RBL Bank Personal Loan Calculator
RBL Bank personal loan calculator determines the monthly EMI you may need to pay if you decide to take a personal loan. The calculator considers the loan amount, the rate of interest and the tenure of the loan to calculate the monthly EMI instantly. Personal loans are helpful in all circumstances. You can use the RBL Personal Loan Calculator to estimate your monthly payment even before applying for a loan from the bank.
RBL Bank Personal Loan EMI Calculator
There is a variety of loans given by the Bank to meet the financial needs of the people required for various reasons. The RBL bank provides both secured and unsecured personal loans. The difference is that the former requires collateral to be pledged, and the latter requires no collateral. The interest rate and eligibility criteria are set based on the loan type.
It is crucial to verify the EMI calculator before applying for a loan with RBL Bank to determine the monthly payment. You can choose to utilize the RBL Bank EMI calculators to plan your loan outgo and monthly budget because they are available for all loans.
The RBL Bank Personal Loan EMI Calculator is an important tool. You can visit the bank's official website to learn how much your EMI on a personal loan from RBL Bank will be. You can find the " RBL Personal Loan EMI Calculator" option on the "Tools and Calculators" page. The following information must be entered in the three fields after you enter the page: three factors: 1) Loan Amount, 2) Interest Rate, and 3) Years of Tenure.
The loan EMI amount to be paid is calculated immediately by the calculator after the essential information is entered, and the result is displayed on the same page. Checking the EMI amount against the personal loan being applied for takes less than a minute.
RBL Bank Personal Loan Calculator - Key Features
Manually calculating the EMI for a personal loan takes time. Nevertheless, if you use the EMI calculator or the RBL Bank Personal Loan calculator, you can get the answer in less than a minute. You may learn more about interest payments based on the loan amount and tenure thanks to this. You will be able to independently make a credit decision after you have all the facts. In addition, it facilitates bargaining with the lender to agree on a lower interest rate.
While manual calculations run the risk of errors, online EMI calculator results are reliable and prompt. You can use the tool and get results based on different loan amounts, terms, and interest rates.
There are various benefits of using the personal loan calculator of the RBL Bank. Some of the key features are as follows:
- Any manual calculation is not required to be performed to know the EMI of the personal loan. Another negative aspect of manual calculation is that the manual calculation includes errors. These errors can be calculated by calculating through the RBL Bank Loan Calculator.
- The Personal Loan Calculator RBL can be used repeatedly. It can be used as many times as you want to use it. You can also use it as a tool of comparison, and comparisons can be made among different values and tenures.
- With the help of this type of calculator, you can find instant results.
- The result obtained through the RBL Bank Personal Calculator helps in planning and budgeting around the EMI by calculating using the RBL Personal Loan Rate of Interest, and therefore you can take the wiser decision.
Why Should You Use RBL Bank Personal Loan EMI Calculator?
The Personal Loan EMI Calculator RBL Bank is extremely beneficial for calculating the EMI. The RBL Bank Personal Loan EMI Calculator helps in various ways, such as-
- It helps to get the EMI estimated through the RBL Bank Personal Loan Interest Rate Calculator. This helps in financial planning. This way, you can maintain a good cibil score by not missing any of the loan EMI.
- The calculator (RBL Personal Loan Interest Rate Calculator) helps to understand the repayment schedule and helps in choosing the loan tenure.
- The RBL Bank Personal Loan EMI Calculator also helps with comparing different personal loan offers and helps in making an informed decision.
- The Loan EMI Calculator helps in having accurate calculations within minutes. Thus you can be able to save time.
- The RBL Bank Personal Loan EMI Calculator is user-friendly. Anyone can get accurate calculations even if they are not a math whiz.
- The Personal Loan EMI Calculator can be used anywhere and anytime. All you need is an internet connection and a device (smartphone/laptop/iPad), and you will be able to calculate your loan repayments in minutes.
- Using a personal loan EMI calculator will help you fit the EMI into your monthly budget, which is one of its main benefits. This is especially useful if you have a limited budget and want to make sure you can still pay your other debts.
- The Personal Loan EMI Calculator is a cost-effective tool because no professional charge is required to pay for the services of a professional loan advisor.
The RBL Personal Loan Eligibility Calculator helps to measure your capability and helps you monitor whether you are totally eligible for taking the loan amount.
RBL Bank Personal Loan EMI Calculator Formula & Example
The RBL Bank Personal Loan EMI Calculator uses a standard formula that delivers the most accurate results. The formula used can be mentioned as follows:
EMI = [ P x R x (1+R) ^ N ]/[(1+R)^N-1]
This expanded formula signifies:
- P - Principal
- N - Tenure
- R - Interest Rate
This formula will be explained through an example of a personal loan from RBL Bank, which is mentioned below.
