How to calculate your personal loan EMI?
Are you planning to apply for a personal loan? Before you do, make sure you check the EMIs you will be required to pay and understand the expenses before applying for one.
If you are wondering what is an EMI, it is the Equated Monthly Installment that you will have to pay for your loan and consists of a principal component and interest on the loan amount.
By checking your monthly EMI, you will be able to get a realistic picture of how much you can afford to repay every month. It will also help you make repayments in a timely manner once you get your loan approved. If you are thinking of how to calculate your EMI, Bajaj Finserv offers a simple EMI Calculator that you can use for this purpose.
You just need to enter in the basic details on the personal loan EMI calculator like the loan amount, tenor and interest rate. The EMI will be instantly calculated, thereby giving you an idea of how much you will have to repay each month. Use the EMI calculator to work out the EMI on your loan and plan your finances accordingly.