How does a Bajaj Finserv EMI Calculator work? July 15, 2016 Finance Irrespective of what you need funding for, a Personal Loan can prove to be the ideal solution when you are in need of immediate funds. Personal Loans are easy to avail, have no restrictions on their use, and have quick approval rates. However, the main problem with such loans, in India, is that people often opt for them without a clear plan regarding how to handle the expenses. As Personal Loans come with interest rates, a lack of proper planning might result in a lot of borrowers defaulting on the loan. But, there’s an easy-to-use tool to help you manage your personal loan so that you don’t end up defaulting. Bajaj Finserv EMI Calculator Thanks to the rate at which technology developed over the last decade, almost all lenders have come out with some interesting solutions prepare borrowers. Available on a free-to-use basis on the Bajaj Finserv official website, the EMI calculator lets you find the overall cost of availing a Personal Loan. Once you have the loan amount in mind, you need to provide basic details of the loan, like the interest rate. After this is done, you can find out how much interest you would be paying till the completion of the loan. You can also adjust the EMIs so that it suits your requirements (although, you should remember that you can’t go beyond the limit mentioned by the lender). How does the EMI calculator work The Bajaj Finserv personal loan EMI Calculator is extremely easy to use and only requires a basic level of computer literacy. Here’s how the calculator works, explained in four simple steps. You put in the exact loan amount that you want to apply for. You pick a tenure that is most convenient for you. After the first two steps are done, the interest rates that are available to you will be displayed. Once the result pops up, based on your input, you will get an estimate of the EMIs you will be paying till you complete repaying the loan. With the information the calculator provides, you can iron out the smaller details of your repayment process. What are the benefits of using a calculator The Bajaj Finserv EMI calculator offers you plenty of benefits. A few of them are: You can find out the amount you will spend each month on repaying the loan You will be able to decide if you can actually afford the loan You can size up offers from different lenders and check how they will work in yourfavour To sum it up, the Bajaj Finserv EMI calculator helps you make decisions by yourself, as you wouldn’t need to visit a lender’s local office in order to check if opting for a loan is the right option for you and also get the information about how EMI is divided when you take a personal loan.