What is EMI and how to calculate EMI on your Personal Loan?

EMI payments have grown more popular over the past few years since they are the most convenient form of payment, be it for students, salaried employees, self-employed individuals and even retired individuals. Here’s all you need to know about EMI calculators for Personal Loans.

EMI stands for Equated Monthly Instalments of cash that you make over a period of time to a particular lender or provider of goods or services. EMI payments are made until your monthly instalments collectively match the amount of money borrowed or the monetary price of the products or services purchased.

EMI payments have grown considerably in popularity since they are the most convenient form of payment, enabling consumers to purchase something they need outright, without needing to collect sufficient funds for an outright purchase. EMI payments have also emerged as the preferred way to repay loans, especially Personal Loans. Before borrowing a loan, the borrower has the ability to speculate and forecast the EMI payment using an EMI loan calculator. Various EMI calculators have made this calculation and simple over time.

Benefits and Implications of EMI Calculators

The internet has made the calculations of payable EMI seamlessly fast and convenient. EMI calculators for Personal Loans give you a clear picture of your monthly payments once you input the principal loan amount, rate of interest and the total time period of the loan. A Personal Loan EMI calculator is the best way of being prepared regarding your instalments and your monthly expenditure.

  • It helps you make sure that you will be able to undertake the responsibility of EMI repayment without any stress on your monthly budget.
  • In case the EMI amount is too high, an EMI calculator will also help you either decide to reduce your loan principal amount or choose another lender who offers a lower rate of interest.
  • You may also decide to increase your tenure thus making it easier to repay a smaller amount over a longer period of time.

In the absence of a Personal Loan EMI calculators, which was common especially over a decade ago, you can always calculate your EMI manually. Borrowers have long used excel formulae and other mathematical formulae to calculate EMI. Here is a look calculating EMI online:

Online Loan EMI calculator

Most lenders have websites that feature convenient Personal Loan EMI calculators. These calculators perform all the mathematical calculations and show you the EMI depending on principal, interest rates and tenure, all of which may be adjusted according to your needs. The EMI calculator works on the primary formula of EMI = [P x I x (1+I)^N]/[(1+I)^N-1], where P is the Principal, I is the monthly rate of interest and N is the number of instalments.

If you’re not a fan of mathematics, you can ignore the formula and simply use the online EMI calculator using these steps:

  1. Enter your chosen loan amount in lakhs; this is your principal
  2. Next, enter your tenure; this is the period in which you plan on repaying your Personal Loan
  3. Lastly, enter your interest rate
  4. You will immediately see your EMI amount, which contains both your principal amount and your interest amount divided across the tenure

Likely Reasons for Fluctuations in EMI

Certain lenders offer a provision of progressing EMI payments. This means that the EMI payment increases over the years, to reduce the tenure, hence causing fluctuation in the EMI payments over time. Premature repayment of the loan amount amidst the tenure will cause the principal to change and hence the newer EMI will be based on the new interest rate constructed by the prepaid principal. The causes for fluctuations and changes in EMI payments can be closely affected by the interest rate. For instance, floating interest rate or new interest rates by the lender will result in a change in your EMIs. Select a loan with a fixed interest rate or a floating interest rate that suits your needs and of course, make sure your interest is the lowest possible. It is also important to pick a lender based on trust and services offered.

Are you on a lookout for a convenient Personal Loan to fund an immediate need? Be it a medical emergency, a wedding in the family, home renovation or even travel needs, a Personal Loan with easy EMI repayment can give you access to funds quickly and conveniently. Apply for a Personal Loan online at Bajaj Finserv, and enjoy instant loan approval, funds in your account in 72 hours or less and loans up to Rs.25 lakh.

Apply for Personal Loan Online     Check your Personal Loan Eligibility

Travel far and wide with a Personal Loan by your side

Holidays are an important part of your life, offering you respite from your rigorous routine. But holidays also require the correct financial planning and the optimal sum of money. With a travel Personal Loan, that is not a worry anymore.

A Personal Loan for travel is the best way to raise the finances required for a vacation. It is not only fast in terms of processing, but also easy to apply for and ideal for urgent funding.

How a Holiday Loan Works?

