Planning to apply for a Personal Loan? Knowing about the various Personal Loan calculators can take a whole lot of hassle out of your day.
The benefits of availing a Personal Loan are many and that’s the reason why more and more people are choosing to take one. Personal Loans are easily available and offer you easy access to a lump sum amount of cash at one go. Moreover, you don’t need to have a concrete reason to avail this loan—you can use the money for any purpose starting from home improvement to funding a long honeymoon.
If you’re planning to apply for a Personal Loan any time soon, then there are few Personal Loan calculators that can help you figure out your loan eligibility and calculate the loan EMI. Let’s have a look at them in detail.
Personal Loan Eligibility Calculator
First and foremost, you need to be eligible for the loan. The norms and regulations vary from lender to lender and so does the eligibility criteria. NBFCs like Bajaj Finserv have an online Personal Loan Eligibility Calculator that you can use to check if you’re eligible to apply for a loan and the loan amount you’re entitled to.
Some of the details you need to furnish are your date of birth, net salary, current city of residence, combined current loan EMIs, and outstanding balance on your credit card.
Personal Loan EMI Calculator
This sophisticated tool lets you estimate your EMI accurately so that you know how much you need to pay every month. By knowing this, you’ll have an idea about whether the loan is affordable and whether paying the EMI will strain your finances.
How to Calculate Personal Loan EMI?
The general formula used by a Personal Loan calculator in India is:
EMI = P x r x(1+r)^n/ ((1+r)^n-1)
P = principal amount
r = rate of interest
n = loan tenure
For instance, when you apply for a loan Rs.10 lakh at a rate of 14 percent for a tenure of 36 months, your EMI will amount to Rs. 34,178.
Line of Credit EMI Calculator
This is another calculator designed by Bajaj Finserv that helps you calculate your EMI outflow. If you want to know how to calculate a Personal Loan interest payout, you can use this calculator too, as it determines the interest amount for the loan amount already utilised by you.
Bajaj Finserv—a leading financial institution offers Personal Loans and a variety of other loan products. Their easy-to-use calculators for potential and existing customers are designed to help with budgeting and financial planning, whether you’re planning to avail a loan now or in the future.