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Bajaj Finance Personal Loan EMI Calculator - Aug 2017

Last Updated 05th Aug 2017

Bajaj Finserv Personal Loan Calculator

  • Get monthly EMI as low as Rs. 2,224 per lakh with Bajaj Finserv now offering personal loans with loan tenure upto 60 months.
  • Lowest personal loan interest rate currently offered by Bajaj Finserv is 11.99%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 4,707 for a 2 year loan and Rs. 2,633 for a 5 year loan.
  • Personal loan EMI in Bajaj Finserv depends upon loan amount, repayment tenure and interest rate.
  • Apply personal loan online and get best personal loan rates.
  • Check the EMI for other tenures using the Bajaj Finserv personal loan EMI calculator on this page.
Personal Loan EMI Calculator
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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 Years 3 Years 5 Years
100,000 Rs. 4,707 Rs. 3,321 Rs. 2,224
300,000 Rs. 14,121 Rs. 9,963 Rs. 6,672
500,000 Rs. 23,534 Rs. 16,605 Rs. 11,120
1,000,000 Rs. 47,069 Rs. 33,210 Rs. 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 112,968 119,556 133,440
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. 1,00,000 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. 1,00,000 loan.
In contrast, if you take a Rs. 1,00,000 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. 100,000 which can go upto an amount of Rs. 2,500,000.
  • Interest rate - Interest rates is the rate charged by Bajaj Finserv on your personal loan. Higher interest rate increases your loan EMI which will increase the total cost of the loan. 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 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. 100,000 to Rs. 2,500,000

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 loans. 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 emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried and self employed.
    • Borrowers within the age group of 27 and 58 years.
    • Loan amount of minimum Rs. 100,000 to Rs. 2,500,000.
    • 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: 2.25% - 3% of loan amount.
  • 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
    • PLOC 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 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 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.

Can I prepay my Bajaj Finserv personal loan?

Bajaj Finserv offers you an option of prepayment after 1 months at 4% charges on outstanding principal.

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

Personal Loan from Bajaj Finserv charges a processing fee of 2.25% - 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 disbursing the loan.

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
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Bajaj Finserv Personal Loan EMI Calculator

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