A loan EMI calculator is the best companion when it comes to making the right choice of the lender. This tool is available online which helps in comparing the rate at different lenders. Once the lender is selected, the calculator also helps in finalizing the right tenure so that the EMI can be paid for the whole period. People often choose a higher tenure because the higher tenure results in low EMI.
However, if you can manage, continuing the loan for the least possible time is more beneficial as you pay less amount in the form of interest which means that the total interest outgo is less.
How can you use a loan EMI calculator?
The functioning of the loan or interest calculator is made easy and understandable for the masses as it is designed majorly for the customers and not the lenders. This tool takes into account the basic details such as the loan amount, interest rate and the tenure. Based on these, it shows Bajaj finance persoal loan EMI calculator, total interest outgo and the total repayment amount you are liable to pay to Bajaj Finance.
In the case of personal loan, Bajaj is one of the best lenders you can get. There is no minimum lock-in period at the lender which means you can take the loan today and result the same whenever you are ready with the money.
What is the eligibility required for Bajaj Personal Loans?
The eligibility that Bajaj Finance asks for a personal loan is as follows:
- The applicant must be a salaried person
- Minimum age of the applicant should be 25 years
- Maximum age of the applicant must be 53 years
- Minimum Net Monthly Income of the applicant should be between ₹ 30,000 to ₹ 40,000 (salary requirement are different from city to city)
What documents must you have to get the loan?
- Signed loan application form with photos
- Employee ID Card
- Identity Proof- PAN Card/Passport/Driver’s License/Voter ID/Aadhaar Card
- Address Proof- Passport/Driver’s License/Ration Card/Mobile Bill/Letter/Aadhaar Card
- Signature Proof- Passport/PAN Card/Driver’s License/Photo Credit Card/Letter
- Work experience documents- Appointment letter, Form 16, 1-year-old salary slip
Where can you apply for the loan?
There is an option to either apply online or visit the nearest branch of Bajaj Finserv personal loan. The online process is of course going to help a lot of time and increases the chances the getting the application processed in a lesser time as compared to the offline. However, it is your choice which way you want to follow. All you need to have is the list of documents if you are eligible for the loan.
What is the formula used for EMI calculation?
Even though the calculation looks simple, the formula with which the calculator shows the results is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
How Personal Loan EMI Calculator Works?
The calculator is simple to use as you have to mention the loan amount, interest rate and tenure in the calculator. For example, if you are taking a personal loan with the following details:
- Loan amount– ₹2,00,000
- Interest rate– 11.99% p.a.
- Tenure– 5 years
The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:
Total Interest Outgo– ₹66,873
Total Amount– ₹2,66,873
How can you calculate your eligibility?
If you can calculate your amount, tenure and rate of interest, you can easily know the EMIs that you will have to pay every month.
Amount- ₹1 Lakh
Loan Tenure- 5 years
Rate of Interest- 11.29%-24%
Your monthly EMI will be- ₹2,189– 2,877
So, the maximum loan amount you can get on a personal loan would be-
₹1 Lakh x 40000/2189 = ₹18.27 lakhs and 1 Lakh x 40000/2877 = ₹13.90 lakhs
So, your personal loan amount eligibility will range between ₹13.90 lakhs- ₹18.27 lakhs.
Thus, you can also check your eligibility and apply for the loan to enjoy the finance facility.