Applying for a Personal Loan for travel is a smooth and seamless task in today’s digital world. All you have to do is fill a form online, attach all the essential eligibility documents required, pay a processing fee and you are done. Whether you are looking for a travel loan in Bangalore, Delhi, Mumbai, Hyderabad, Chennai or any other place, you can get one easily online to fund all your travels, no matter how close or far away. A travel Personal Loan doesn’t require any kind of security or collateral. The interest rates for holiday loans range from 10.99% to 17%, and given below is a list of steps you can follow to apply for a Personal Loan for travel:

  1. Collect All Your Documents: Before applying and filling a form, it is important to collect all eligibility documents like your bank statements, identification proof, salary slips, employee ID card and address proof. This is the most important part of the procedure and failing to produce any of these documents can cause immediate rejection of the loan application. This is because these documents help the bank gain authenticity of the borrower and give them clear picture about the borrower’s financial ability to repay the loan. It also provides the bank better security of the borrower’s identity and financial security, which is important as a travel loan doesn’t ask for any collateral. However, successfully submitting all these documents improves the chances of your travel Personal Loan application getting approved.
  2. Filling The Travel Loan Application Form The application forms for these loans are available on your lender’s website in a soft copy format or can be collected from your lender’s branch in its printed format. These forms involve filling all your data including name, marital status, income bracket, address details and more. It also involves signing and accepting the terms of applying for the loan. Once signed, the form entitles and binds the borrower to the terms governing the travel loan application.

Benefits of Personal Loans for Travel

Personal Loans are the most readily and easily accessible source of finance. These loans are often dispatched to the borrower very quickly and require less documentation, which eliminates the hassle of collecting and managing large files for documentation. Your credit rating is a major factor that getting your travel loan approved, so ensure that your credit or CIBIL score is good. A good score also ensures that your Personal Loan interest rate is low. On the whole Personal Loans are ideal for those looking for finances for travel, whether yours is last-minute plan or one that has been made in advance.

Do you want to explore and discover the world? Are you already an avid travellers looking for more adventure? Whatever your reason for travel, Bajaj Finserv offers Personal Loans for travel at low interest rates. With easy online application, instant approval and funds on your account in 72 hours, Bajaj Finserv’s Personal Loans may be your #1 resource for travel.

Apply for Personal Loan Online     Check your Personal Loan Eligibility

Learn how a debt consolidation loan can reduce your payments

Explore the nature of debt consolidation and, more importantly, all the ways it could potentially help you save significantly on your monthly loan repayments.

It goes without saying that having a large amount of existing debt is a financial burden in every sense. You may be shouldering this burden due to your circumstances and unforeseen needs; however, there are options available to you to help manage this debt and ease the burden. One such option is that of taking a debt consolidation loan, which on face value may just sound like taking a new loan to pay off existing ones, but does come with a range of particularly helpful benefits to help you with your excessive borrowings. You will find unclear and mixed information when it comes to debt consolidation during your research, so we have put together a handy guide on a debt consolidation loan to help you see how it can come to your aid.

What is Debt Consolidation?

As the title suggests, a debt consolidation loan allows you to group all your existing loans together into one single consolidated loan. This would be a new loan entirely with a whole new set of terms and conditions to your previous set of borrowings and may even be from a new lender altogether.

The clear advantages here are that of simplicity and a lack of hassle on payment and administrative aspects. Buy clubbing your loans together, you only have to pay a single EMI instead of multiple repayments. What’s more, with a debt consolidation loan you just have to deal with one single lender, which can be a real bonus to those bogged down by constantly managing multiple loans with different lenders in terms of communication and paperwork.

More than the benefit of having efficiently organised finances, opting for a new loan could well reduce your monthly payments overall through a lower interest rate—and this is the biggest advantage of a debt consolidation loan. For example, if you had three credit cards with outstanding balances to be paid, each with interest rates of 12%, 18% and 32%, you could well consolidate these into a single loan with an interest rate of 10%-15%, which would save you money.

Having said that, consumers should note that this is not a one size fits all solution and may not be applicable for all depending on your circumstances.

When is Debt Consolidation Advisable?

Consolidation would make sense for those in these situations above all else:

  • For those who are constantly paying late fees on multiple loans. They will most likely benefit greatly from the opportunity to be more organised with their payments by dealing with just one lender.
  • Those with multiple loans of high interest rates could benefit greatly from consolidation to a lower rate.
  • Those who just can’t afford all their monthly payments on the existing loans. It would certainly be in their interest to find out if they are eligible for a consolidation loans and more importantly how much money they could save using this route.

