Bajaj Finserv Personal Loan EMI Calculator
Bajaj Finance is India's leading NBFC (Non-Banking Finance Corporation) that provides a Personal Loan to borrowers who sometimes find it hard to get loans from the banking sector. To service a loan provided by Bajaj Finance, the borrower pays a fixed amount every month at a fixed date that is called Equated Monthly Instalment (EMI). This amount is to be paid every month for the entire duration of the loan.
Bajaj Finserv offers Personal Loans to borrowers for various tenures and different amounts at an affordable and convenient borrowing rate. Bajaj Finserv provides Personal Loans with EMIs as low as 2,275 per Lakh for a 60-month tenure at an attractive rate of interest of 12.99% per annum.
Bajaj Finance Personal Loan EMI Calculator Results
Here are the results of the Bajaj Finserv Personal Loan EMI calculator for different tenures @12.99% interest rate.
|Loan Amount ()||2 Years||3 Years||5 Years|
The above table displays the EMI that a borrower pays at different loan amounts and different borrowing period. It can be easily inferred from the above table that higher the loan tenure, the lower is the EMI and higher the loan amount, higher is the EMI provided the borrowing rate is the same in both the cases.
For e.g - for 1 Lakh loan the EMI for 2-year loan tenure is 4754 while for 3 Lakhs loan, the EMI for the same tenure is 14,261. Similarly, increasing loan tenure from 2 years to 3 years for a 1 Lakh loan reduces the EMI from 4754 to 3,369.
While the EMI is a fixed amount, the individual components of an EMI - The principal repayment component and the interest component vary for each monthly instalment. During the initial period of loan tenure, the interest component is higher while at the latter tenure of a loan, the principal repayment component is higher than the interest component.
Bajaj Finserv Personal Loan Calculator Formula
The formula used to calculate Bajaj Finserv Personal Loan EMI is as follows -
P = Loan amount to be borrowed and can range from a minimum of 1 Lakh to a maximum of 25 Lakhs
r = Rate of interest/month. The going rate of interest for Bajaj Finserv Personal Loan is 12.99%
n = tenure in months. For Bajaj Finserv Personal Loan, this can be 12 months to 60 months
How to Use Bajaj Finserv Personal Loan EMI Calculator on MyMoneyMantra?
MyMoneyMantra has a user-friendly EMI calculator that uses the three loan parameters - the interest rate, loan amount, and loan tenure as input to compute a Personal Loan EMI. The EMI calculator is very intuitive and easy to use. You need to follow the following steps to calculate EMI using the loan calculator:
- Click on the EMI calculator option under the financial tools tab of the MyMoneyMantra website.
- Enter the loan parameters like the total amount of loan, interest rate, and tenure as mentioned.
- As soon as you enter the three loan parameters, the EMI amount for that combination of the three loan parameters appears instantly on the webpage.
- Try various combinations of the loan parameters to arrive at an EMI that you find is most suitable for you to service depending on your cash flows.
After completing the EMI calculation and deciding on the EMI that you wish to take, MyMoneyMantra website goes a step forward by helping you determine your eligibility for a Personal Loan by using the Loan eligibility calculator. The website also allows you to directly apply for the Bajaj Finserv Personal Loan online directly.
Benefits of Using MyMoneyMantra's EMI Calculator
The basic function of an EMI calculator is to perform the complex mathematical calculation of computing EMI using the three loan parameters. Knowing an EMI allows the borrowers to know how much money they will need to pay each month so that they do not feel a financial crunch while servicing the Personal Loan. You can plan your spends according to the tenure of the Personal Loan. Some advantages that the MyMoneyMantra EMI calculator provides are:
- Anytime Access
You do not need to visit any bank or NBFC to know your EMI and try various combinations. The EMI calculator is available online at any time and you can access it from anywhere.
- Accurate Results
Since EMI calculation using three parameters - Loan amount, interest rate and the tenure is a complex mathematical calculation, getting accurate using manual calculations is many times not possible. The MyMoneyMantra EMI loan calculator provides accurate and error-free results instantly. In addition, you can try numerous options at your convenience.
