A term loan is a lump sum amount borrowed from a lender and repaid in fixed monthly instalments or EMIs over a pre-determined tenure. Every EMI constitutes of the principal and the interest components. The loan is disbursed in your account at a time so that you can utilise it at your convenience whenever required.
There are both long and short-term loans in India, depending on the tenure. While short term loans are usually available for 4 to 5 years, long term loans can go up to 20 years.
A loan against property from Bajaj Finserv is a term loan with tenures ranging from 2 to 20 years for salaried applicants and up to 18 years for self-employed borrowers. You can opt for part prepayment or foreclosure facilities at your convenience. If you need long term business loans, a loan against property from Bajaj Finserv can adequately cover significant financial expenses in your company.
When looking for short term loans for the unemployed or with an unstable income, you can apply for the loan against property. Make sure to check the EMIs beforehand using the term loan calculator to avoid a default.
It is an online calculator which computes the fixed monthly instalments to be paid towards the loan repayment. The tool displays three amounts:
Use this calculator before you avail instant online short-term loans or long-term advance. It is accessible 24 x 7 with no extra charges.
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This online calculator allows you to know the monthly outflows towards the instant short term loan repayment. As this expense will incur throughout the loan tenure, evaluating the EMIs beforehand helps you –
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The best part is no manual calculation is involved in using the term loan calculator. It computes results based on the following mathematical formula:
E = P * R * (1+R)^N / ((1+R)^N-1)
Here, the variable E stands for EMI. While P and R stand for Principal amount and Interest rate respectively, N stands for repayment tenure.
To calculate EMIs of long or short term loans online, enter three details accurately – principal loan amount, rate of interest and your preferred tenure. The calculator displays the results instantly based on the data provided.
You can use this online tool multiple times to check feasible EMIs with different tenures and principal amount.