Debt consolidation loans could be a saving grace for you. It could be a sizeable help for those struggling to keep up with multiple loan payments, looking for an easier and more convenient solution and lowering your interest. It is thus in your own benefit to find out exactly how a debt consolidation loan could help you with your repayments. As you do your research, look into convenient Personal Loans offered at low interest rates from Bajaj Finserv. With loans up to Rs.25 lakh, instant approval and funds in your account in 72 hours.

Apply for Personal Loan Online     Check your Personal Loan Eligibility

Did you know Personal Loans can be used for home improvement?

A quick guide to home improvement loans

Arun, a marketing professional from Noida, wanted to renovate his apartment. It had developed leaks and cracks at various places. He also had to tackle the pest control issue. Arun thought he would get the renovation and the pest control done at the same time. There was one important thing, though. He had to arrange for funds to meet the expenses. Home improvement or renovation involves a considerable amount of money. In such situations, a loan always comes in handy. So, Arun decided to avail a home improvement loan.

What are home improvement loans?

A home improvement loan is a type of personal loan. You can avail such loans to remodel or renovate your home. A standard personal loan can be used for various purposes. But, a home improvement loan is specific for home renovation.

Who offers home improvement loans?

Almost all banks and financial institutions offer home improvement loans.

How do you choose the best lender?

There are many lenders offering loans for home renovation. Choose the best lender to avail the loan. Here is how you can select the best lender:

  • Quick and easy application process

Opt for a loan application process that is both fast and simple. It is a plus if you can check eligibility and apply online for the loan.

  • Instant loan approval

Another thing to consider is the time taken by the lender to grant the loan and transfer the funds to your account. Look for a lender that offers the shortest turnaround time (TAT).

  • Interest rates

The home remodelling loan you are seeking should also be affordable. The interest rate on the loan determines its affordability. Go with the lender that offers the lowest interest rate.

  • Other pre-approved offers

Lenders like Bajaj Finserv provide many pre-approved offers for their borrowers. These offers bring a value-added benefit to borrowers.

  • Low charges

Always consider other applicable charges inherent in any loan. This is apart from the rate of interest. Check whether your home improvement loan has any extra and hidden charges. High charges increase your expenditure. Loans with the lowest charges are the best in this regard.

Arun found that Bajaj Finserv offers the best loan for home renovation. He used it to remodel his home. His home looked beautiful after the renovations were complete.

You can also renovate your home with a home renovation loan. Look out for the best home improvement loans and make your home more beautiful.

Apply for Online Personal Loan     Check your Personal Loan eligibilty

How frequent travellers can take advantage of a Personal Line of Credit?

As the mercury rises and you look forward to spending some time in a cooler location, you realise that your planned summer holiday is still some time away. With schools out, and the kids lounging around the house, this is the perfect opportunity for a little family bonding by extending a weekend into a long weekend vacation. Plan an ‘unplanned’ holiday at one of the hill stations close by to get over the insurmountable heat in the city. While this sounds great, there is a looming question of raising the financial resources for an unplanned getaway.

A travel loan with a line of credit would be a great way to finance your last-minute family vacation. A personal line of credit or PLOC is a loan that is extended by banks to cover a specific purpose. In the above case, you can apply for a personal loan for travel, which will cover one or more of your family vacations. A PLOC is a loan opportunity that can bring great value to a borrower. A line of credit differs for a regular loan in many ways. In a regular personal loan, a borrower would pay EMIs consisting of the loan amount and interest. In a personal line of credit, the entire loan amount is available to the borrower; however, the interest is charged only on that portion of the loan amount that is used by the borrower.

For example, Vishal, an IT professional from Bangalore, avails a personal line of credit of Rs.5,00,000 and uses just Rs.1,00,000 for a weekend getaway. In this case Vishal will be charged interest on only Rs.1,00,000.

