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Bajaj Finance Personal Loan EMI Calculator - Sep 2020

Bajaj Finserv Personal Loan Calculator

Last Updated 04th Jul 2020

Get monthly EMI as low as ₹ 2,275 per lakh on Bajaj Finserv personal loan. Personal loan EMI in Bajaj Finserv depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 3 Lakh₹ 26,794₹ 10,107₹ 6,824
₹ 6 Lakh₹ 53,588₹ 20,213₹ 13,649
₹ 12 Lakh₹ 1,07,175₹ 40,427₹ 27,298
Personal Loan EMI Calculator Or Free Personal Accident Insurance* of ₹10 L
Lowest Interest Rate
*Insurance Details
Best Offers on Personal Loan offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
HDFC Bank10.50%₹ 2,149Check Eligibility
Bajaj Finserv12.99%₹ 2,275Check Eligibility
ICICI Bank10.75%₹ 2,162Check Eligibility

* Starting From

Personal Loan EMI Calculator Bajaj Finance

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Bajaj Finserv against the loan taken for repayment of your loan and payment of interest to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • Bajaj Finserv offers affordable and convenient personal loans with loan EMIs as low as ₹ 2,275 per lakh for a tenure of 60 months and lowest rate of interest at 12.99%.
  • Bajaj Finserv Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the Bajaj Finserv personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 12.99% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,754 ₹ 3,369 ₹ 2,275
3 Lakh ₹ 14,261 ₹ 10,107 ₹ 6,824
5 Lakh ₹ 23,769 ₹ 16,845 ₹ 11,374
10 Lakh ₹ 47,537 ₹ 33,689 ₹ 22,748
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Bajaj Finserv Personal Loan Interest Calculator
Personal Loan EMI for ₹ 1 Lakh loan amount at lowest 12.99% interest rate offered by Bajaj Finserv for different tenures
Calculated Results for Bajaj Finserv Home Loan EMI 2 years 3 years 5 years
Bajaj Finserv EMI for a loan amount Rs. 1 lakh at 12.99% ₹ 4,754 ₹ 3,369 ₹ 2,275
Total amount you pay back to the bank including principal and interest ₹ 1.14 Lakh ₹ 1.21 Lakh ₹ 1.36 Lakh
Interest you have to pay during the loan tenure ₹ 14,096 ₹ 21,284 ₹ 36,500

The above table shows that EMI paid on loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan from Bajaj Finserv for 60 years, you pay the lowest EMI of ₹ 2,275. However, you pay an interest of ₹ 36,500 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Bajaj Finserv at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,754 and pay an interest of only ₹ 14,096 which is less than half of what you pay for a 60 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Bajaj Finserv Personal Loan EMI

  • Loan amount – This is the amount that you have borrowed from Bajaj Finserv. If you apply for a higher loan amount, your monthly EMI will be high. Bajaj Finserv gives a minimum loan of ₹ 1 Lakh, which can go upto an amount of ₹ 25 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Bajaj Finserv personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Bajaj Finserv is 12.99%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period in which you can repay your loan in Bajaj Finserv. Longer loan tenure means lower personal loan EMI. Generally, Bajaj Finserv offers a loan for a maximum tenure of 5 years.

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 2 Lakh for 2 years at an interest rate of 10.45%. EMI calculated for this loan amount is ₹ 9,271 and the total annual EMIs to be paid annually is ₹ 1,11,247. The EMI schedule of loan for 2 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 2 Lakh over the 2 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2020 ₹ 6,571 ₹ 30,511 ₹ 37,082 ₹ 1,69,489
2021 ₹ 13,099 ₹ 98,148 ₹ 1,11,247 ₹ 71,341
2022 ₹ 2,824 ₹ 71,341 ₹ 74,165 -₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 2 Lakh, taken at the lowest interest rate of 10.45%, EMI paid is ₹ 9,271 and an annual total of EMIs is ₹ 1,11,247, the interest component is ₹ 16,445 while the principal component is ₹ 94,802 in year 1 of loan disbursement. You repay only 47.4% of the total principal after paying 12 EMIs during the first year.

In year 2, the interest component of EMI is around 5.44%, while the principal component is around 94.56%. Upto 2 years, you have cumulatively repaid 100% of your total Personal Loan.

