Personal Loan EMI Calculator
EMI calculators are beneficial when computing EMIs for personal loans, home loans, or business credit. And using one is simple too. The Bajaj Finserv Personal Loan EMI Calculator requires you to fill in only three essential fields to determine your monthly instalments – the loan amount you wish to borrow, followed by the tenor and the interest rate.
You can alter the EMI to meet your repayment capacity as well. Increasing the tenor will lower your EMIs and vice versa. You can do this by making changes in the respective fields of the EMI Calculator.
The Bajaj Finserv Personal Loan EMI Calculator also shows the break-up of the principle and the interest amounts while calculating the EMI. You can even check your monthly or yearly EMI by clicking on ‘view repayment schedule’.
The values displayed are indicative in nature and can be used to compare the EMI at various interest rates to make an informed decision.
What is a personal loan?
A personal loan is a type of unsecured credit. Which is offered by financial institutions such as a bank or non-banking financial company (NBFC). Personal loans are granted based on your credit history and ability to repay from personal income. It is also known as consumer loan. This is a multi-purpose loan, the sole purpose of which is to meet individual needs.
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What is a personal loan EMI?
Equal Monthly Installment (EMI) is a method of paying the principal amount and loan interest on a fixed monthly basis until the loan is fully repaid. Each EMI payment includes both the principal loan amount and the interest charged. With the advantages of relatively less processing time and minimal paperwork, a person has to meet requirements like good credit card score and take care of high interest rates.
What is a personal loan EMI calculator?
Personal loans are unsecured loans given to people for various personal reasons, such as paying off debts, meeting wedding expenses, unforeseen medical expenses and other financial needs. The personal loan EMI calculator helps you to know the loan installment that needs to be paid at regular intervals. It enables you to evaluate the total outflow in terms of loan.
How can EMI calculations be helpful?
The EMI calculation gives a clear assessment of the amount that needs to be set aside to pay the monthly installment. Which enables you to make an informed decision about loan outflow every month. So, knowing the amount of EMI helps you plan your expenses properly, while knowing how much you need to keep for it on a monthly basis.