Here are the benefits of a personal line of credit when it comes to covering your frequent travel expenses:

  1. The monthly repayment of a line of credit includes only the interest component of the loan amount. You can repay the entire loan amount at or by the end of the loan period.
  2. You have the option to repay the loan amount as per your convenience before the end of the loan period. There are no restrictions on repayment. Also, you can avail an amount from the line of credit, repay the principle and again use a portion of the loan amount as per your needs without having to intimate the lender.
  3. There are no restrictions on the amount of credit that the borrower can withdraw at any time. The loan amount is held in an account with the lender, which the borrower can access. You have the right to transfer the loan amount into any account you see fit.
  4. The interest is charged only on the amount from the line of credit that is used by the borrower. You are not charged interest for any part of the sanctioned line of credit that is unutilized by you. As long as the amount is kept with the lender there is no interest payment required.
  5. The borrower has the opportunity to repay the amount withdrawn from the lender or transfer a fresh amount from the lender at any time online without any prior permissions or information to the lender.
  6. There are no limits on the number of prepayments or withdrawals from the line of credit account. Also, there are no fees or charges that are levied.
  7. In most cases the borrower has the option of converting the amount withdrawn from the line of credit account into a term loan for ease of repayment.

When you are considering a personal line of credit to fund a vacation or a long weekend getaway, consider Bajaj Finserv as your lending partner. They make the process of availing the personal line of credit as easy as possible with limited documentation, provide an online application process and offer the borrower additional benefits such as flexible repayment and the option to convert the borrowed amount into a term loan.

Apply for Personal Loan Online     Check your Personal Loan Eligibility

Should You Shift to Company FD Schemes for Higher Interest

Should you shift to company FD schemes for higher interest

Company fixed deposits are like bank FDs, except they offer investors a more attractive rate of interest on the sum invested and are slightly riskier than bank FDs. You can invest in company FDs at a range of financial institutions. These fixed deposits are a feasible form of investment for those who seek higher returns while still keeping risk to a minimum. Company FDs are more feasible for an investor since they are higher in terms of profitability as compared to regular fixed deposits.

Here are a few benefits of company fixed deposits:

  1. Higher interest returns: The main goal of investing in a company fixed deposit is the propensity to gain from better interest rates. Hence it is likely that most investors would gravitate towards company fixed deposits. There is a rise of almost 2.4% in the interest offered between company FDs as compared to bank FDs. High returns mean you would gain more money as interest pay-out and put it to good use—whether you plan a different investment or want to buy an asset.
  1. The returns are safe and risk-free: The returns that come from company fixed deposits are almost always predictable, thus assuring you more security and certainty, and making this investment option safe. Company FDs are also free from market fluctuations. This makes them ideal for investors who seek predictable gains with better safety.
  1. Nomination facility: Company FDs allow you to nominate a relative or a family member to receive the total amount (including your principal investment and the interest) at maturity. This is very beneficial to investors.
  1. Tax benefits: In this kind of investment, there is absolutely no TDS if the interest amount falls below Rs.5000.

Investing in a company fixed deposit is a great option for those seeking better returns, safety, nomination facilities and tax benefits. However, as with any investment option, it is important to consider a few points before making the final decision.

Factors to consider when investing in company FDs:

  • Review ratings: Financial institutions have a set of safety ratings that help you judge the reliability and credibility of your FD. A company that is rated AAA is perfectly secure so check this before you create an FD account.
  • Check company reputation and history: Each company has its own unique history, which helps form the company’s reputation. You can use these details to take the final call of whether you want to invest in that company FD or not.
  • Focus on interest returns: Always go for a company FD only after ensuring that the interest rates offered by the company are favourable to you. Use a FD calculator to see your returns before signing up.
  • Plan your savings: As with any other fixed deposit scheme, it is important to plan and calculate your savings before investing.
  • Calculate your income: You should also get a clear figure about your income to decide how much of your income can be invested. You can check your income by viewing past bank statements and salary slips.
  • Choose your tenor wisely: For any fixed deposit investment, it is important for you to scan the tenor. While some FDs have a lower tenor and provide quick returns, some have high tenors and provide your investment better growth.

On the whole company fixed deposits are a good option for those who seek higher returns. Bajaj Finance can further help you make the correct investment decision when it comes to FDs. To see the benefits of creating an FD account with Bajaj Finance.

