The moment you decide to avail a personal loan, which is the first thing that strikes your mind? Well, it is quite obvious that interest rate is the first and foremost thing that usually comes, but we are not talking about the same.
Yes, just give a little stress on your mind and try to think which is that another crucial factor that plays a pivotal role in your overall loan journey. Did you figure out, we are talking about which factor? If not, just read the article below.
Well, have you ever wondered about an EMI? Yes, the equated monthly installments that a borrower needs to pay so as to repay his/her loan. While availing a loan, it is important that your monthly installments should be pocket-friendly so that it won’t be a burden on your wallet. When it comes to loan repayment, many people don’t think about their EMIs and take the decision of availing the loan in a hurry. As a result, they default on their loan in the future.
So, it is always advisable to take a calculative move by knowing the exact amount of EMIs one needs to pay while repaying the loan. And, which device is better than Bajaj Finance personal loan EMI Calculator to help you in the calculations.
That’s Right! This smart and magical tool with its simple algorithm and fastest process churns out the results for you in just a few seconds. All you need to do is just feed the values into the same and this device starts functioning, giving you the results instantly. For your better understanding, let’s just understand the functioning of this device in the article below…
This time-saving device starts functioning after taking into account:
- Loan Amount
- Interest Rate
- Tenure
The moment you feed these credentials into the device, it will instantly start functioning and fetches the results for you in just a few seconds. It helps in letting you know the exact calculations of not only your monthly installments but Interest Outgo and Total Amount Payable as well. Now just imagine the scenario, when this device was not invented and neither easily available online. People used to manually calculate their monthly installments with a complex and confusing formula. It was a time-taking and confusing process with a lack of accuracy. Thus, by keeping this thing into consideration, and to ease the burden, this efficient online tool came into existence, solving the queries of many.
Look at the example below for a better understanding of the same.
Suppose, Akshit Patel, a 30-year-old, Sales Manager by profession is looking to avail a personal loan of ₹ 5 Lakh so as to take his family on a trip to Singapore. Thus he has applied for the same and the best part is that one lender has agreed to offer him the amount at an interest rate of 12.45% per annum for a 5 year tenure. But before saying yes to the lender, Akshit wanted to be sure about his EMIs, i.e. whether they gonna be pocket-friendly for him or not? So to get the answer to his question, he used Bajaj Finance personal loan EMI Calculator. Wanna know what is the exact calculation came out? Well, he needs to pay an EMI of ₹ 11,236, Interest Outgo of ₹ 1,74,175 and Total Amount of ₹ 6,74,175 respectively.
Now, this calculation came out so easily with the help of a calculator, else manually it would be difficult for an individual to do the calculations with much precision. However, one thing that needs to be mentioned here is the fact that the moment you know your EMIs, don’t take a decision in a hurry by thinking to repay the loan just for a few months. Yes, because availing a personal loan is a liability of say 4-5 years so think for the long-run.
This might sound strange to you but it is absolutely true that an EMI may look affordable to you now but in the future, if other financial liabilities will come, many people can't afford to continue their installments, hence end up defaulting. So, always think for a long-run whether you can afford to pay your EMIs in the future and plan your installments accordingly.
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