Bajaj Finance Personal Loan EMI Calculator - Sep 2018

Last Updated 19th Sep 2018

Get monthly EMI as low as Rs. 2,224 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.

Bajaj Finserv Personal Loan Calculator

Loan Amount1 year loan3 year loan5 year loan
Rs. 1 LakhRs. 8,884 Rs. 3,321 Rs. 2,224
Rs. 5 LakhRs. 44,422 Rs. 16,605 Rs. 11,120
Rs. 10 LakhRs. 88,844 Rs. 33,210 Rs. 22,239
Personal Loan EMI Calculator
Rs.

Personal Loan EMI Calculator Bajaj Finance

Bajaj Finserv Personal Loan EMI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Bajaj Finserv against the loan taken. This is towards repayment of your loan 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 Rs. 2,224 per lakh for a 60 tenure and lowest rate of interest on personal loans at 11.99%.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 11.99% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 LakhRs. 4,707Rs. 3,321Rs. 2,224
3 LakhRs. 14,121Rs. 9,963Rs. 6,672
5 LakhRs. 23,534Rs. 16,605Rs. 11,120
10 LakhRs. 47,069Rs. 33,210Rs. 22,239
  • 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 4 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month there is a change in 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.
Use EMI Calculator to calculate your interest on personal loan at different tenure
Personal Loan EMI for Rs. 1 Lakh loan amount at lowest 11.99% interest rate offered by Bajaj Finservfor different tenures
2 years 3 years 5 years
Bajaj Finserv EMI for a loan amount Rs. 1 lakh at 11.99% 4,707 3,321 2,224
Total amount you pay back to the bank including principal and interest 1.13 Lakh 1.20 Lakh 1.33 Lakh
Interest you have to pay over loan tenure 12,968 19,556 33,440

The above table shows that EMI paid on the 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 Rs. 1 Lakh loan from Bajaj Finserv for a period of 4 years, you pay the lowest EMI of Rs. 2,224. However, you pay an interest of Rs. 33,440 on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from Bajaj Finserv at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,707 and pay an interest of only Rs. 12,968 which is less than half of what you pay for a 4 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 borrowed by a borrower from Bajaj Finserv.If you apply for a higher loan amount, your monthly EMI will be high. Bajaj Finserv gives a minimum loan of Rs. 1 Lakh which can go upto an amount of Rs. 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 11.99%. 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 loan for a maximum tenure of 5 years.

Bajaj Finserv Personal Loan 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 above formula,

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

r = Rate of interest per month. Current rate is 11.99%

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

Tips to decide the right amount of EMI
  • 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 personal loan is an unsecured loan which 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 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 do an evaluation of 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 personal loan eligibility is a function 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 a 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 0.60. 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 own 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.
    • Borrowers within the age group of 27 and 58 years.
    • Loan amount of minimum Rs. 1 Lakh to Rs. 25 Lakh.
    • Loan Tenure 2 to 5 years.
    • Interest rates in the range of 11.99% to 15.50%.
    • Lowest EMI of Rs. 2,224 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 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 calculates EMI considering 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.
Personal loan EMI – EMI changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. Bajaj Finserv gives you two options:

  • Reduce your loan tenure and keep EMI on your personal loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.

FAQs on Bajaj Finance EMI Calculator

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

It is advised to calculate personal loan EMI prior to 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 toapply for a lower loan amount which fits your monthly budget and makes EMI easilyaffordable
  • If you already know the EMI you have to pay each month, then you can plan your spendsaccordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan infuture 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 11.99% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,224. However, Bajaj Finserv personal loan interest rate for salary account holders or existing customers can vary.

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?

Personal Loan from Bajaj Finserv charges a processing fee of Starting from 1.50%, Up to 3%.

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 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 personal loan from Bajaj Finserv that will increase your personal loan eligiblity as the income of the co-applicant is also taken into account.

Compare Personal Loan EMI of All Banks

Bajaj Finserv Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 020-39575152
Ahmedabad 020-39575152
Ambala 020-39575152
Anand 020-39575152
Aurangabad 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
Sonepat 020-39575152
Surat 020-39575152
Trichy 020-39575152
Udaipur 020-39575152
Vadodara 020-39575152
Varanasi 020-39575152
Vijaywada 020-39575152
Vizag 020-39575152

Bajaj Finance Personal Loan News - Sep 2018
*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. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.