Personal Loan EMI Calculator-Bajaj
How can I get a loan at low interest? This is one of the most commonly asked questions by most of the common people. Talking about the non-banking financial company (NBFC), Bajaj Finance is one of the most diversified ones in India. The best thing about Bajaj Finance is that they help both new as well as the existing customers avail loans. People get a huge support from the Bajaj Finance Personal loans during the time of their needs and it also help them to achieve many desired goals in their life.
Eligibility Of The Bajaj Finance Personal Loan
Below we have mentioned the eligibility of the Bajaj Finance Personal Loan for a salaried person.
- The applicant must be a resident of India and should have a reasonable salary
- The minimum age of the candidate should be at least 25 but should not exceed more than 58 years
- For the people who live in the cities like Delhi, Hyderabad, Mumbai, Thane, and Chennai the minimum salary of the candidate should be at least Rs. 40000. Whereas for the people living in the cities like Jaipur, Nagpur, Kolkata, Punjab, Rajkot etc. should have a minimum salary of Rs. 35000
Bajaj Finance Personal Loan EMI Calculator
The EMI of Bajaj Finance personal loan or equated monthly installment is basically an amount that is fixed which the customers have to pay to the Bajaj Finance bank against the amount they have taken. The amount is calculated by the bank for the Bajaj Finance EMI payment. The amount is due every month on a fixed date until the customer has fully repaid the loan amount by then.
People will get affordable Bajaj Finance personal loan with the EMIs as low as Rs. 2,244 per lakh. These are calculated by Bajaj Finance EMI calculators. And for the tenure of 60 months, the lowest rate of interest on the personal loan is around 11.99%.
When you have the Bajaj personal loan EMI calculator, you will be able to figure out the loan EMI at different tenures. Thebest Bajaj Finance Personal loan interest rate at present is 11.99% .
|Amount (In Rs.)||2 years||3 Years||% Years|
|1 Lakh||Rs. 4,707||Rs. 3,321||Rs. 2,224|
|5 Lakh||Rs. 23,534||Rs. 16,605||Rs. 11,120|
|10 Lakh||Rs. 47,069||Rs. 33,210||Rs. 22,239|
So, from the table that is given above, we can figure out that for different types of Bajaj Finance personal loan that the customers have taken there will be different interest rates. Also, the EMIs differ with the loans that the candidates have taken at different tenures. The EMI is quite higher when the customer takes the loan for a short tenure for 2 years and is lower for the long tenure for 4 years.
|2 Years||3 Years||4 Years|
|EMI For Baja Finance For Rs. 1 Lakh at an interest rate for 11.99%||4,707||3,321||2,224|
|Amount to pay pack to the bank (Principal + Interest)||1.13 Lakh||1.20 Lakh||1.33 Lakh|
|Interest to pay||12,968||19,556||33,440|
Factors That Affects The Bajaj Finance Personal Loan EMI
Below we have mentioned some of the factors that affect the EMI that you calculate with the Bajaj Finance EMI Calculator.
Loan Amount: The loan amount is the sum borrowed by the customers from the Bajaj Finance. If the candidate applies for a high amount of loan the monthly EMI which he has to pay will also be high.
Interest Rate: Well, if the interest rate is higher, then the loan EMI amount also increases along with the total loan cost. The lowest rate of interest at Bajaj Finance is about 11.99%.
Loan Tenure: The loan tenure is the period that the bank offers you to repay the loan. The longer the tenure is, the lower your EMI will be.
Bajaj Finance Personal Loan calculator formula
Here is how the formula for the Bajaj Finance personal loan EMI Calculator works.
P = the total amount of the loan. This amount can range from about Rs. 1 lakh-Rs. 25 lakh
r = the interest rate which is currently at 11.99% for Bajaj Finance.
n = loan tenure in months. The highest limit is up to 5 years
Bajaj Personal Loan EMI Calculator: How Does It Work?
The Bajaj Finance EMI calculator can be of great help when it comes to calculating the different amounts such as the loan amount, tenure, the interest rate and much more.
Also, the Bajaj Finance personal loan EMI calculator plays a very important role in figuring out the EMI payments that are to be made by the person every single month.
In case, someone decides to repay the loan, the personal loan outstanding balance experiences a reduction as well. This will result in two different options:
- Reducing the tenure of the loan and keeping the EMI amount the same. This option will allow the users to close the loan much earlier than they expected.
- Reducing The EMI amount and keeping the loan tenure unchanged. This particular option will allow the user to reduce the EMI amount be extending the tenure or the period for returning the loan.
FAQs on Bajaj Finance Personal Loan EMI Calculator
- Why Calculating Bajaj Finance EMI is important for taking a loan?
A: When you calculate the EMI, you will be able to decide the exact loan amount that you can afford to take from the Bajaj Finance bank.
- What is Bajaj Finance’s lowest EMI amount?
A: It is Rs. 2224 for an amount of Rs. 1 lakh at an interest rate of 11.99%.
- What are Bajaj Finance’s prepayment charges?
A: Bajaj Finance will offer an option to the people to prepay the loan after a period of 1 month at 4%.
- What is the processing charge for at Bajaj Finance?
A: The minimum processing fee is about 1.5% which goes up to 3%.
- Is a credit score essential for a loan from Bajaj Finance?
A: Yes, any candidate who has a credit score below 700 won’t be applicable for the loan.