Description

RBL Bank offers quick personal loans for salaried employees for their urgent financial needs. The loan amount can be used for a variety of purposes, including home furnishing, marriage, education, holiday, medical expenses, etc. While applying for the Personal loan land deciding the loan tenure, you must be aware of your monthly outgo in the form of an EMI to avoid financial hassle later. RBL Bank personal loan EMI calculator can help you figure out your monthly payment and plan your monthly budget. 

RBL Bank personal loan EMI calculator

RBL Bank offers a personal loan from Rs. 1 lakh up to Rs. 20 lakh at an interest rate starting from 14% p.a. for a flexible repayment tenure of 12 to 60 months. A monthly loan instalment plays a crucial role in your monthly budget, so it is necessary to estimate it proactively. It helps you plan your monthly budget and save from potential financial emergencies in the future. You can use the online personal loan EMI calculator available on Afinoz to find out your RBL Bank personal loan instalments. It is easy to use, displays accurate results in a couple of seconds. 

How to use a personal loan EMI calculator to know your RBL Bank personal loan EMI

Personal Loan EMI Calculator by Afinoz can be used to determine your EMI for RBL personal loan depending on the loan amount you will get, repayment tenure and applicable interest rates on RBL personal loan. Here are some simple steps to use Afinoz personal loan EMI calculator for RBI Bank personal loan. 

  • Step 1: On the top of the official website of Afinoz, you can click Calculators and then EMI Calculator from the dropdown list.  
  • Step 2: Under the loan amount, you can either type the loan amount or use the slider to select the loan amount you want to apply for. 
  • Step 3: Likewise use the slider or directly enter the interest rate charged by RBL Bank.
  • Step 4: In the next step, type the loan tenure or use a slider to determine the loan repayment tenure under the ‘Loan Tenure’ section.    
  • Step 5: Once you have entered all components, you will then be able to see a detailed breakdown of the total amount payable, total interest payable and the EMI you will have to pay. You can see the amortization table which will help you view the detailed repayment schedule.

 

EMI Calculator- Afinoz

 

 

Personal Loan EMI Calculation Formula

EMI calculator formula mainly depends on the method of interest applied by the lender – whether the interest is charged on the entire loan amount or on the outstanding loan amount only. 

EMI by the flat rate method

In the flat rate, interest on a personal loan is always charged on the entire loan amount availed by the borrower. 

EMI = (Principal + Interest)/ Loan Tenure in Months

EMI when the interest is calculated on the reducing balance method

In this way, interest on the personal loan amount is charged on the outstanding loan amount only after every installment. As the interest is not charged on the total amount initially borrowed, you can save significantly on the interest component when this method is used. 

EMI by reducing Balance Method = [P x (R/100) x {1+(R/100)}^N]/[{1+(R/100)}^(N-1)]

Where:

  • EMI indicates for the Equated Monthly Installments
  • P indicates the principal/ loan amount
  • R indicates the loan interest rate on a monthly basis i.e. annual interest/12
  • N indicates the loan tenure in months.

For example: If you apply for a personal loan of Rs. 15 lakh at a reducing balance interest of 15% per annum for a period of 5 years. Here is how you will have to pay every month.

  • Principal = Rs. 15 lakh
  • Loan tenure = 5 years = 60 months
  • Monthly Interest Rate = 15/12% = 1.25%

Thus, monthly EMI outgo for you = [15 lakh x (1.25/100) x {1+(1.25/100)}^60]/[{1+(1.25/100)^(60-1)] = Rs. 35,684

 

Benefits of Afinoz’s Personal Loan EMI Calculator

  • EMI calculator is easy to use and displays accurate results based on inputs.
  • Helps users find out if they can afford the monthly payments.
  • Allows users to calculate EMIs within seconds.
  • You can change loan parameters as many times as you want to get different results.
  • Saves time and 100% accuracy.
  • User-friendly and easy to use.

RBL Bank Personal Loan EMI Calculation

You can get the RBL Bank personal loan at reducing balance interest rates. In the following table, you can see the possible EMI for RBL Bank personal loan for a different combination of loan parameters:

Loan Amount

ROI @ (%)

Tenure (months)

EMI (Rs./month)

2 lakh

18%

12

Rs. 18,335

5 lakh

16%

36

Rs. 17,578

10 lakh

14%

48

Rs. 27,326

15 lakh

13%

60

Rs. 34,129

How to pay RBL Bank personal loan EMI

RBL Bank offers flexible repayment methods. You can pay the RBL personal loan EMI using any of the following ways:

  • Post-dated cheques (PDCs): Borrowers can submit post dated cheques with the bank to pay their monthly instalments. On the due date, the amount mentioned on the cheque will be debited from the borrower’s account. 
  • National automated clearing house (NACH): It is an online payment system that lets you simplify and manage bulk payment across multiple banks. You can make RBL Bank personal loan EMI payment through NACH from your account with any bank on specified due dates. It is one of the most convenient EMI payment methods.  
  • Standing instruction (SI): It is just like NACH. You can pay your RBL Bank personal loan EMIs through SI. You have to issue standing instructions to your bank to debit your account with EMI payments on a predetermined due date. 

Not only does a personal loan EMI calculator help borrowers calculate the monthly instalment, but also in planning finances accordingly. An EMI calculator is easy to use and provides accurate results in a matter of seconds. There are other calculators such as loan principal and interest calculator, loan tenure calculator, etc. to calculate the principal and interest rates in some exceptional cases.