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Personal Loan EMI Calculator Online

Personal loans are quite common these days given that the entire application process is entirely online. Moreover, with swift approval and disbursal, personal loans appeal to millennials, making it an easy-to-go option when in need of instant funds. Whether it is a family vacation, wedding, medical emergencies, or children’s education, a personal loan caters to all your needs. In India, the rate of interest on personal loans is higher than a home or car loan. Therefore, managing your personal loan would require proper planning of finances.

Now that you have decided to avail a personal loan, you need to plan your monthly pay outs or EMIs advance along with 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.

An EMI comprises of two parts. One part is dedicated towards the repayment of the principal amount and the other is directed towards the interest. During the initial years, the interest component of the Personal loan is higher. However, once you move towards the end of the tenure, the interest component becomes less and the principal repayment amount increases.

The ‘Personal Loan EMI Calculator’ is an online tool by Finserv Markets, which asks you to provide certain inputs so that the in-built calculator can give you the exact amount you will need to shell out every month for repaying the Personal loan. To facilitate the Bajaj Finserv lending process, there are three important inputs required when using the EMI calculator:

  •  Loan amount

This is the principal amount of Bajaj Finserv Personal loan that you wish to avail from us.

  •  Rate of interest

This is the interest rate required to be paid. The rate of interest is actually the cost that is paid on this loan. You can enter the interest rate on your Bajaj Finserv Personal loan as mutually agreed upon with us.

  • The tenure of the loan

The next input is the loan tenure or loan duration. The loan is repaid throughout this total term.

The inputs are taken on a sliding scale, which allows you to change the values according to your preference. The amount of EMI is calculated in just a click. Whenever you change the inputs, the EMI result changes accordingly.

The EMI calculator also displays the results in a colour-coded pie chart format. This helps you to see the proportion of the EMI going towards the principal amount and the interest in percentage form.

 

How is the personal loan EMI calculated?

An EMI calculator uses a simple formula to determine your EMI. The formula used is: 
E=P*r*(1+r)^n/((1+r)^n-1)
where E is EMI, P is the principal loan amount, r is the rate of interest calculated on a monthly basis, and n is the tenor/duration of the loan.

Let us say you borrowed INR 10 lakh as 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. 

 

How to use the ‘Personal Loan EMI Calculator’

Calculating your personal loan EMI is really a simple process. You need to click on the Personal Loan EMI Calculator on our website. After that, all you need to do is to input the Personal loan amount, rate of interest, and Personal loan tenure. You will get the amount of EMI that you need to pay for the Personal Loan according to those inputs on an instant basis. Once yolu get a fair idea on what your personal loan EMI can be, you can apply online and facilitate the Bajaj Finserv lending process. 

 

What are the benefits of a ‘Personal Loan EMI Calculator’?

A personal loan is a big commitment. Hence, you need to know the monthly amount that you would require set aside for a Bajaj Finserv Personal 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 Personal loan so that you can avail of an EMI that can be easily managed by you.

 

The personal loan repayment schedule

The Personal Loan EMI Calculator’ is also accompanied by a repayment schedule. A personal loan repayment schedule is a calendar of your periodic payments that you need to do throughout your loan tenure. This calculation is performed through an amortization calculator. A ‘personal loan repayment schedule’ refers to the entire process of servicing your Personal loans through regular payments over a period of time. The schedule separately shows the amount of the principal and interest component in each EMI that needs to be paid.

Manage all your queries here

  • Why should I avail of a Personal Loan online?

    Taking a Personal Loan online is faster, secure, hassle-free and transparent. The Bajaj Finserv lending process will save you a lot of time and effort.

  • Why should you choose us for a Personal Loan?

    The Bajaj Finserv online process lets you avail of a loan from the comfort of your home. No paperwork. No agents. And it's super secure. You can choose from a variety of exclusive loan products which suit your need.

  • Do I have to provide any security, collateral or guarantors?

    No, we don't ask for any kind of security or guarantee.

  • Can I carry out the application process in a conventional manner offline?

