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Personal Loan EMI Calculator Online

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:

  • Loan amount

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

  • Rate of interest

The rate of interest is the actual cost of your personal loan application.

  • The tenure of the loan

The next input is the loan tenure or loan duration. This the total duration in months or years in which the EMI will repaid.

Use our Personal Loan EMI calculator

** 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.

How is the Personal Loan EMI Calculated?

The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest. Therefore, EMI = principal amount + interest paid on the personal loan.

The formula to calculate EMI 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 Lakhs 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 Lakhs = 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 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

  • Loan tenure

You will get the amount of EMI that you need to pay for the Personal Loan according to those inputs instantly.

Benefits of a ‘Personal Loan EMI Calculator’

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.

Personal Loan Interest Rate and Charges

With Bajaj Finserv Personal Loan, choose the rate of interest on a Personal Loan based on your preference and repay the loan over the flexible tenure. Enjoy most competitive interest rates of Personal Loan with Finserv MARKETS. We have no hidden charges and believe in complete transparency.

Check out our Personal Loan Interest Rate and charges for a detailed list of all the fees.

Are you Eligible for our Personal Loan?

Qualifying for Bajaj Finserv Personal Loan is dependent on your employment status, age and your credit score.

Check out our Personal Loan Eligibility Criteria to find out if you qualify for a Personal Loan.

Documents required for 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 the full list of documents necessary to avail the personal loan. 

Pre-Payment and Part Payment in Personal Loan

  • Pre-Payment

Pre-payment means early repayment of a loan. It is an EMI (Equated Monthly Installments) payment that's paid before its due date and is usually a big amount. If you have a large sum of money, then you can pay it to your lender as a part of your loan. Making this payment will lead to a reduction in the EMI amount for the remaining tenor, or reduction in tenor with the same EMI amount.

  • Part Payment

In personal loan part payment, you have a lump sum amount of idle money, but it is not equivalent to the entire principal outstanding loan amount. Part-payment brings down the principal amount unpaid, which in lowers you’re EMIs (Equated Monthly Installments) and the total interest you pay.

Modes of Loan Payment or Re-Payment

  • ECS (Electronic Clearance System)

It’s an electronic mode used to transfer the funds from one bank to another. Equal monthly installments of loans and SIP investments are also done through ECS mode. This is used for both debit and credit purposes.

  • NACH (National Automated Clearing House)

Over the years, the payment system has evolved a lot. NACH is a program offered by the National Payment Corporation of India (NPCI) to Banks, Financial Institutions and Corporate & Government Services. NACH aims at Repetitive interbank whether high or low volume debit/ credit transactions.

  • PDC (Post Dated Cheque)

PDC’s are given by the payers for a future date. These PDC’s can either be cashed or deposited on the date mentioned on the cheque. It is common and works as a bill of exchange and cannot be payable or demanded before the date written on the cheque.

  • Standing Instruction / Debit Mandate

standing order or standing instruction is where an account holder pays a set amount to another bank/account at a regular interval. This facility is used to pay mortgage, rent or any other fixed payments because it is usually not suitable to pay for varying bill amounts.

Benefits of Choosing Finserv MARKETS

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.

Frequently Asked Questions on Personal Loans

  • ✔️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 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 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 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 pay my EMIs?

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

  • ✔️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 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.

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