Bajaj Finserv Personal Loan Interest Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Bajaj Finserv Personal Loan EMI is calculated:

In the above formula,

P = Loan amount. This can range from ₹ 1 Lakh to ₹ 25 Lakh

r = Rate of interest per month. Current rate is 12.99%

n = tenure in month. For Bajaj Finserv, this can be 60 months

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember, a personal loan is an unsecured loan that can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your Bajaj Finserv personal loan eligibility: Your loan eligibility is a function of an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - Bajaj Finserv calculates your loan amount eligibility by applying a multiplier to your net-take home salary. This is the simplest method for calculating loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size, and growth in turnover.
    • FOIR based loan amount eligibility - Bajaj Finserv will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Bajaj Finserv lends up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Bajaj Finserv's assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • Bajaj Finserv will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at by the above two methods.
Quick guide on Bajaj Finserv personal loan
  • Purpose of Loan: Bajaj Finserv personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 25 and 58 years.
    • Loan amount of minimum ₹ 1 Lakh to ₹ 25 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 12.99% to 15.50%.
    • Lowest EMI of ₹ 2,275 per lakh.
  • Processing Fees: Starting from 1.50%, Up to 3% of loan amount. This is to be paid at the time of loan application
  • Special schemes: Bajaj Finserv offers customised personal loan interest rates and schemes for a special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special loan offers of Bajaj Finserv are:
    • Flexi Loan
    • Durable Finance Personal Loan

Personal loan EMI calculator Bajaj Finserv – How it works?

  • Bajaj Finserv personal loan calculator are online tools which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • Bajaj Finserv EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, Bajaj Finserv will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from Bajaj Finserv, the interest rate and the remaining tenure in the EMI calculator.

How to process for Personal Loan EMI moratorium in Bajaj Finserv?

Bajaj Finserv has announced that the three months loan moratorium is available for the term loans and interest of working capital loans for March to May 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Bajaj Finserv. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Personal Loan EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Bajaj Finserv customer care or its nearest branch.

FAQs

Why should I calculate Bajaj Finance loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your Bajaj Finserv personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount

What is the lowest EMI per lakh offered by Bajaj Finserv on personal loan?

Bajaj Finserv offers personal loan at 12.99% interest rate for a maximum of 60 months, and hence lowest EMI on per lakh loan amount is ₹ 2,275. However, Bajaj Finserv may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre close Bajaj Finserv personal loan?

You can preclose your Bajaj Finserv personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of balance amount that you have paid.

What are the prepayment charges on Bajaj Finserv ?

Bajaj Finserv offers you an option of prepayment after 1 months at 4%.

Is there any processing charge on personal loan from Bajaj Finserv?

Yes, Bajaj Finserv charges a certain amount of processing fee to process your loan application. Currently, Bajaj Finserv charges a processing fee of Starting from 1.50%, Up to 3% on Personal Loan.

Will I get the personal loan from Bajaj Finserv if i have a bad credit score?

No, for taking a loan from Bajaj Finserv, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have a low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

Can I have a co-applicant while applying for a Personal loan with Bajaj Finserv ?

Yes, you can opt for a co-applicant to take a personal loan from Bajaj Finserv that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Bajaj Finserv personal loan?

If you have funds, then you can pay more than the regular EMI on your loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Bajaj Finserv loan EMI?

You can pay the EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

Compare Personal Loan EMI of All Banks

Bajaj Finserv Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 020-39575152
Ahmedabad 020-39575152
Ambala 020-39575152
Anand 020-39575152
Aurangabad Bihar 020-39575152
Bangalore 020-39575152
Bhilai 020-39575152
Bhilwara 020-39575152
Bhiwadi 020-39575152
Bhopal 020-39575152
Bhubaneswar Cuttack 020-39575152
Bikaner 020-39575152
Chandigarh 020-39575152
Chennai 020-39575152
Cochin 020-39575152
Coimbatore 020-39575152
Dehradun 020-39575152
Delhi 020-39575152
Durg 020-39575152
Faridabad 020-39575152
Gandhinagar 020-39575152
Ghaziabad 020-39575152
Goa 020-39575152
Greater Noida 020-39575152
Gurgaon 020-39575152
Guwahati 020-39575152
Gwalior 020-39575152
Hyderabad 020-39575152
Indore 020-39575152
Jabalpur 020-39575152
Jaipur 020-39575152
Jalandhar 020-39575152
Jodhpur 020-39575152
Kanpur 020-39575152
Karnal 020-39575152
Kolhapur 020-39575152
Kolkata 020-39575152
Kota 020-39575152
Kozhikode 020-39575152
Lucknow 020-39575152
Ludhiana 020-39575152
Madurai 020-39575152
Meerut 020-39575152
Mehsana 020-39575152
Mohali Sas Nagar 020-39575152
Mumbai 020-39575152
Mussoorie 020-39575152
Nagpur 020-39575152
Nashik 020-39575152
Noida 020-39575152
Noida Extn 020-39575152
Panipat 020-39575152
Patna 020-39575152
Pondicherry 020-39575152
Pune 020-39575152
Raipur 020-39575152
Rajkot 020-39575152
Ranchi 020-39575152
Rohtak 020-39575152
Roorkee 020-39575152
Salem 020-39575152
Shimla 020-39575152
Sonipat 020-39575152
Surat 020-39575152
Trichy 020-39575152
Udaipur 020-39575152
Vadodara 020-39575152
Varanasi 020-39575152
Vijaywada 020-39575152
Vizag 020-39575152

