Disclaimer
Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking.
The calculator(s) is not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) is only a tool that assists the users/ customers arrive at the results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.
Frequently asked questions
EMI stands for equated monthly instalments. It is the monthly amount that you will have to pay when opting for any type of loan. The entire loan amount, along with interest liabilities, is broken down into smaller monthly sums. Knowing the EMI due and interest obligations associated with any loan, secured or unsecured, is a must before borrowing. The tenure, principal, and interest rate charged are crucial parameters for EMI computation. To calculate the necessary values, a monthly EMI calculator is the ideal device. Besides EMI and interest outgo, EMI calculators also estimate the amortisation schedule for a loan.
The EMI calculation formula to calculate loan EMI is as follows:
EMI = P x R x (1+R)^N / [(1+R)^N-1], where P is the principal, R is the rate of interest, and N is the tenure.
Enter the principal, tenure, and rate of interest to calculate the EMIs payable, and total interest payable and get a detailed amortisation schedule.
The amortisation schedule is a table or a schedule that shows how the loan's principal and interest are split up each month over the tenure of the loan.
The following factors influence your personal loan due amount:
- Tenure of the loan - A loan’s tenure can be reduced or extended at the borrower's choice. When you choose a longer tenure, your EMIs will be lower and, vice versa.
- Rate of interest – The interest rate is an important consideration when calculating your personal loan EMIs. A reduced interest rate can help in keeping the repayment low.
- Loan amount – The amount of the loan is a major factor in determining your monthly EMIs. When you choose a larger loan amount, your EMIs will be higher, and conversely, EMIs will be low when you borrow a lower amount.
Failing to make an EMI payment can result in incurring late fees, and a negative impact on your credit score. Utilising online EMI calculators or monthly EMI calculators prior to making a purchase can prevent this. They will help you plan repayments effectively, ensuring you make timely payments and maintain financial stability.
The interest rate and loan tenure you choose will determine the EMI for a loan of Rs. 5 lakh. You can make use of our personal loan EMI calculator to find a monthly instalment and tenure that works for you. Simply enter your preferred loan amount, interest rate, and loan tenure to receive an estimated EMI calculation based on your selections.
The loan amount and interest rate you choose will determine the EMI for a period of two years. You can benefit from our online EMI calculator and obtain precise results. Simply input your desired loan amount, interest rate, and loan tenure into the monthly EMI calculator to obtain an estimated EMI based on your preferences.
Yes. you can compute your monthly EMIs for various types of loans using an online loan EMI calculator. Using an EMI calculator is simple. Use the slider to select the loan amount you wish to borrow, the repayment term and the loan interest rate quoted. Once you have selected these three inputs, your EMI will be displayed on the screen.
