When you have several family requirements on a priority list, don’t know how to plan? Relax. Assort your budget by taking help of Bajaj Finserv Personal Loan EMI Calculator. The calculators prove to be a useful tool which helps you to determine your monthly installments towards repayment of your loan. Now, you can comfortably keep aside some portion from your budget. Isn’t that easy for you? Ofcourse.
When EMI Calculators are not only a mathematical tool for performing arithmetic calculations but can successfully assist you in doing several permutations and combinations while forecasting your personal existence of future goals. But firstly you must know what EMI is all about?
What is EMI?
EMI stands for Equated Monthly Installment. It is the total amount which is repayable every month until the loan has been entirely repaid. EMI contains some portion of the principal amount and interest which becomes due on the loan.
EMI for personal loans are calculated with the help of following formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where, EMI-Equated Monthly Instalment
P – Principal Loan Amount
R – rate of interest calculated on a monthly basis
N – tenure/duration of the loan
Before availing Bajaj Finance Personal Loan, it is necessary to fulfill the following eligibility criteria:
Bajaj Finance Personal Loan Eligibility-
- The age limit of an applicant should be in between 25-58 years.
- An applicant needs to be a salaried employee by profession.
- The net monthly income of an applicant should be average ₹ 35,000 (Varies subject to the location and employer)
How EMI Calculator Works?-
Bajaj Finserv Personal Loan EMI Calculator works on three main criteria- loan amount, tenure and the rate of interest.
Loan Amount : It is the amount borrowed on your personal loan. The rate of interest is levied on the amount which is then categorized into monthly EMIs as per the tenure of the loan. Just enter the loan amount in the EMI calculator according to your requirements for availing the personal loan. EMI or monthly installments should not be excess of 40% of your monthly income.
Tenure: It is the time interval selected by the borrower for repayment of their personal loan. Normally, the loan interval ranges between 1 to 5 years. All banks provide flexible loan tenures which means that the borrower has the exclusive right to choose the repayment tenure which perfectly adjusts his/her needs.
Rate of Interest : It is defined as the annual percentage of the loan outstanding on your personal loan. Interest rate can either be classified into fixed or floating interest rate. In case of fixed interest rate loans, the rate remains similar throughout the loan tenure and each and every loan EMI stands equal. However, the case of floating interest rate, the rates tend to differ from time-to-time according to the base rate and therefore, EMIs tend to vary.
Benefits of Using Bajaj Finance Personal Loan Calculator-
EMI calculator prevents you from doing tedious calculations:
You can calculate EMI for a personal loan using an Excel spreadsheet, but everyone knows the difficulties involved in such calculations. Now with the Personal loan EMI Calculator, you can ascertain EMIs accurately within seconds which excludes the difficult manual calculations and the extra stress involved.
EMI Calculator helps you calculate your personal loan EMI in seconds:
Your personal loan EMI calculator assists you in arriving at an amount that you have to incur towards your loan every month within no time. Just fill the required details associated with your loan and this EMI calculator spontaneously displays the value of EMI.
EMI Calculator helps you to evaluate your repayment capacity and plan your finances comfortably:
Just fill-in the key details of your personal loan like loan amount, tenure and interest rate, the amount payable towards EMI will get displayed automatically. This personal loan EMI is a significant factor in ascertaining the loan amount which you are comfortable in repaying. The value of your EMI determines how much money you will be required to keep aside from your monthly salary. Use the EMI calculator for reaching an amount which you can pay back without disturbing your finances. Hence, EMI calculator becomes useful for estimating your repayment capacity by varying criteria of the loan, which include the loan amount, tenure and interest rate.
Documents Required for Bajaj Finance Personal Loan-
- KYC Documents:
- Identity proof(Any one of the below)- Passport / Voters ID card / Driving license / PAN card
- Address proof(Any one of the below)- Passport / Driving license / Ration card / Latest mobile bill / Letter from employer (with HR / Admin sign)
- Salary slips of the last 2 months
- Salary account bank statement of the last 3 months
- Employee ID card to furnish as employment proof