Bajaj Finserv Personal Loan Reviews 4.3/5  by 166 customers
MyLoanCare Service
4.4/5.0
Banks Service
4.1/5.0
Lakshmi Sarma, Chennai
Reviewed on 16th Mar 2020
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Mar 2020

Excellent coordination from the staff. Easy process. Read more...

Jitendra Kumar, Vadodara
Reviewed on 05th Mar 2020
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Mar 2020

I am very grateful for the work done and excellent service. I am so happy.Read more...

Himanshu Soni, Noida
Reviewed on 29th Feb 2020
4.5 / 5 stars
Bajaj Finserv Personal Loan Availed in Feb 2020

Everything was great. I got the approval within 2 days.Read more...

Rama Shanker Mehto, Delhi
Reviewed on 17th Feb 2020
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Feb 2020

Excellent. The loan got disbursed very quickly without any problem.Read more...

Rajalakshmi Selvaraj, Chennai
Reviewed on 12th Feb 2020
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Feb 2020

Excellent service by MyLoanCare. I would like to appreciate Ruby Sahu for her excellent work. ThanksRead more...

Vijay Uniyal, Noida
Reviewed on 03rd Feb 2020
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Feb 2020

The service they provide is good and I got the loan on time.Read more...

Isha Malhotra, Mumbai
Reviewed on 27th Jan 2020
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Jan 2020

It was an amazing experience. Thank you, Himanshu for helping out so quickly and promptly.Read more...

Rajesh Kumar, Chandigarh
Reviewed on 20th Jan 2020
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Jan 2020

The loan process was very quick and hassle-free. Amount received within 24 hours of application.Read more...

Bajaj Finserv Personal Loan News - Sep 2020
  • 2020-06-01 : Bajaj Finserv extends loan EMI moratorium
    Following Reserve Bank of India guidelines, the Bajaj Finserv has extended the moratorium on retail loans like personal, home, gold, car, two-wheeler and credit cards till August 31, 2020. It will be applicable for June 1 to August 31, 2020. Individuals will require to apply to avail the benefits of the moratorium. If they fail to apply, loan instalments will continue to be debited every month as per the existing process.
  • 2020-05-20 : Bajaj Finance posted a net profit at ₹948.1 crore
    Bajaj Finance posted a 19.38% decline in consolidated net profit at ₹948.1 crores in the fourth quarter of FY20 when compared to ₹1,176.06 crores a year ago. The bank’s net interest income grew 38% to ₹4,684 in the quarter ending March 31, 2020, crore from ₹3,385 crores a year ago. New loans backed by retail loans like home and personal loans along with business, mudra and two-wheeler loans increased by 3% during the quarter.
  • 2020-01-29 : Bajaj Finance Q3 new net profit soared by 52%
    Bajaj Finance reported a hike of 52% in its net profit to Rs. 1,614 crores backed by an increase in the Home Loan and Personal Loan. Further, Net Interest Income surged by 42% to Rs. 4537 crores from Rs. 3,206 crores in the same quarter a year ago.
  • 2019-10-29 : Bajaj Finance earns revenue worth Rs 1204 crores in the second quarter
    Bajaj Finance declared that its net profit increased to 71 percent to Rs 1204 crores and its total income rose to Rs 14,224 crores. The Bank claims that it earned a large revenue from interests earned on deposits and from retail financing on home and personal loans.
  • 2019-10-22 : Bajaj Finance reports a profit as per Q2 results
    Bajaj Finance reported a year-on-year net profit of 63% in Q2. The earned profit is much higher than the estimated profit of Rs 1,434 crores. The resultant gain is due to a large number of retail loans like personal and loan against property booked in the three months, which were 23% more than the previous year.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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