Get Bajaj Finserv Personal Loan (2021)

A personal loan is known as an unsecured loan that can be used for a large variety of end-uses, such as medical treatment, home renovation, travel, wedding, and other urgent financial requirements. With Bajaj Finserv personal loan, you can borrow the loan amount up to Rs. 25 lakhs and get instant approval of it with minimal documentation required. With a certain eligibility check, you can easily meet the parameters and basic documentation process to avail of the loan within the same day of approval.

What are the benefits of a Bajaj Finserv Personal Loan EMI Calculator?

Bajaj Finserv Online Personal Loan EMI Calculator offers the following benefits:

• Easy and quick EMI calculation

• It minimizes the chances of error

• It helps in evaluating a suitable repayment schedule via EMI Calculation.

• It helps in choosing a suitable repayment amount that can be repaid over time without affecting a borrower’s finance.

How does a personal loan EMI calculator work?

An EMI Calculator is used as a simple formula to determine your EMI. 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 on a monthly basis, and

• n is the tenure/duration

How is the personal loan interest rate calculated?

Calculate the personal loan interest rate amount along with the EMI per month can be calculated online. In this case, you need to use the personal loan interest rate calculator. Once you select the loan amount and the repayment tenure with an applicable interest rate, then the tool will suggest the exact interest rate amount payable. It will be calculated as the total interest rate amount payable on the required loan amount over a tenure period.

In this case, you can also use the Bajaj Finserv Personal Loan EMI Calculator to know an exact EMI payable before applying for the loan. It will help you to make prior arrangements for ensuring EMIs

Components of Bajaj Finserv Personal loan EMI calculator

The three main components of a Bajaj Finserv personal loan EMI Calculator are as under:

• Loan amount: In Bajaj Finserv personal loan, the monthly installment amount is payable directly proportional to the loan amount opted for. If the higher the loan availed, the higher will be your EMIs.

• Rate of interest: The interest rate is charged in a percentage at which lenders charge interest on the loan amount. If you are getting a higher interest rate it may increase the EMIs and vice versa.

• Tenure: The repayment period for the loan amount and is inversely related to EMI. A longer tenure reduces monthly installments while a shorter tenure increases them.

Checkout the EMIs on a personal loan if you avail of the loan amount of Rs. 1 lakh with a 13% interest rate at Bajaj Finserv.

It can be easy to take a personal loan to meet your loan expenses such as home renovation, vacations, and gifts. The debts are repaid as EMIs. Thus, EMI consist of both the principal and the interest rate. In the interest rate loan facility, the EMIs consist of only the interest component. The principal amount is paid at the end of the loan tenure.

Bajaj Finserv personal loan EMI Calculator

EMI Calculator helps to calculate EMIs for the loan that you need to enter the loan amount, tenure, and interest rate. It helps to decide a suitable tenure based on your repayment capacity. Bajaj Finserv EMI Calculator not only indicates the EMI amount of the loan. However, it also calculates the total interest payable and total loan amount paid.

Conclusion

The main aim of the Bajaj Finserv personal loan EMI Calculator is to know about the EMI loan amount of an individual. You can easily check the personal loan amount of the personal loan. In this article, you can get the details of EMI calculation, benefits for applying for the personal loan EMI Calculator, the formula of personal loan EMI Calculator, and more. For more details, you can also visit the official website of Bajaj Finserv. Read More: Things You Should Know About FairCent Personal Loan