Know How to Plan Loan Repayment with an EMI Calculator App

An EMI (Equated Monthly Instalment) is a fixed repayment amount that you need to pay to the lender on a specific date. The sum is inclusive of the borrowed amount along with the interest payable on it. Calculating your EMI beforehand helps you plan loan repayment effortlessly without overburdening your finances.

A loan repayment calculator is the ideal tool that you can rely on. All you have to do is adjust loan terms on this free-to-use tool any number of times until you arrive at the right EMI amount. This helps you create the best loan repayment plan and manage your borrowing costs stress-free.

How Does an EMI Calculator Aid in Selecting the Right Loan Terms

Check out how the tool on the Bajaj Markets: EMI Calculator App helps you plan your loan repayment journey.

Select a Suitable EMI

The easy-to-use tool allows you to calculate the EMI amount you must pay based on your current loan terms. Simply enter the loan amount, tenure and applicable interest rate to calculate the monthly instalment along with the total payable amount within seconds. 

You can adjust your loan terms until you get a pocket-friendly amount. That’s not all. It also shows you how much interest you will be paying on your current EMI. These details help you evaluate your loan affordability easily. 

Choose the Best Interest Rate

All lenders offer variable interest rates for loans. Choosing the lender with the lowest interest rates allows you to reduce your EMIs and total payable interest, which decreases the overall borrowing costs. Thus, you can use an EMI calculator to compare the best rates when you plan loan repayment.  

Keep your loan amount and tenure fixed and change the interest rates to compare rates provided by different lenders. This will help you zero in on the lender offering affordable rates.

For example, if you opt for a personal loan of ₹5 Lakhs for a tenure of 24 months, your EMI will change with varying interest rates. 

Disclaimer: The rates and other details mentioned are for illustrative purposes. Actual values may vary.

As you can see, the EMI and total payable amount increase with the interest rate. So, it is financially smart to opt for the lowest interest rate option. 

Decide on a Comfortable Tenure

Your loan tenure is another crucial factor in determining your loan repayment terms. By getting a longer tenure, you can reduce your EMI amount. In contrast, a shorter tenure will result in a higher EMI, but your interest outgo will increase. 

You can easily decide on a suitable tenure using a loan repayment calculator. See the table below to understand how your EMI amounts can differ based on the chosen tenure for a personal loan of ₹10 Lakhs at an interest rate of 10.49% p.a.  

Disclaimer: The rates and other details mentioned are for illustrative purposes. Actual values may vary.

How to Use the Bajaj Markets: EMI Calculator App

Here are the steps to plan loan repayment using the Bajaj Markets: EMI Calculator App 

 Step 1: Download and launch the Bajaj Markets: EMI Calculator App 

Step 2: Enter your mobile number and date of birth and click on ‘Generate OTP’ 

Step 3: Enter the OTP to log in 

Step 4: Go to the ‘EMI & Interest’ tab 

Step 5: Select the specific type of loan, such as personal, business, home loan or loan against property

Step 6: Enter your preferred loan details, such as the amount, tenure and interest rate, by entering the figures or using the toggle option

Once you key in the details, the calculator will automatically show your EMI, total interest and total payable amount.   

After downloading the Bajaj Markets: EMI Calculator App, you will get access to multiple financial planning tools. Download the app on your smartphone to get started today!

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