EMI Calculator
EMI Calculator:
Introduction: What is EMI?
EMI stands for Equated Monthly Installment. It is a fixed amount you pay every month towards repaying a loan or a financed product. Whether you’re buying a mobile phone, refrigerator, or taking a home loan, EMI helps make big purchases more affordable by breaking down the payment into monthly chunks.
In this post, we will explore:
What is EMI?
What is No Cost EMI?
How to calculate EMI
How to use and unblock Bajaj EMI Card
How to check debit card EMI eligibility
And more…
Let’s dive in!
What is EMI (Equated Monthly Installment)?
EMI is the amount a borrower pays every month to repay the loan, including both:
Principal Amount (the original loan)
Interest (charged by the lender)
You pay this monthly until the entire loan is cleared. EMI makes it easier to afford high-value products or loans without paying the full amount upfront.
What is No Cost EMI?
No Cost EMI sounds attractive – but is it truly interest-free? Here’s what you need to know:
You don’t pay extra interest directly.
However, the actual product discount is often adjusted to include the interest.
Some retailers cover the interest to offer you this scheme.
Sometimes, the price of the product remains higher (no discount), so you end up paying the MRP in installments.
Example:
A phone worth ₹30,000 might be sold under No Cost EMI for 6 months. You pay ₹5,000/month, totaling ₹30,000. No extra charge – but you miss out on upfront discount deals.
How to Calculate EMI?
You can calculate EMI manually using this formula:
EMI = [P × R × (1 + R)^N] ÷ [(1 + R)^N – 1]
Where:
P = Principal loan amount (the amount you borrow)
R = Monthly interest rate
= (Annual interest rate ÷ 12 ÷ 100)
N = Loan tenure in months (total number of EMIs)
:
Loan: ₹1,00,000
Interest: 10% per annum → 0.0083 monthly
Tenure: 12 months
Your EMI will be approx ₹8,791/month.
To save time and avoid manual calculations, use a reliable online EMI calculator..
How to Unblock Bajaj EMI Card?
If your Bajaj Finserv EMI Card is blocked, follow these steps:
Go to the Bajaj Finserv website or app
Login with your registered mobile number
Go to the ‘EMI Card’ section
You’ll see the reason for the block
Resolve issues like:
KYC pending
Missed EMI
Credit score issues
Once resolved, card gets unblocked automatically
Still stuck? Call Bajaj Customer Care: 08698010101
How to Use Bajaj EMI Card?
Using Bajaj EMI Card is easy:
Select your preferred EMI duration: 3, 6, 9, or 12 months
At checkout, select EMI using Bajaj Finserv Card
Choose your preferred EMI tenure (3, 6, 9, or 12 months)
Authenticate via OTP
Done! The amount will be converted into EMI
No credit card needed.
How to Apply for Bajaj EMI Card?
You can apply for a Bajaj EMI Network Card online:
Visit the Bajaj Finserv website or download the app
Complete KYC using PAN & Aadhaar
Check your eligibility
Pay a one-time fee (₹530–₹600)
Get your digital card instantly
Use it across 1 lakh+ stores and online platforms like Flipkart, Amazon, Croma, etc.
What is the Full Form of EMI?
EMI = Equated Monthly Installment
It represents the monthly repayment amount for a loan or credit purchase.
How to Check Debit Card EMI Eligibility?
Banks offer pre-approved EMI on debit cards. To check your eligibility:
Step-by-step:
Visit your bank’s official website or mobile app
Go to the Debit Card EMI section
Enter your debit card number or log in
You’ll see:
Your eligible limit
EMI tenure options
Interest rates (if any)
How to Calculate Home Loan EMI?
Home loans are typically large and taken for long durations. Use a Home Loan EMI Calculator by entering:
Loan Amount
Interest Rate (annual)
Tenure (in years)
Example:
Loan = ₹50,00,000
Interest = 8.5% per annum
Tenure = 20 years
EMI = ₹43,391 approx/month
You’ll pay over ₹1 crore in total (principal + interest), which shows how crucial planning your EMI is.
How to Check HDFC Debit Card EMI Eligibility?
If you have an HDFC Bank debit card, check eligibility this way:
Option 1: Online
Visit: https://offers.smartbuy.hdfcbank.com
Go to the EMI on Debit Card section
Enter your card details
Verify with OTP
See your EMI limit and eligible products
Option 2: SMS
Send “MYHDFC” to 5676712
You’ll get an SMS with your EMI status.
Benefits of Using an EMI Calculator
Quick and accurate EMI estimation
Compare EMI options from multiple lenders
Helps in better budget planning
Avoids surprises by calculating total payable amount
Lets you adjust tenure to lower EMIs
Conclusion
EMIs make it easier to buy expensive products or manage big loans without burdening your pocket. With tools like EMI calculators and finance cards like Bajaj Finserv, managing your monthly payments has become more accessible than ever. But always be informed about interest rates, hidden charges, and your eligibility before signing up.
Frequently Searched Questions
Q. What is EMI in banking?
Ans. EMI stands for Equated Monthly Installment – a fixed monthly repayment amount for loans or financed products.
Q. Is No Cost EMI really free?
Ans. No, the interest is usually hidden in the product price or paid by the retailer.
Q. Can I convert my debit card payment into EMI?
Ans. Yes, if your bank offers debit card EMI options and you’re eligible.