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Professional Loan EMI Calculator

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How to Calculate the EMI for a Professional Loan?

Use the professional loan EMI calculator to get an estimate of the EMIs payable. For this, simply enter the loan amount, interest rate, and tenure. Within seconds, the tool will compute the EMIs and total repayment costs of your loan.  You can use this tool for free on Bajaj Markets.

Disclaimer

The calculation results are based on the values you enter in the calculator. Your EMI amount (including the actual interest amount charged) will depend on the prevailing rates. The results are neither certified nor guaranteed. The repayment schedule presented is for illustration purposes. Confirm the values with your lender prior to applying for the professional loan.

FAQs

Why should I use a professional loan EMI calculator?

EMI calculators for professional loans enable you to estimate your monthly obligations. The insights you gain from this tool can be valuable in budgeting and planning your finances.

How is the EMI for a professional loan calculated?

The loan amount, tenure, and interest rate are considered when calculating the EMI. The formula to calculate the monthly instalment is:

EMI = P x R x (1+R)^N / [(1+R)^N-1] 

Here, P represents the principal loan amount, N denotes the tenure, and R symbolises the rate of interest. However, to get quick results and avoid any errors, you can use the EMI calculator. It generates the results almost instantly.

How can I access my professional loan’s amortisation schedule online?

You can check the probable amortisation schedule for free by using an EMI calculator. It outlines the breakdown of your EMIs into the principal and interest components. The schedule highlights how your monthly instalments gradually service the loan over the set tenure.

Do I have to pay to use the professional loan EMI calculator?

No. You can calculate your professional loan EMI online for free on Bajaj Markets.

How to reduce EMIs on a professional loan?

Some ways to reduce the EMI of your professional loan are as follows:

  • Choose a longer tenure

  • Negotiate for lower interest rates

  • Prepay the loan as and when possible

  • Refinance or transfer the balance of your loan

Why is the EMI estimate different from the one mentioned in my loan agreement?

The final agreement usually includes extra charges and slight rate adjustments made by the lender. This could lead to a difference in the estimate and EMI mentioned in your agreement. EMI calculators for professionals usually provide close estimates rather than definitive answers. So, do check the EMI amount with your lender prior to making any financial decision.

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