Mr Jonas wants to take a personal loan from RBL Bank in March 2023. The principal amount that he wants is Rs. 15 lakhs, and for a tenure of 5 years. The interest rate RBL Bank offers him over personal loans is 14%. Therefore, the details of the personal loan from RBL Bank are as follows:
Principal Amount = Rs. 15 lakhs
Tenure of the Loan = 5 Years
Interest Rate by RBL Bank for the Personal Loan = 14%
EMI = Rs. 436925
Benefits of using the RBL Bank Personal Loan EMI Calculator
Below mentioned are some of the primary and generic advantages of using the Personal Loan calculator-
- It is not necessary to make any manual calculations in order to determine the personal loan's EMI. The fact that manual calculations frequently contain inaccuracies is another drawback. By using the RBL Bank Personal Calculator, these inaccuracies can be estimated.
- You can utilize the RBL Bank Personal Calculator frequently. You are free to use it as often as you like. It can also be used as a tool for comparison, and comparisons between various values and tenures can be made.
- You can get immediate results from this kind of calculator. You will get an accurate value without any errors.
- The outcome from the RBL Bank Personal Calculator aids in budgeting and planning around the EMI so you can make a more informed choice.
Another striking feature of the RBL Bank is the RBL Bank Personal Loan Eligibility Calculator, through which the borrower will be able to calculate the personal loan amount eligibility. Typically, lenders grant loans of up to 30 times an individual's monthly income.
Factors Affecting RBL Bank Personal Loan EMI
The factors affecting the RBL Bank Personal Loan EMI can be discussed as follows-
- The tenure of the loan taken- The RBL Bank Personal Loan has a maximum 5-year loan term. Shorter payback terms for personal loans would mean higher EMIs but possibly lower interest rates. However, if the applicant chooses a longer repayment tenure, the relationship is inversely proportionate. Therefore, it is essential to know the EMI in advance and choose the tenure largely based on your repayment capacity so that you can organize your budget accordingly.
- Interest Rate of the Bank- Lower interest rates on personal loans would mean reduced EMIs and interest payments, and vice versa. Most banks and NBFCs give loan applicants who already have a relationship with them better interest rates. As a result, before completing an application, borrowers seeking personal loans should evaluate the interest rates offered by the main banks and NBFCs.
- The Loan Amount- The EMIs and total cost of interest would increase as the loan amount increased. Applicants should be aware that the eligibility amount for a personal loan will mostly depend on their capacity to repay the loan and the length of the repayment period.
Comparison of RBL Bank Personal Loan EMI with other Banks
Compared to other types of loans, personal loans typically have higher interest rates. The best approach to get a low rate is to do a thorough comparison of personal loan interest rates, taking into account all the relevant personal loan-related criteria and all the advantages provided by any lender in the market.
The RBL bank rate of interest is a little higher in comparison to others banks in the market.
RBL Bank Personal Loan Amortization Calculator
The Amortization Calculator can serve as a basic tool for most if not all, amortization calculations, and there are other calculators available also that are more specifically geared for common amortization calculations.
There are two general definitions of amortization. The first is the systematic repayment of a loan over time. The second is used in the context of business accounting and is the act of spreading the cost of an expensive and long-lived item over many periods. The two have been explained in more detail in the sections below:
- Paying Off a Loan over Time- When a borrower takes out a mortgage, car loan, or personal loan, they usually make monthly payments to the lender; these are some of the most common uses of amortization. The loan's interest is paid in part of the payment, and the remaining portion is used to lower the principal balance outstanding.
- Amortization Schedule- An amortization schedule (sometimes called an amortization table) is a table detailing each periodic payment on an amortizing loan. Each calculation done by the calculator will also come with an annual and monthly amortization schedule
- Spreading Costs- Some businesses occasionally invest in costly things that are used for a long time and are categorized as investments. Machinery, structures, and equipment are among the things that are frequently amortized in order to spread costs. From an accounting perspective, a sudden purchase of an expensive factory during a quarterly period can skew the financials, thus its value is amortized over the estimated life of the plant instead.