Know More FD Interest Rate

Invest in FD @8.05% High Interest Rate

Home Loan Low Interest Rate

Bajaj Finserv cuts home loan interest rates to 8.50% for limited period

If you are planning to buy a home, then this is the perfect time to apply for a Home Loan as Bajaj Finserv is offering Home Loans at 8.50%, one of the lowest interest rate in the market. This limited period offer is valid till 19th June and will help you achieve the elusive milestone of buying your dream home.

Whether you are a first-time home buyer or wish to transfer your existing Home Loan balance, you can avail this exclusive offer from Bajaj Finserv by applying online for a home loan.

Home Loan at 8.50%
Buying a home is one of the most important decision in your life, and you should take extreme care when it comes to applying for a Home Loan as you don’t want a loan that puts unnecessary strain on your finances. And that’s a good enough reason to opt for a Home Loan from Bajaj Finserv.

If you opt for a home loan of Rs.30 lakh to Rs.49.99 lakh and above, till 19th June, you will get your home loan at 8.60% interest rate. An interest rate of 8.50% will be applicable for loans higher than Rs.50 lakh. This offer is valid on online applications for home loans and balance transfer from other banks.

Here are the features and benefits of taking a Home Loan from Bajaj Finserv:

Easy loan approval and disbursal

Choose the option to apply for a home loan at your convenience. As long as you fit the eligibility criteria, you can get approval for home loan in as little as 5 minutes!

Top-up loans

If you opt for a home loan balance transfer with Bajaj Finserv, you can also get a top-up loan at a low rate of interest, which you can then use to set up your dream home or for anything else you need.

Refinance

If you have used your own funds to purchase a house in the last 12 months, then you can opt for the refinance option offered by Bajaj and avail a loan amount that’s less than or equivalent to the registered value of your property.

3-EMI Holiday

Bajaj Finserv offers a 3-month EMI grace period to help you plan your monthly expenses.

What are the requirements?

You need to be a salaried individual to avail this offer. You need to apply for your home loan or balance transfer through our online application form. You should have your credit score and required documents handy. Here’s a list of documents you need to apply for a home loan.

Check eligibility

Check your home loan eligibility through our Home Loan Eligibility Calculator. If you are eligible, you can apply for a home loan with through our online application form. Your loan will be approved within few minutes and a Bajaj Finserv representative will get in touch with you to collect your documents.

Don’t miss the bus!

For most of us a home loan is an investment of a lifetime and therefore it is necessary to opt for an affordable home loan. Bajaj Finserv’s Home Loan offer at 8.50% interest rate is valid till 19th June, 2017. So, apply for your home loan right now!

Apply for Home Loan Online     Check your Home Loan eligibility

Doctor Loan flash sale – Get a Tanishq voucher up to Rs. 20,000 on every loan

Doctor Loan flash sale – get a tanishq voucher up to Rs. 20,000 on every loan

If you are a doctor and looking to start your own medical practice or expand it, procure new technology and equipment to provide better service to your patients, then a Doctor Loan by Bajaj Finserv could help you achieve all that you wanted to.

To help doctors grow their practice without any hassle, Bajaj Finserv is also organising a flash sale on Doctor Loans. By participating in this flash sale, you can avail of some great assured gifts on your Doctor Loan. Here’s what’s in store for you:

– You walk away with an assured gift card of up to Rs. 20,000 from Tanishq when you sign up for a doctor loan from Bajaj Finserv.

Remember, if you want to avail this offer, you have to do so between 19th June to 3rd July 2017.

The amount, tenor, and repayment flexibility

Perhaps the biggest advantage of taking a doctor loan from Bajaj Finserv is that you’ll be entitled to an amount of up to Rs.30 lakh. You can submit your application online without having to contact the lender or submitting a collateral. Isn’t that convenient?

Then comes the tenor. You’ll be glad to know that the time for repayment is between 12 to 60 months. But the repayment period can be cut short thanks to the flexible repayment method. Under this scheme, you’ll be able to save more money in the long run by cutting down on interest charges by pre-paying the principal amount.

Zero charges and Online account access

Here’s another benefit-zero charges on prepayment and foreclosure. This means that you’ll be able to pay off a major chunk of the debt or clear it altogether without paying any additional charges. And all this will be possible under your watchful eyes as you’ll be able to access your loan details online and get alerts on repayment schedule and pre-approved offers through SMS/calls.

Personal Loan for Doctors Home Loan for Doctors

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