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The EarlySalary personal loan EMI calculator helps you determine your total monthly EMI obligation in a matter of seconds. This tool could prove to be advantageous for you in several ways. This article will take you through all of them and it will even highlight the variables that will affect your EarlySalary personal loan EMI amount.

How to Calculate the EMIs for an EarlySalary Personal Loan?

The EMI calculator for EarlySalary personal loans on Bajaj Markets is an algorithm-based tool which can help you compute your EarlySalary personal loan EMI amount before applying. To use this tool, all you will need to do is enter your principal amount, your applicable interest rate as well as your loan repayment tenor (in months) in the correct fields. Once you have done that, a near-to-accurate estimate of your monthly EarlySalary personal loan EMI obligations will flash on your screen within seconds.

EarlySalary Personal Loan EMI Calculation Formula

You can use the following formula to compute your EarlySalary personal loan EMI amount manually:

EarlySalary Personal Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1]


EMI is your EarlySalary personal loan Equated Monthly Instalment amount,

P is stands for the total amount you plan on borrowing, or your principal amount,

R is your interest rate (expressed in months), and

N is period of loan repayment (Which is also expressed in months)

Calculation of the EMI Amounts of EarlySalary Personal Loan

Your monthly EarlySalary personal loan EMI amounts at different loan repayment tenors will look as follows:

EarlySalary Personal Loan EMI Amounts for Different Tenors (Interest Rate: 24% p.a.)

Loan amount

2 years

3 years

5 years

₹1 lakh




₹5 lakh




₹10 lakh





Benefits of Using EarlySalary Personal Loan EMI Calculator

The usage of the EarlySalary personal loan EMI calculator offers the following benefits:

You will know what you owe: The EMI calculator tool will help you put a number on your monthly personal loan EMI obligation so that you can plan your finances easily.

You can enter an agreement confidently: Once you know whether you can repay your EarlySalary personal loan EMI with zero hassles, you will easily be able to decide whether or not you should take on a personal loan. If you can confidently repay your personal loan, you can take the personal loan confidently. If your credit score permits, you may even want to consider negotiating interest rates with your lender.

Helps you decide the correct repayment time period: Once you know your principal amount and your interest rate, you will be able to decide on a loan repayment tenor that you will be most comfortable with. You can determine that by simply changing the repayment tenor on the tool and then seeing what your EMI obligations will look like after that.

Time-saving and accurate: Calculating your EMI amount through the traditional way is a very energy and time-consuming ordeal. Additionally, there is always room for human errors when you take the manual route. But, if you use the EarlySalary personal loan EMI calculator, you can know exactly what your EMI would like after you have availed the loan within seconds.

Factors Affecting EarlySalary Personal Loan EMIs

Some of the variables that will impact your EarlySalary personal loan EMI amount are:

  • Loan amount: Your principal amount will have a direct impact on the amount of money you will have to set aside every month to pay off your EarlySalary personal loan. If you avail a nominal amount as a personal loan, your monthly EMI obligations will be small too. Larger loan amounts, on the other hand, would translate to high EMI payments.

  • Your borrowing rate: The interest rate that you will get the personal loan on is basically the profit percentage that your lender will earn on the amount lent to you over time. It goes without saying that a higher interest rate would mean that you will have to pay higher EMI amounts every month and vice-versa.

  • Your loan repayment period: Your loan repayment period, or tenor refers to the amount of time over which you will repay your EarlySalary personal loan. If you are going with a smaller repayment period, you will pay a big sum of money every month as EMIs towards the same. But, long loan repayment tenors will mean that you will shell out smaller EMI amounts on your EMI payment due date.

  • Your monthly income: Your monthly remuneration will also be accounted for before the lender decides your interest rate. Lower monthly income would mean that you might need to pay a high interest rate, resulting in higher EMI amounts and vice versa.

  • Your age: Your age also plays a crucial role in arriving at your interest rate. If you are a senior citizen, you may get your EarlySalary personal loan at a higher interest rate since your earning years are coming to an end. But, if you are in your 20s or 30s, which is when most people are at the height of their careers with a lot of earning years to spare, you may get a loan at a lower rate of borrowing.

How to Pay Your EarlySalary Personal Loan EMI

EarlySalary personal loan EMIs can be paid by you in the following ways:

  • ECS (Electronic Clearance System): The ECS system can help you repay your personal loan EMIs easily without a lot of paperwork.

  • Standing Instruction: You can alternatively instruct your bank to deduct your EarlySalary personal loan EMI amount every month on a specific date to pay the lending company. Such instructions are called standing instructions. This way, you can pay off your EarlySalary personal loan EMIs with ease and ensure that you do not miss a single payment. You must keep in mind that if you miss an EMI payment or pay it late, your credit score can drop significantly, which will make it hard for you to get a loan in the future.

How to Decide the Right Amount of EMI?

Your right amount of EMI will be contingent on your interest rate, repayment capacity and your principal amount. Some other factors that should also be taken into consideration by you are:

  • Your existing loan obligations: The most important factor to account for ahead of taking an EarlySalary personal loan is to see if you can manage its EMI payments alongside those of any of your other existing credit obligations. If you have any current credit card bills or loans you are paying off at the moment, we would recommend that you go for a longer repayment tenor. Alternatively, if possible, prepay any of your other existing loan obligations before taking the EarlySalary personal loan if possible.

  • Your borrowed amount: The amount of money you want to borrow will have a direct impact on the size of your EMI payments, hence you need to decide the same carefully. We would advise you to borrow only as much as you need as personal loans are often collateral-free, because of which they are given out at high interest rates.

Frequently Asked Questions

✔️What is the interest rate on EarlySalary loans?

EarlySalary charges an interest rate of 2% or 2.5% per month on the loan amount, depending on the tenure. That said, the interest rate is liable to change depending on factors like your income, age, and employment status, among others.

✔️What happens if I pay my EMI early?

If you happen to pay your EMIs earlier than the due date, then good for you. In fact, it is advisable to pay your EMIs before the due date.

✔️Can I get a personal loan if my salary is Rs. 15,000?

If you’re living in a Tier-2 city and your monthly take home salary is Rs. 15,000, you can get a personal loan from EarlySalary. (applicable for tenure 3 months, 6 months).