PaySense Personal Loan EMI Calculator

The PaySense EMI calculator lets you explore different tenure and interest rate combinations to compare EMI amounts and determine the best option for your budget.

PaySense Personal Loan EMI amount can be calculated with the following formula:

EMI =P×r×(1+r)n(1+r)n−1

Where:

• P: Principal loan amount

• r: Monthly interest rate (annual rate divided by 12)

• n: Loan tenure in months

Here is the detailed calculation of EMI amounts as per tenure up to 5 years for a fixed loan amount of ₹5 Lakhs and interest rate 14%:

*Disclaimer: The above values are for illustrative purposes only. Reach out to PaySense to check the actual EMI amount payable.

Several key factors determine the EMI of your PaySense Personal Loan. Understanding these factors can help you plan your finances better and choose a loan that aligns with your budget.

Here are the factors listed for your understanding:

Loan Amount

The amount you borrow directly impacts your EMI. A higher loan amount leads to a higher EMI. For example, a ₹3 Lakhs loan will have a larger EMI than a ₹60,000 loan, assuming the interest rate and tenure remain the same.

Interest Rate

The EMI increases with a higher interest rate. For instance, a loan at 14% interest per annum will have a higher EMI than a loan at 12% for the same loan amount and tenure.

Loan Tenure

A longer tenure reduces your EMI but increases the total interest paid.

Type of Interest Rate

If you opt for a fixed interest rate, your EMI remains constant throughout the loan period. On the other hand, floating interest rates fluctuate based on market conditions, which can lead to variations in EMI amounts.

Repayment Schedule

The frequency of your loan repayments, be it monthly, quarterly, or biannually, affects your EMI structure. While most borrowers choose monthly payments, some lenders provide alternative schedules that may influence the overall repayment plan.

When you apply for a PaySense Personal Loan, you authorise auto-debit through the National Automated Clearing House (NACH). This allows PaySense to deduct your EMIs directly from your registered bank account. However, the auto-debit process requires approval from your bank before deductions can begin.

Your payment method depends on your NACH status:

Method 1 – NACH Active

If NACH is activated, your EMI will be automatically deducted from your registered bank account on the due date. Ensure that you maintain a sufficient balance at least a day before the EMI due date to avoid late fees and penalty charges.

Method 2 – NACH In Process/Rejected

If your NACH is still under process or has been rejected, you must make your EMI payment manually via the PaySense payment gateway.

You can pay using a debit card or net banking. Please note that payments through PayU may include an additional payment gateway charge

Once your payment is made, it may take 4-5 working days to be processed and reflected against your loan.

Now that you have gained information about calculating the EMI conveniently through the EMI calculator online, you can easily apply for a PaySense Personal Loan at Bajaj Markets. You can get a loan of up to ₹5 Lakhs with a smooth online process, minimal documentation, and flexible repayment tenure.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.