    Sorry, we only have an online presence and recommend online transactions for quick processing and convenience. The Bajaj Finserv lending process in seamless.

  • Do you offer balance transfer facility for Personal Loans?

    No, we don’t have the facility of balance transfer for Personal loans.

  • How secure is my information?

    All your sensitive information like personal/financial information is encrypted and safeguarded with our best in class security systems. We don't share your information with any marketing agencies or any 3rd party without your consent.

  • What are the basic Personal Loan eligibility criteria?

    You can apply for a Personal Loan if: 1. You are a salaried employee 2. You are between 23-58 years of age 3. Your minimum take home salary is greater than Rs. 37,000 and you reside in Tier 1 cities and Rs.27,000 incase you reside in Tier 2 cities.

  • Can I avail a Personal Loan if I am self-employed? What is the Bajaj Finserv lending process to avail such a loan?

    You can check out the Self Employed section under Business Loans to find out more details.

  • Can I avail of a NRI Personal Loan?

    We are sorry. We currently serve only salaried Indian residents.

  • What is the minimum and maximum tenure that I can avail on a Bajaj Finserv pre-approved loan?

    You can avail a Bajaj Finserv Loan for a tenure ranging from 1 year to 5 years (with annual renewal option for interest servicing loan).

  • Is there a minimum limit on part payment?

    There is no minimum limit on part payment in case of Flexi Hybrid loan but there is a minimum limit of one EMI for part payment in case of Term Loan.

  • When can I make the part-payment?

    You can make part-payments at any time after paying the first EMI of a Term Loan.

  • How many times can I make a part-payment?

    There is no limit to the number of part payments in Hybrid Flexi Personal Loan and in Term Loan. However, a maximum of 6 part payments can be made in a year.

  • When can I foreclose my Bajaj Finserv loan?

    You can foreclose your loan after paying your first EMI.

  • How will a part-payment change my EMI and/or tenure?

    Part payment paid will be adjusted to the principal amount which results in a reduced monthly interest in case of Hybrid Flexi Personal Loan. For Term Loan, you can keep the EMI the same and reduce the tenure or you can keep the same tenureand increase the EMI.

  • Do you offer a top-up on existing Personal Loan?

    Yes, you can avail a top-up on an existing Personal Loan. However, you can avail Line facility, which is more convenient for availing additional funds.

  • How much amount can I withdraw on my Term Loan?

    Sorry, the withdrawal facility is not available on a Term Loan.

  • Why do Hybrid Flexi Personal Loans have a higher interest rate than Term Loans?

    You can actually save on interest payments even though the base rate is marginally higher than a Term Loan. The innovative customer friendly features that come with Hybrid Flexi Personal Loans allows you flexibility and control on your loan repayment which can help you minimize the interest you pay. In case of any fund requirements you can always withdraw from the part payments with funds instantly credited to your bank account.

  • What documents do I need to submit to avail of a Personal Loan?

    You need to provide us with the digital copies of all your documents. Usually, for a personal loan/line, you would need to provide proof of identity, proof of current address, SPDC and a cancelled cheque.

  • How do I check my personal loan eligibility?

    You can visit our Calculator section for a quick personal loan eligibility check.

  • Why do I need to provide my bank account credentials while applying?

    We fetch your last 3 months bank statements directly from your bank thus saving you the trouble of uploading the documents. Moreover, this facilitates the Bajaj Finserv lending process.

  • Can I get a loan anywhere in India? What is the maximum loan amount that I can get?

    We are present in 35 major cities in India. Click here to see the list. You can avail of a loan of up to Rs.25 lakh subject to your eligibility.

  • How is a Line different from a Loan?

    A line is a limit that is assigned to you as per your eligibility. A loan can be availed out of the line at any point of time and gets disbursed to your bank account without going through the hassles of applying again.

  • What are EMI dates? Can I change them?

    You can schedule your EMI payment date as the 2nd or 5th of every month. You may change your EMI dates at a nominal fee.

  • How can I change my tenure?

    You can change your tenure by making part payments.

  • What is the loan processing fee?

