Bajaj Car Loan EMI Calculator

Bajaj Finance is a non-financial banking institution and has created great recognition in recent times. This financial setup has also been known for its vehicle and car loan facilities that are being offered to the clients.

Bajaj Finance car loans are easy to avail, but you will have to repay the loan through an EMI. An EMI is known as an equated monthly installment that you will have to pay every month, and it consists of the principal amount and interest. You can know what your EMI from the Bajaj Finance car loan is going to be with the Bajaj Car Loan EMI Calculator.

What is the Bajaj Finance Car Loan Calculator?

The Bajaj Car Loan EMI Calculator is an online tool that will enable you to check your EMI amount with any calculations. This tool can be used online through Groww, and you can view your EMI amount and total interest before you get your loan. 

This calculator will enable you free access to constant assistance in knowing the details of your car loan from Bajaj. You would not have to provide any personal details, and all you would have to do is key in the primary details that will determine your car loan.

How will the Bajaj Finserv Car Loan EMI Calculator Me?

The Bajaj Car Loan EMI Calculator is assistance since you do not have to visit the facility or do manual calculations to determine what the EMI amount in the car loan will be. All you would need to do is access the internet. This tool is free of cost, allowing you to access it anywhere and at any time.

You can also use this tool as a tool of comparison to know what the best possible combination would be to get your car loan from Bajaj Finance.

How Can I Use the Bajaj Finance Car Loan EMI Calculator?

It is easy to use the Bajaj Car Loan EMI Calculator, and all you would have to do is key in the information that has been described below:

1) Principal

You will have to key in the principal amount that you want from Bajaj Finance. This will always exclude the down payment that you are willing to make over the loan.

2) Tenure

You will then have to adjust the tenure for what you want to pay the EMI.

3) Interest Rate

You will then have to give the interest rate that Bajaj Finance will offer for a car loan.

After you have entered all of these details, the calculator will automatically display the EMI amount to you, and you can view it on your screen.

What is the Formula to Calculate the Bajaj Finance Car Loan EMI?

The calculator of Bajaj Car Loan EMI Calculator from Groww uses a standard formula of calculation, and that is:

[PxRx(1+R)^N]/[(1+R)^N-1]

P - It is the Principal amount for the loan.

R - It is the Rate of Interest on the loan that Bajaj Finance offers to you.

N - It is The Tenure of the loan that you want to borrow for.

This formula can be demonstrated through an example, and here is the example to demonstrate.

Hrithik wants to borrow a car loan from Bajaj Finance in June 2022. Here is everything you need to know about the loan:

P = Rs. 5 lakhs

R = 8%

N = 4 Years (48 months)

EMI = [5,00,000 x 12/100/12 x (1+8/100/12)^48] / [(1+8/100/12)^48-1]

EMI = Rs. 12,206

Amortization Table of the Loan

You can look at the table below to know the break-even points of the example mentioned above:

What Advantages Come From Using the Bajaj Finance Car Loan EMI Calculator?

There is a multitude of perks in using the Bajaj Finance car loan calculator from Groww, and some of them are:

• You will not be charged to gain insights into the loan details that you are looking forward to.
• You can use it as a tool of comparison and make the right borrowing decision.
• You can also use the calculator to plan around your EMI each month.