Amortization Schedule for a Personal Loan of ₹ 35 Lakh over the 15 years
The Amortization Schedule for a Personal Loan of ₹ 35 Lakh over 15 years has been calculated at 14% interest rates p.a.
|Year||Starting Balance||Interest Paid||Principal Paid||Closing Balance|
|2023||₹ 35,00,000||₹ 4,05,204||₹ 4,66,109||₹ 34,39,094|
|2024||₹ 34,39,094||₹ 4,76,278||₹ 5,59,331||₹ 33,56,041|
|2025||₹ 33,56,041||₹ 4,63,874||₹ 5,59,331||₹ 32,60,584|
|2026||₹ 32,60,584||₹ 4,49,619||₹ 5,59,331||₹ 31,50,87|
|2027||₹ 31,50,87||₹ 4,33,234||₹ 5,59,331||₹ 30,24,774|
|2028||₹ 30,24,774||₹ 4,14,402||₹ 5,59,331||₹ 28,79,845|
|2029||₹ 28,79,845||₹ 3,92,758||₹ 5,59,331||₹ 27,13,272|
|2030||₹ 27,13,272||₹ 3,67,882||₹ 5,59,331||₹ 25,21,822|
|2031||₹ 25,21,822||₹ 3,39,291||₹ 5,59,331||₹ 23,01,781|
|2032||₹ 23,01,781||₹ 3,06,429||₹ 5,59,331||₹ 20,48,879|
|2033||₹ 20,48,879||₹ 2,68,660||₹ 5,59,331||₹ 17,58,208|
|2034||₹ 17,58,208||₹ 2,25,251||₹ 5,59,331||₹ 14,24,127|
|2035||₹ 14,24,127||₹ 1,75,359||₹ 5,59,331||₹ 10,40,155|
|2036||₹ 10,40,155||₹ 1,18,015||₹ 5,59,331||₹ 5,98,839|
|2037||₹ 5,98,839||₹ 52,108||₹ 5,59,331||₹ 91,616|
|2038||₹ 91,616||₹ 1,606||₹ 93,222||₹ 0|
RBL Bank Personal Loan EMI for ₹ 10 Lakh
|Loan Amount||₹ 10,00,000|
|Monthly Instalment (EMI)||₹ 89,787|
|Total Interest Amount||₹ 77,445|
|Total Amount (Principal + Interest)||₹ 10,77,445|
RBL Bank Personal Loan EMI for ₹ 20 Lakh
|Loan Amount||₹ 20,00,000|
|Monthly Instalment (EMI)||₹ 1,79,574|
|Total Interest Amount||₹ 1,54,891|
|Total Amount (Principal + Interest)||₹ 21,54,891|
RBL Bank Personal Loan EMI for ₹ 25 Lakh
|Loan Amount||₹ 25,00,000|
|Monthly Instalment (EMI)||₹ 2,24,468|
|Total Interest Amount||₹ 1,93,614|
|Total Amount (Principal + Interest)||₹ 26,93,614|
RBL Bank Personal Loan EMI for ₹ 30 Lakh
|Loan Amount||₹ 30,00,000|
|Monthly Instalment (EMI)||₹ 2,69,361|
|Total Interest Amount||₹ 2,32,336|
|Total Amount (Principal + Interest)||₹ 32,32,336|
RBL Bank Personal Loan EMI for ₹ 50 Lakh
|Loan Amount||₹ 50,00,000|
|Monthly Instalment (EMI)||₹ 4,48,936|
|Total Interest Amount||₹ 3,87,227|
|Total Amount (Principal + Interest)||₹ 53,87,227|
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Frequently Asked Questions (FAQs)
What is the EMI of a 1 lakh personal loan in RBL bank?
The EMI of 1 lakh personal loan in RBL bank will be INR 8979 at a 14% interest rate for a tenure of 1 year.
How much personal loan can I get on my salary of 15000 from RBL bank?
With 15,000 salaries, borrowers can easily avail of small cash loans ranging from 50,000 to 1,50,000. This is easy to repay when broken down into EMIs. However, the loan amount can vary from lender to lender.
What is the EMI for a 1.5 lakh personal loan in RBL bank?
The EMI of 1.5 lakhs personal loan in RBL bank will be INR 13433 at a 14% interest rate for a tenure of 1 year.
Is cibil score required for a personal loan from RBL bank?
You can opt for collateral-based personal loans where you will have to pledge collaterals such as shares, assets, gold, FDs, etc. In these cases, you are not required to show your CIBIL score, and it is much easier to avail of a personal loan of your choice from a lender.
What is the RBL bank personal loan-processing fee?
The bank charges a processing fee of up to 3.5% of the loan value as a one-time processing fee.
Why should I calculate RBL bank personal loan EMI before taking a loan?
You may learn more about interest payments based on the loan amount and tenure thanks to the calculator tool. You will be able to independently make a credit decision after you have all the facts.
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