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Bajaj Personal Loan EMI Calculator

Loan amount
Rate of interest (p.a)
%
Loan tenure
Yr
Monthly EMI
Principal amount
Total interest
Total amount
Principal amount
Interest amount

The Bajaj Finserv financial services offer its customers personal loans, that is, for salaried and for self-employed persons. These loan amounts go up to a range of Rs. 25 lakhs and for tenures of up to 5 years. They also have the facilities of instant approval and much more.

If you want a personal loan from Bajaj Finserv and you would like to know how much your EMI would be towards a personal loan from Bajaj Finserv, you can use the Bajaj Finserv personal loan EMI calculator from Groww.

What is the Bajaj Finance Personal Loan EMI Calculator?

The Bajaj Finserv personal loan calculator is an online tool that you can use to know the amount of EMI you would be paying towards a personal loan that you borrow from Bajaj Finserv.

This calculator is an automated tool and will give you instant answers through a preprogrammed standard formula. You can make use of the calculator before applying for the loan to know if you are ready to take this personal loan.

Moreover, calculator usage will not require any expert technical skills or expertise; it is a simple and user-friendly tool. You will not have to do any manual calculations once you start using this calculator.

How Do I Use the Bajaj Personal Loan Calculator?

Using the Bajaj Finserv personal loan calculator is simple and easy; all you would have to do is follow these minute steps:

Step 1: Enter the principal amount that you want as a personal loan from Bajaj Finserv.

Step 2: Enter the Tenure of the loan scheme that you are borrowing.

Step 3: Finally, you will have to enter the interest rate that is charged by Bajaj Finserv for your personal loan.

After these details have been given, you will automatically see the display of the EMI amount of the personal loan from Bajaj Finserv.

What are the Benefits of Using Groww's Bajaj Finserv EMI Calculator?

There are several benefits to using the Bajaj Finserv personal loan calculator, and some of the best perks of using it are:

  • You will get to save time from manual calculations of EMI amount or interest amount.
  • The Bajaj Finserv personal loan calculator is a free tool that you can take advantage of.
  • When you know your EMIs beforehand, you can make wiser decisions.

How Does the Bajaj Finserv EMI Calculator Work?

The Bajaj Finserv personal loan calculator uses a standard formula that gives you the most accurate results, and the formula is:

EMI = [ P x R x (1+R) ^ N ]/[(1+R)^N-1]

This formula expanded stands for:

P - The Principal Amount of the Personal Loan

R - The Interest Rate of the Personal Loan from HDB Finance

N - The Tenure of the Personal Loan

This formula can also be explained through an example of a personal loan from Bajaj Finserv, which is mentioned below.

Sushma wants to borrow a personal loan from Bajaj Finserv in July 2022. The amount of the loan that she needs is Rs. 3 lakhs. The Tenure she wants to repay this money is 5 Years. Bajaj Finserv gives her an interest rate of 16%, and therefore mentioned below are the details of their personal loan of Susham:

The principal amount = Rs. 3 lakhs

The rate of interest = 16%

The Tenure of the personal loan = 5 Years

EMI = Rs. 7,295

Amortization Table of the Personal Loan from Bajaj Finserv

Based on the example that has been given above, this will be the repayment schedule that Susham will follow to repay her personal loan over a period of five years:

Year

Interest Paid

Principal Paid

Total Payment

Outstanding Loan

2022

23,329

20,443

43,772

2,79,557

2023

41,446

46,101

87,547

2,33,457

2024

33,502

54,041

87,543

1,79,416

2025

24,193

63,352

87,545

1,16,065

2026

13,281

74,264

87,545

41,800

2027

1,971

41,800

43,771

0

 

Bajaj Personal Loan EMI Calculator - FAQs

Q1. What is the meaning of the Bajaj Finserv personal loan calculator?

This is an online calculator where you can know your EMI amount of a personal loan from Bajaj Finserv.

Q2. How can I use the Bajaj Finserv personal loan calculator?

You will have to provide the principal amount, Tenure, and rate of interest.

Q3. What is the formula that is used by the Bajaj Finserv personal loan calculator?

The formula that is used by this calculator is EMI = [ P x R x (1+R) ^ N ]/[(1+R)^N-1].

Q4. Are there any prerequisites to using the Bajaj Finserv personal loan calculator?

You will need to know the amount that you need, the rate of interest that is provided by the bank, and the Tenure that you want to repay the personal loan.

Q5. Can I use this calculator more than thrice?

Yes - you can use it as many times as you want to.

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