Year | Principal | Interest | Balance |
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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.
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]
Where,
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)
Your monthly EarlySalary personal loan EMI amounts at different loan repayment tenors will look as follows:
EarlySalary Personal Loan EMI Amounts for Different Tenures (Interest Rate: 24% p.a.) |
|||
Loan amount |
2 years |
3 years |
5 years |
₹1 lakh |
₹5,287 |
₹3,923 |
₹2,877 |
₹5 lakh |
₹26,436 |
₹19,616 |
₹14,384 |
₹10 lakh |
₹52,871 |
₹39,233 |
₹28,768 |
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.
EarlySalary charges an interest rate of 14% 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.
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 Fibe. (applicable for tenure 3 months, 6 months).