Whenever a new need or a dream emerges, all that you bother is to achieve it. When those needs or dreams need the power of money, one invariably has to apply for a personal loan as the savings are either too short or not there.
Among the lenders that offer a personal loan, Bajaj Finserv often remains on the lip of the people because of its diverse offers catering to a wide range of consumers.
Even though there are a plenty of offers available, there’s still a need to introspect the cost in advance to be aware of what’s gonna happen for the time you would be servicing a debt. The best way by which you can do so is to check the function of EMI calculator. Without any further delay, let’s discuss on Bajaj Finserv Personal Loan EMI Calculator.
How to Use Bajaj Finserv Personal Loan EMI Calculator?
The calculator sums up the repayment summary on your computer screen as soon as you enter the loan amount, interest rate and tenure. As these are vital elements to calculate the equated monthly installment (EMI), which is a combination of interest and principal amount payable to the lender every month, it calls for a complete awareness of all three.
As far as the loan amount is concerned, Bajaj Finserv personal loan can disburse up to ₹25 lakh to all the salaried individuals eligible for a credit. The interest rates can vary from 10.99%-16% per annum, based on the income, credit score and repayment capability a borrower would have. You can get a flexible tenure ranging from 1-5 years to pay off the debt.
Example – Ravi Manchanda, a 45-year old mid-level officer in an insurance firm, applies for a personal loan worth ₹10 lakhs at Bajaj Finserv.
Based on his eligibility, the noted NBFC offers him a loan at 13% interest rate for a period of 4 years. Given all these, the EMI which he needs to pay is calculated to be ₹26,827. Since an EMI involves a portion of interest as well, Ravi is likely to pay an interest of ₹2,87,720 through the installments over the course of 4 years.
Benefits of Bajaj Finserv Personal Loan EMI Calculator
The benefits of the calculator can be briefed on the following points.
#1. Easy to Use – The easy-to-use device just needs you to enter the loan variables and the repayment summary gets flashed on the screen.
#2. Reliability – The calculator is governed by smart algorithms that help calculate the EMI correctly and ensure a greater degree of reliability.
#3. Time-Saving – Since the calculator is available online and you just need to type only three elements, a great deal of time is saved on calculating the installments. When you calculate it manually, you need to go through a complex formula shown below.
E = P . R . (1+R)^N/((1+R)^N – 1)
E = EMI (Equated Monthly Installment)
P = Principal Loan Amount
R = Rate of Interest
N = Loan Tenure
How to Apply for Bajaj Finserv Personal Loan?
All set to apply but don’t know how to do so? Simple, just visit the official website of Bajaj Finserv, go to a personal loan to see ‘Apply Now’ button and fill the application form seeking a few personal and professional details. Mention all such details correctly before submitting the application.
The NBFC will scrutinize the details by calling you or even visiting you at your residence to be assured of your authenticity. After all such due diligence and getting satisfied in the verification, Bajaj Finserv will approve your credit application.
You can even visit the branch and apply for a personal loan. There, you need to ask the official to give you an application form. Mention the details correctly and submit the application form along with relevant documents to the official to get your application processed.
So, folks, Bajaj Finserv Personal Loan EMI Calculator is detailed to the core, helping you take a responsible financial decision. Keep in mind your repayment capability before choosing a loan offer. You can use your savings, if any, to cut down the loan amount requirement as well as the interest payment liability.