These days, you can get a loan to meet your financial requirements with ease, be it a personal, business or vehicle loan. In the digital age, multiple options are available at your fingertips, making the borrowing process significantly easier.
However, no matter which loan you take, lack of planning may lead to difficulties or strain during repayment. Using an EMI calculator when exploring the best loan options is key. Using this tool, you can assess suitable repayment terms and make financially smart decisions.
While numerous calculators are available online, one tool that stands apart is the Bajaj Markets EMI Calculator App as it is easy to use and requires minimal input. Here’s all you need to know about how to use this tool to plan repayment.
How to Use the Bajaj Markets EMI Calculator
Here are the steps you must follow to get started with the Bajaj Markets EMI Calculator:
· Step 1: Download and launch the Bajaj Markets: EMI Calculator App
· Step 2: Enter your mobile number and OTP to log in
· Step 3: Select from the loan type, such as Personal Loan, Business Loan, Home Loan
· Step 4: Enter the loan amount, tenor and interest rate by entering the figures or using the toggle
Based on these details, your EMI will be displayed on the screen instantly. This value and the total payable amount will changed based on your inputs. You can tweak the values until you get the most budget-friendly EMI amount.
To better understand this, let’s say you take a personal loan for ₹25,000 for 15 months. Here’s how your EMI will differ for variable interest rates:
| Interest rates (per annum) | Loan Amount | Monthly EMI | Total Amount Payable |
| 10.49% | ₹25,000 | ₹1,786 | ₹26,784 |
| 12.09% | ₹25,000 | ₹1,804 | ₹27,062 |
| 12.99% | ₹25,000 | ₹1,815 | ₹27,219 |
| 13.69% | ₹25,000 | ₹1,823 | ₹27,342 |
| 14.99% | ₹25,000 | ₹1,838 | ₹27,571 |
Opting for a longer tenure will also give you a more manageable EMI amount, but your total payable will be higher. Here are the EMI amounts for a loan of ₹25,000 at an interest rate of 10.49% p.a.
| Amount | Tenure | Monthly EMI | Total Amount Payable |
| ₹25,000 | 6 months | ₹4,301 | ₹25,807 |
| ₹25,000 | 10 months | ₹2,628 | ₹26,276 |
| ₹25,000 | 12 months | ₹2,209 | ₹26,513 |
| ₹25,000 | 15 months | ₹1,791 | ₹26,871 |
You can also adjust the amount and see the subsequent changes in your EMI. This way, you can assess the maximum loan amount you can afford to take without straining your monthly budget. Here are the EMI amounts for the same interest rate and tenure with varying loan amounts:
| Interest rates (per annum) | Tenure | Amount | Monthly EMI | Total Amount Payable |
| 10.49% | 12 months | ₹25,000 | ₹1,786 | ₹26,443 |
| 10.49% | 12 months | ₹30,000 | ₹2,644 | ₹31,732 |
| 10.49% | 12 months | ₹40,000 | ₹3,526 | ₹42,309 |
| 10.49% | 12 months | ₹50,000 | ₹4,407 | ₹52,886 |
Advantages of Using an EMI Calculator
In addition to a visual depiction and an interactive chart, the Bajaj Markets EMI calculator has many benefits. Some of them are as follows:
· Using this tool is a straightforward process, so you don’t have to be tech-savvy to calculate your EMIs
· The results are instantaneous so that you can make financial decisions quickly
· This digital tool will give you accurate results so you can rely on it
· There are no restrictions on how many times you can use the calculator for free
· It is the most effective way to compare multiple lenders’ interest rates and tenures
To enjoy all these benefits, use the Bajaj Markets EMI Calculator App and plan for a smooth borrowing experience. Download the app from Google Play or the App Store to get started!