- Saves you from time-consuming and complex calculations
Calculating an EMI involves solving a complex polynomial equation. Solving a polynomial equation is a time-consuming task. The online MyMoneyMantra EMI calculator does this tedious work of finding the roots of the polynomial equation instantly. Thus, the EMI calculator helps you save time especially when you need to try a various combination to arrive at a suitable EMI.
- Aids the Financial Planning Process
EMI calculator provides the monthly amount that will be deducted from your account every month. Thus, it helps you plan your monthly budgets according to EMI.
- You can use an online EMI calculator for every loan
EMI calculator on MyMoneyMantra website is suitable to compute EMI for not only Personal Loans by for all types of loans. You can use this calculator to compute EMI for a Business Loan or an Education Loan or even a Housing Loan.
A Quick Guide on Bajaj Finserv Personal Loan
Purpose of Loan: The Bajaj Finserv offers a Personal Loan to meet urgent financial requirement for a medical emergency, wedding, business, education, traveling, paying additional debts or any other immediate personal expenses.
- The Personal Loan is offered to salaried employees as well as self-employed individuals.
- The minimum age criteria are 23 and a maximum of 58 years.
- Loan amount of minimum 1 Lakh to 25 Lakhs (for salaried individuals) and 35 Lakhs (for self-employed individuals).
- Loan duration to repay the Personal Loan is 1 to 5 years.
- Interest rates start at 12.99% per annum.
- The Lowest EMI on the Personal Loan is of 2,275 per Lakh.
Processing Fees: The processing fee charged by Bajaj Finserv is up to 3.99% of the loan amount. The applicant has to pay the processing fee at the time of submitting the loan application.
Special Schemes: The customised Personal Loan offers and interest rates can be availed at Bajaj Finserv. The special schemes and discounts are offered to the special category of borrowers. This includes individuals working in large reputed companies, bank employees, or governments employees. Following are the special loan offers at Bajaj Finserv:
- Flexi Loan
- Durable Finance Personal Loan
Loan Prepayment: In case of the prepayment of the loan, the EMIs on the Personal Loan will change. If a borrower decides to prepay some loan amount before the completion of loan tenure the outstanding balance on the loan will get reduced and the following two options will be given for the same:
- Reduce your loan tenure and keep EMI on your Personal Loan unchanged: In this option, a borrower can close the entire loan and save the interest for the remaining tenure. This is the best option for those who have adequate income and are in a position to pay the same EMIs.
- Reduce the amount of EMI and keep your loan tenure same: A borrower can also reduce the monthly EMI and increase the monthly surplus to meet the current expenses or serve any other financial purpose. This is apt for those borrowers who have high personal expenses and who wish to reduce the burden of current monthly EMI amount.
Factors Affecting Bajaj Finserv Personal Loan EMI
- Loan amount: The amount borrowed by an individual to meet the financial requirement is called loan amount. The higher the loan amount the higher will be the EMI. Bajaj Finserv offers the minimum loan amount of 1 Lakh up to maximum 25 Lakhs (for salaried individuals) and 35 Lakhs (for self-employed individuals).
- Interest rate: The interest rate has a considerable impact on the loan EMI and the total cost of the loan as well. The Personal Loan interest rates at Bajaj Finserv for salaried account holders as less. This can reduce the overall cost of EMI and loan. 12.99% is the lowest interest rate offered by Bajaj Finserv. One should always do complete market research and comparison before applying for the loan.
- Loan tenure: The loan tenure is the period in which a borrower is liable to repay the Personal Loan amount. The long loan tenure means lower EMI on the Personal Loan. The maximum loan tenure at Bajaj Finserv to repay the loan amount and interest is 5 years.
Tips to Decide the Right Amount of EMI
- Decide the amount you need to borrow: An applicant should determine a loan amount that they wish to borrow from the bank before approaching the bank for the Personal Loan. The Personal Loan being the unsecured loan is offered at a higher rate of interest and therefore it is beneficial to minimise the loan amount. You can also decide the loan tenure as per your preference as the EMI on loan is based on the loan tenure. The longer the tenure the more interest the borrower would have to pay.
