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What Is the Bajaj Finance Home Loan EMI Calculator?
Bajaj Finance is one of the popular Non-Bank Financial Companies (NBFCs) in India. It offers several financial products and services to its customers. One of the important products from Bajaj Finance is the home loan, as it helps in fulfilling the dreams of several individuals who are looking to own a house. Before getting a home loan, it is crucial to calculate the EMI on the loan, in order to better manage your finances. For this, you can use the Bajaj Finance home loan EMI calculator on the Angel One website.
The Bajaj Finance home loan EMI calculator is a financial tool that provides instant results. You can now use it to calculate the home loan EMI in seconds and thereby, make informed decisions.
How Does the Bajaj Finance Home Loan EMI Calculator Work?
The online Bajaj Finance home loan EMI calculator on the Angel One website is very simple and effortless. The online home loan EMI calculator takes the loan amount, interest rate and tenure of the loan. In return, it shows the monthly EMI, total interest and total amount payable, including the interest. All these details are provided instantly once you enter the required inputs.
What Is the Bajaj Finance Home Loan EMI Calculator Formula?
The Bajaj Finance home loan EMI calculator formula is as follows, –
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P is the amount of money you borrow from the bank
R is the rate of interest per month charged by the bank
N is the tenure by which the loan has to be repaid (in months)
How To Use the Bajaj Finance Home Loan EMI Calculator Online?
The EMI calculator formula used to calculate the EMI can be tricky and solving it manually can result in mistakes. Here’s where Angel One’s online Bajaj Finance home loan EMI calculator comes in handy. Using this calculator is very simple and requires you to: –
- Open the Angel One Bajaj Finance home loan EMI calculator
- Enter the loan amount
- Enter the interest rate
- Enter the tenure of the loan
The online Bajaj Finance home loan EMI calculator then computes the EMI on the loan along with the total interest and total amount of the loan.
Let us consider an example to understand the usage of the online home loan EMI calculator.
If you plan to get a loan of Rs. 15,00,000 at the interest rate of 5% for 20 years tenure, enter these values in the online calculator. Angel One’s online Bajaj Finance home loan EMI calculator will calculate the values and gives the results as follows:
- Monthly EMI: Rs. 9,899
- Principal amount: Rs. 15,00,000
- Total interest: Rs. 8,75,841
- Total payable amount: Rs. 23,75,841
Benefits of Using the Online Bajaj Finance Home Loan EMI Calculator
- Financial planning: The online Bajaj Finance home loan EMI calculator helps you in estimating the monthly EMI on the home loan. This will help you plan your monthly budget accordingly.
- Choose the right loan: Using the online Bajaj Finance home loan EMI calculator you can also see how much loan you can avail and decide the tenure of the loan as well as per your other financial commitments. If you get a loan with higher tenure, the monthly EMI on the loan can be less but it will increase the total interest you pay on the loan. So the calculator helps you analyse everything and make informed decisions.
- Error-free: The online calculator helps you in getting accurate results instantly. If you calculate your home loan EMI manually there can be several miscalculations.
- Free of charge: The online Bajaj Finance home loan EMI calculator is free of charge on Angel One and can be used at any time and anywhere.
Factors Influencing the Bajaj Finance Home Loan EMI Amount
- Interest rate
The interest rate on the home loan will have a direct impact on the loan EMI. The interest rate is determined based on various factors like the loan applicant’s age, monthly income, credit score, etc. It is better to find a loan with an affordable rate of interest.
- Loan amount
This is another factor that influences the home loan EMI. If you opt for a huge loan amount then the EMI can be higher. However, the EMI can be balanced a bit based on the tenure of the loan.
- Loan tenure
The loan tenure also determines the monthly EMI. The monthly EMI will be high if you opt for a shorter tenure. However, then the loan's overall interest amount will be less. So choose a tenure wisely.