    2% of the loan amount is charged as processing fee. This fee is deducted from the loan amount.

  • What are the part-payment charges?

    There are no part-payment charges on Hybrid Flexi Personal Loans. Term Loans come with a 2% part-payment fee.

  • What are the foreclosure charges on my Bajaj Finserv pre-approved loan?

    We charge you 4% of the outstanding principal as foreclosure charges.

  • Are there any annual maintenance charges for Flexi Hybrid Personal Loan?

    0.25% on loan amount

  • Are there any other hidden charges?

    No. We commit 100% transparency to you. There are no hidden charges at all.

  • What are the EMI bounce charges?

    We charge Rs.1,000 per bounce for your Personal Loan repayments on your Bajaj Finserv pre-approved loan.

  • What are the penal charges for my Bajaj Finserv loan?

    We charge 2% per month on the overdue amount.

  • What happens if my EMI payment bounces?

    It is advised that you maintain sufficient funds in your account for clearing loan EMIs regularly. However, in case of an EMI bounce we would be charging bounce charges of Rs. 1,000 per bounce. You could also attract penal charges on further delay in paying the EMI which can impact your credit score.

  • What happens to my line in case of an EMI bounce?

    The line functionality is suspended in the event of an EMI bounce. This functionality is activated on a later date basis repayment history and as per internal policies.

  • How do I get my loan foreclosure letter?

    The foreclosure letter can be downloaded by logging in to our Customer Portal.

  • How do I make a loan part-payment?

    Login to our Customer Portal and choose the part-payment option.

  • How can I foreclose my loan?

    Login to our Customer Portal and go to foreclose your Bajaj Finserv pre-approved loan.

  • How do I pay my EMIs?

    Your EMIs will be auto deducted from your bank account via automatic ECS instruction.

  • What is the procedure to withdraw out of part payments made?

    Log in to our Customer Portal and select the additional withdrawals tab to withdraw from your Bajaj Finserv pre-approved loan.

  • Where will I get the disbursed loan amount?

    The loan amount will be credited directly to your bank account.

  • What is ECS-mandate?

    ECS is an electronic mode of funds transfer from one bank account to another. You need to inform your bank and provide a mandate that authorizes the institution, that can then debit or credit the payments through the bank. The mandate contains details of your bank branch and account particulars.

  • How do I track the status of my online application?

    Login to our Customer Portal to track the status of your application.

  • How can I make my overdue payments?

    You can pay your overdue EMIs online through the Customer Portal. This facility is offered to customers who have Net Banking activated for their Bank account. Click here to login to the Customer Portal.

  • How long does it take for the part-payment or withdrawal to reflect in the statement of account?

    The part-payment or withdrawal will reflect in your statement within 30 minutes.

  • Where can I view my EMI status?

    You can view and also download your Statement of Account or Repayment Schedule on our Customer Portal. Alternatively, your statement of account will be forwarded to your registered email ID every month.

  • How can I get my loan account statement?

    You can view and also download your Statement of Account or Repayment Schedule on our Customer Portal. Alternatively, your statement of account will be forwarded to your registered email ID every month.

  • Where can I view my outstanding loan amount?

    You can view and also download your Statement of Account or Repayment Schedule on our Customer Portal.

  • Where can I access my loan documents?

    Scanned copies of your loan documents are available on our Customer Portal.

  • What should be my monthly income to be eligible for a personal loan for salaried individual?

    Based on your city of residence your minimum monthly salary must be the following: Rs. 37,000 - For Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida and Thane. Rs. 32,000 - For Ahmedabad, Kolkata, Cochin, Jaipur, Nagpur. Rs. 30,000 Jaipur, Chandigarh, Nagpur, Surat and Cochin. Rs 27,000 - For Goa, Lucknow, Baroda, Indore, Bhubaneswar, Vizag, Nasik, Aurangabad, Madurai, Mysore, Bhopal, Jamnagar, Kolhapur, Raipur, Trichy, Trivandrum, Vapi, Vijayawada, Jodhpur, Calicut and Rajkot.

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