- Review your current obligations: An overall evaluation of all the important aspects is very lucrative and necessary before taking the Personal Loan. It will help to channelise the funds and plan the monthly expenses and EMIs accordingly. It is also important to take into consideration the current loans EMIs and other obligations in order to estimate the EMI amount and loan tenure that you can pay without affecting the current standard of living.
- Calculate your Bajaj Finserv Personal Loan eligibility: The assessment of the repayment capacity of a borrower to repay the loan and interest during the loan tenure is determined with loan eligibility. It takes into consideration the current income and fixed obligations.
- Multiplier based loan amount eligibility: Applying a multiplier to the net take-home salary is one of the simplest and easiest methods of Bajaj Finserv to determine the loan eligibility of a borrower. Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier is determined based on the bank's categorisation of the organisation the applicant works with. The categorisation is made on the basis of company size, turnover,growth, reputation, and other factors.
- FOIR based loan amount eligibility: The fixed income to obligations ratio (FOIR) is also used by Bajaj Finserv to determine the maximum EMI an individual can pay based on their current income and other monthly expenses. The bank to find the current expenses applies a certain ratio. The current EMI is also added to calculate the fixed obligations. The proportion of the current income to the fixed obligation gives FOIR. The minimum FOIR of 0.60 is required by Bajaj Finserv to approve the Personal Loan application. Based on the FOIR the estimation of the amount a borrower can lend from the bank is also made. This estimation can differ from your own estimation. It is also recommended to pay the other short-term loan to improve the loan eligibility.
The above two methods are used by Bajaj Finserv to determine the loan eligibility of an applicant sand sanction the loan amount arrived at.
FAQs on Bajaj Finserv EMI Calculator
Question - Why it is recommended to calculate Bajaj Finserv Personal Loan EMI before applying for the loan?
Ans - It is advised to calculate Personal Loan EMI before approaching for the Personal Loan. Mentioned below are the various benefits of calculating the Bajaj Finserv Personal Loan EMI:
- If the EMI is more than the monthly budget, the borrower can apply for the amount that fits into their budget and arrive at EMI that can be easily paid without affecting the current lifestyle.
- It becomes easy to plan the expenses if you have a proper estimation of the EMI that is required to be paid every month.
- It is also possible to make the prepayment of the loan amount if you have the surplus amount with you in the future.
Question - What is the lowest EMI per Lakh offered on the Personal Loan by Bajaj Finserv?
Ans - Bajaj Finserv offers the lowest EMI, i.e., 2,275 on 1 Lakh loan amount at the lowest rate of interest is 12.99%, but the Bajaj Finserv can offer a different interest rate on the Personal Loan for salary account holders or existing customers.
Question - Are there any pre-closure charges on the Personal Loan at Bajaj Finserv?
Ans - The pre-closure charge levied by Bajaj Finserv is 4% of the principal outstanding.
Question - Is there any processing charge on a Personal Loan from Bajaj Finserv?
Ans - The processing fee at Bajaj Finserv is up to 3.99% on the approved Personal Loan amount.
Question - Will an applicant get the Personal Loan from Bajaj Finserv if he has a bad credit score?
Ans - No, it is necessary for the applicant to have a good credit score. A credit score of 700 and above is must for a loan application to be approved. The bank does not accept the loan application of the applicant with bad credit score.
Question - How can a borrower repay the Personal Loan at Bajaj Finserv?
The repayment of the Personal Loan is made with EMI (Equated Monthly Instalment) from the borrower's bank account. It is also required to submit some postdated cheques and ECS mandate in favor of the lender at the time of loan disbursal.
Question - Can a borrower have a co-applicant while applying for a Personal Loan with Bajaj Finserv?
Ans - Yes, you can add a co-applicant while applying for the Personal Loan. Having a co-applicant while applying for the Personal Loan at Bajaj Finserv will increase the loan eligibility of the borrowers as the income of the co-applicant is also considered.