1. What is the Bajaj Finance Personal Loan Calculator?

The Bajaj Finance Personal Loan Calculator helps you estimate your monthly payments for personal loans from Bajaj Finance, with interest rates starting at 11.00% per annum. It uses the standard loan payment formula to calculate your EMI (Equated Monthly Installment).

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Number of monthly payments (loan term in months)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula accounts for compound interest over the loan term, calculating a fixed payment amount that includes both principal and interest components.

3. Understanding Loan Payments

Details: Each payment consists of both interest and principal repayment. Early in the loan, more of your payment goes toward interest; later, more goes toward principal.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (starting at 11.00% for Bajaj Finance), and loan term in months (up to 84 months). The calculator will show your estimated monthly payment, total repayment amount, and total interest paid.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for Bajaj Finance personal loans?
A: Rates start at 11.00% p.a. for eligible customers, but your actual rate may be higher based on credit profile.

Q2: What is the maximum loan term available?
A: Bajaj Finance offers personal loans with terms up to 84 months (7 years).

Q3: Are there any processing fees?
A: Bajaj Finance typically charges a processing fee of up to 3.99% of the loan amount plus GST.

Q4: Can I prepay my loan?
A: Yes, but prepayment charges may apply depending on the loan terms and timing of prepayment.

Q5: How accurate is this calculator?
A: This provides an estimate. Your actual EMI may vary based on final approved terms and any additional fees.