Availing a personal loan is fast becoming a fashion among the people to meet their needs and wants. So what if it’s about buying a consumer durable or holidaying at an exotic location, a personal loan comes first on the mind. Although there are a plenty of lenders that can give you this loan, a very few would actually be a friend to your pocket.
Among these, Bajaj Finserv is one of them by providing you the credit at attractive rates of interest. The interest cost is gauged via EMI calculator that you can find online. Checking the calculator before making an application shows you the repayment summary in advance, thereby helping you know the adjustments needed to be made for a timely repayment. So, let’s check out Bajaj Finserv Personal Loan EMI Calculator and its function in this article.
Bajaj Finserv Personal Loan EMI Calculator Function Explained
The function of the calculator depends on three important variables - the rate of interest, tenure and loan amount. All three are needed to be entered in the calculator to get a sight of EMI, which stands for Equated Monthly Installment, in advance. As the EMI not only involves a payment of the principal portion but also the interest part. So, the calculator would also give you an indicative figure of interest you would end up paying to Bajaj Finserv over the course of a loan.
How Much Loan Should You Apply for? The Calculator Has an Answer
As the calculator is flexible and can be experimented with different figures, especially the loan amount and tenure, you can thus get to the figure you would find it comfortable to pay by the time the repayment journey starts. At the same time, you can juggle around on the loan amount by taking a cue from the calculator. For example, you apply for a Bajaj Personal Loan of ₹5 lakhs for 5 years, the interest rate offered to you is 13% per annum, then what would be the EMI? Well, the EMI payable amounts to ₹11,377. Now if your salary is ₹30,000 and you are living in a accommodation by paying a monthly rent of ₹7,000 along with other expenses amounting to ₹8,000, you would be left with ₹3,623 after paying the EMI and the routine costs.
If expenses get more than normal, the savings figure you see may come down further. That’s why you should have more savings. Well, it can happen by parting from your savings, if any. If you have a savings of say ₹2 lakhs. You can take ₹1 lakh out of that to reduce your loan to ₹4 lakhs. The EMI would thus reduce to ₹9,101, giving you an additional savings of ₹2,276. The total savings would then be ₹5,899, with the addition of ₹3,623 as extracted with the earlier loan amount.
Negotiate on Bajaj Finserv Personal Loan Interest Rate to Reduce Your EMI Liability
Well, Bajaj Finserv offers personal loans at an interest rate of 10.99%-16% per annum. The setting of rate would depend on how good your income and credit score are. If you have a healthy income with a credit score of 750 and beyond, you should then bargain for a lower rate. This will help reduce the amount of monthly installment applicable.
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