Now that you have decided to avail a personal loan, it is critical that you plan your monthly payouts or EMIs alongside your other financial obligations. The aim is to pay the EMI on time without defaulting on it. To ensure this, you need to know the exact monthly outflow of your EMI amount. The Personal Loan EMI Calculator by Finserv MARKETS is the quickest way to know this.
There are three important inputs required when using the EMI Calculator:
This is the principal amount of Bajaj Finserv Personal loan that you wish to avail from us.
The rate of interest is the actual cost of your personal loan application.
The next input is the loan tenure or loan duration. This the total duration in months or years in which the EMI will repaid.
An EMI calculator uses a simple formula to determine your EMI. The formula used is:
Where ‘E’ is EMI,
‘P’ is the principal loan amount
‘r’ is the rate of interest calculated on a monthly basis
‘n’ is the tenor/duration of the loan
Let us say you borrowed INR 10 lakh as a personal loan from a bank at the rate of 12% for a period of 10 years or 120 months. Then your EMI as per the formula would be: INR 10 lakh *0.010*(1+0.010)^120/((1+0.01)^120-1))= INR 22,244 per month. In a span of 120 months, you will end up paying INR 13,34,677. Out of this, INR 3,34,677 will be towards the interest.
Calculating your loan EMI is really a simple process. You need to click on the Personal Loan EMI Calculator on Finserv MARKETS website. After that, all you need to do is to input the following:
Personal loan amount
Rate of Interest
You will get the amount of EMI that you need to pay for the Personal Loan according to those inputs instantly.
A Personal Loan EMI Calculator helps you to know the monthly amount that you would require to set aside for repayment of loan. Once you are sure that you can meet the EMI payments regularly, you will be able to enter into an agreement with us. You can also negotiate on the rate of interest or the tenure of the loan. This will help you plan your finances easily and more effectively.
Personal Loan repayment schedule
Personal Loan EMI Calculator from Finserv MARKETS includes a repayment schedule. A repayment schedule is a calendar of your periodic payments that you need to do throughout your loan tenure. The schedule separately shows the amount of the principal and interest component in each EMI that needs to be paid.
Enjoy most competitive interest rates of Personal Loan with Finserv MARKETS. We have no hidden charges and we believe in complete transparency.
Check out our Personal Loan Interest Rate and charges for detailed list of all the fees.
Qualifying for Bajaj Finserv Personal Loan is dependent on your employment status, age and your credit score.
Checkout our Personal Loan Eligibility Criteria to find out if you qualify for a Personal Loan.
For verification purposes, it is necessary to meet the documentation requirements in order to avail a personal loan. We advise you to keep your documents like Identity Proofs (Aadhaar Card and PAN Card) ready for instant approval.
Check out our Personal Loan Documents pages to get a full list of documents necessary to avail a personal loan.
Personal Loan at Finserv MARKETS offers tailor-made to fulfil all your financial needs. You can enjoy end-to-end online process, minimal documentation and unlimited withdrawals with Hybrid Flexi Personal Loan. Get to know more about the benefits of availing our Personal Loan.
** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
**These are indicative and subject to change at the discretion of lender/ without prior notice.
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Financial planning is absolutely critical If you want your financial position to be secure and stable. However, before planning your finances, you must know how much you need to pay for each of these commitments. The home loan EMI calculator helps you to make an informed decision about creating a provision for each commitment beforehand.
The home loan EMI calculator is an online tool by Finserv MARKETS, which lets you provide / key-in certain inputs so that the inbuilt calculator can give you the exact amount you will need to shell out every month towards your home Loan. The three important inputs are:
This is the principal amount of the Bajaj Finserv Home loan that you wish to avail from us.
This is essentially the cost of your home loan that needs to be paid as a part of your EMIs. You can enter the interest rate on the home loan as agreed upon with us.
The next input is the loan tenure or Bajaj Finserv Home loan duration. This is the total term, throughout which, the home loan will be serviced.
The inputs are taken on a calibrated scale, which allows you to change the inputs according to your preferences. The amount of EMI is calculated within seconds of getting the inputs. Whenever you change the inputs, the EMI result changes accordingly.
Calculating your home loan EMI is a really simple process. You need to click on the home loan calculator on our website. After that, all you need to do is input the loan amount, the rate of interest, and loan tenure, and you are done! You will instantly get the amount of EMI that you need to pay for the home loan specific to those inputs.
Let us say that you have borrowed INR 20 lakh from a bank at the rate of 10.25% for a period of ten years or 120 months.
Then your EMI as per the formula would be: INR 20 lakh*0.008542*(1+0.008542) ^120/((1+0.008542)^120-1))= INR 26,708 per month.
In a span of 120 months, you will end up paying INR 32,04,919. Out of this, INR 12, 04,919 will be paid towards the interest.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI - Equated Monthly Instalment
P - Principal amount (amount borrowed as loan)
R - Applicable rate of interest (interest rate should be on a monthly basis)
N - Loan tenure or the number of EMIs to be paid (tenure should be in months)
The above formula is used to calculate home loan EMIs either manually or through MS Excel. However, these EMI calculation methods can be time consuming and exhausting. Hence, it is best to use a home loan calculator to calculate your EMIs.
A home loan is a long-term commitment. Hence, you need to know the exact monthly amount that you would require to keep aside. Home loan calculator is beneficial for calculating a manageable EMI for you. Once you are sure you can meet the EMI payments regularly, you will be able to enter into an agreement with the bank. You can also negotiate the rate of interest or the tenure of the loan if you want an EMI that is manageable for you.
The eligibility of home loan takes into consideration your citizenship, your work experience and your age. You can apply for a home loan from INR 10 lakh to 3.5 crore. Check out the complete home loan eligibility criteria for further details.
Avail flexible repayment, balance transfer and top-up options, Pradhan Mantri Awas Yojana, with complimentary value added services when you avail a Bajaj Finance home loan. Get a complete understanding of the features and benefits of home loan and get your dream home now.
Here is a list of factors that affect Home Loan EMI:
Any kind of change in your home loan interest rate during the tenure can have a positive or negative impact on your EMI. If you have already taken a home loan with floating interest rates then there will be changes in your EMI depending on the prevalent lending rates in the market. This means, every time there’s changes in bank rates, your EMI will be affected.
Even the slightest change in the tenure of the loan can impact your monthly equated installment. The basic principle says that, the longer the tenure, the lower will be your loan EMI and vice versa.
Prepaying your home loan brings down the principal amount and lowers the interest burden on you. However, you may be charged with a pre-payment penalty. You can try and negotiate with your lender to bring down the pre-payment penalty charges to as little as possible.
A step-up home loan repayment option is considered for those who have just got started with their career. Your EMI will increase with time. On the other hand, Step-down payment is convenient for those who are close to their retirement. Here, you start with EMIs of high amounts and gradually pay lesser with time.
Home Loan Prepayment is a facility that helps you repay your home loans if you have surplus funds before the completion of your home loan tenure. This ultimately reduces the outstanding principal amount owed, and in turn, reduces your EMIs or the remaining loan tenure.
Pre-EMI is the applicable interest payment to the amount that is disbursed over the entire tenure of a home loan. It begins when the house is under construction. Once the structure is complete pre-EMI payments end, and generous EMI payments start.
Deduction for Interest Paid on Home Loan
Tax deduction for interest paid on a home loan during the pre-construction period
Deduction on Principal amount repayment
Deduction for Stamp Duty and Registration Charges
Additional deduction under section 80EE allowed to the home buyers
Additional deduction under section 80EEA for homebuyers
Co-owners of the property can claim deduction for Joint Home Loan