The formula used by the personal loan EMI calculator is:
EMI = [P x (R/100) x {1+(R/100)}^N]/[{1+(R/100)}^(N-1)]
Where,
EMI = equated monthly installments
P = loan principal i.e. amount borrowed
R = loan interest rate (monthly basis) = annual interest rate/12
N = Loan tenure in months
The above formula works for calculating EMIs for all kinds of loans and not just loan EMI. With the availability of online EMI calculators, it is no longer necessary to perform this tedious calculation the old manual ways as the result can be obtained instantly by providing the required data online.
The Loan EMI options offered to a borrower will pretty much depend on their income and existing obligations if any. These two factors determine the loan repayment potential of an individual. Lenders can grant you the loan amount where you are allowed to have an EMI up to 60% of your net take-home income. However, if you can do it with a lesser amount, it will be better. The reason being personal loans are unsecured loans and can come with a higher rate of interest. Having a reduced loan amount will mean a much lower EMI, this gives you extra space to focus on your other obligations. A sudden rise in the monthly expenses can’t be ruled out, and if that happens, having a reduced EMI will come to your rescue.
With Bajaj Finserv Personal loan, you get flexible repayment tenure with easy access to EMIs over a period of 12-60 months. There are no hidden charges on your loan and you can easily access your loan account anytime, anywhere. Their hassle-free online application process with minimal documentation of loan makes it an ideal choice for getting a loan. With personalized pre-approved offers, instant approvals, and quick disbursal of loan, on the Personal Loan App by Finserv MARKETS, you can get the most attractive interest rates on loans. By applying for a Bajaj Finserv Personal loan you can check your CIBIL score for free and also obtain a Financial Health Check Report (FHCR). They also provide you with an EMI calculator that gives you the exact monthly outflow of your EMI amount, this makes your loan repayment much easier.
“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”