yes, you can use the Bajaj Finance Personal Loan EMI Calculator to estimate your monthly loan repayments before applying. Simply enter the loan amount, interest rate, and tenure to calculate EMIs instantly. The personal loan EMI calculator helps borrowers compare repayment options and choose a suitable loan tenure.
Is it possible to use this personal loan interest calculator to determine the total interest on the loan?
Yes, a personal loan calculator can help you calculate the total interest payable on your loan. This provides useful information about the overall cost of borrowing. Using the interest calculator allows for a more informed financial decision-making process.
How to calculate personal loan EMI?
You can calculate your equated monthly instalment (EMI) for a personal loan by using this formula:
EMI = [P × R × (1 + R)^N] ÷ [(1 + R)^N − 1]
Where:
P is the principal loan amount
R is the monthly interest rate
N is the loan tenure in months
How to calculate personal loan EMIs for Rs. 30 lakh loan?
You can calculate your EMIs using an online EMI calculator to get accurate estimates. Simply enter your desired loan amount, interest rate, and loan tenure into the EMI calculator to view your estimated monthly instalment.
What is the EMI for a Rs. 20 lakh personal loan for 10 years?
The EMI for a Rs. 20 lakh personal loan with a 10-year tenure at an interest rate of 10% per annum is approximately Rs. 26,430. You can use a personal loan calculator to get estimates based on different tenures and interest rates.
What is the EMI for a Rs. 25 lakh personal loan?
The EMI for a Rs. 25 lakh personal loan with a 5-year tenure at an interest rate of 10% per annum is approximately Rs. 53,037. You can adjust the tenure in the loan calculator to find a repayment option that suits your budget.
What is the EMI for a Rs. 12 lakh personal loan?
The EMI for a Rs. 12 lakh personal loan with a 5-year tenure at an interest rate of 10% per annum is approximately Rs. 25,457. You can use a personal loan calculator to explore different repayment options and plan your monthly budget.
What happens if I skip my EMI payment?
If you skip an EMI payment, you may face late charges, a negative impact on your CIBIL Score, and a higher outstanding amount. Repeated missed payments can also affect your future loan eligibility.
What is a personal loan amortisation schedule?
A personal loan amortisation schedule is a detailed table of periodic payments to be made during the loan tenure. Lenders use an amortisation calculator to create this schedule.Loan amortisation is a calculation process that specifies loan repayment through EMIs over the selected tenure.
It provides a detailed breakdown of the principal and interest amounts included in every EMI payable throughout the tenure until the complete repayment of the loan. The schedule gives accurate insights to a borrower into the principal and interest components included in each EMI.
How is the personal loan interest rate decided?
Personal loan interest rates are decided based on factors such as credit score, income, repayment capacity, loan amount, and tenure. Borrowers with a strong financial profile and positive credit history may qualify for the lowest personal loan rates available to them.
What are the factors affecting personal loan EMI?
Personal loan EMI is affected by the loan amount, interest rate, and repayment tenure. A higher loan amount or interest rate generally increases the EMI, while a longer tenure can reduce the monthly instalment but may increase the overall interest cost.
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Disclaimer
Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking.
The calculator(s) is not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) is only a tool that assists the users/ customers arrive at the results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.