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What Is the RBL Bank Personal Loan EMI Calculator?
A personal loan may seem like an easy way to fund urgent needs. However, banks charge high-interest rates on personal loans, and sometimes you may miscalculate the impact the EMIs may have on your monthly budget. This can lead to missed repayments and thus invite penalties. It is thus a good idea to calculate the EMI for a personal loan before signing up for the loan. Personal loan EMI calculators are useful tools that can simplify these calculations. If you are planning to opt for a personal loan from RBL Bank, the RBL Bank personal loan EMI calculator on the Angel One website can help with the calculation. It is indispensable for estimating your monthly installments and understanding the total interest you will pay throughout the repayment period. This user-friendly online calculator simplifies the loan planning process and helps you assess the affordability of a personal loan and make informed decisions. With a clear understanding of your financial commitments, you can effectively plan your finances wisely, and ensure timely repayment.
How Does the RBL Bank Personal Loan EMI Calculator Work?
The online RBL Bank Personal Loan EMI Calculator uses a mathematical formula for calculations. It requires you to input just three variables. These include the amount you wish to borrow, the applicable interest rate, and the loan duration or tenure. When you enter these inputs, the calculator displays the EMI amount, interest payable, and the total amount you will pay back.
What Is the Personal Loan EMI Calculator Formula?
Below is the RBL Bank personal loan EMI calculator formula used to calculate EMIs on your personal loans.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P = Principal amount
R = Rate of interest
N = Loan Tenure
How To Use the Online RBL Bank Personal Loan EMI Calculator?
The online RBL Bank Personal Loan EMI Calculator requires the loan amount, interest rate, and personal loan term as inputs. Based on these inputs, it generates the value of EMI. Here’s how to use it:
- Access the RBL Bank personal loan EMI calculator on the Angel One website.
- Input the loan amount you intend to borrow.
- Specify the applicable interest rate for the loan.
- Input the repayment term in years, representing the duration you plan to repay the loan.
Once you have entered all the required details, the EMI calculator online RBL Bank personal loan EMI calculator instantly generates the monthly instalment amount you must pay.
Let us look at an example for a better understanding:
Suppose you want a personal loan of Rs. 3,00,000 for 3 years, and the applicable interest rate is 12% per annum. Your personal loan EMIs will amount to Rs. 9,964. The total payable amount will be Rs. 3,58,715, with an interest of Rs. 58,715.
Benefits of Using the RBL Bank Personal Loan EMI Calculator
Flexibility and customization:
The online RBL Bank personal loan EMI calculator of Angel One offers flexibility by allowing you to customize the inputs based on your preferences. You can experiment with different loan amounts, interest rates, and tenures to find the most suitable loan structure that aligns with your financial capabilities.
The online RBL Bank personal loan EMI calculator is easy to use and gives a hassle-free experience. It requires you to fill in a few parameters and offers instant results, thereby assisting with budgeting and long-term financial planning.
Stress-free loan repayment:
The online RBL Bank personal loan EMI calculator offers convenience and accuracy by relieving you of the burden of manual calculations and uncertainties. It provides precise figures and thus enables effective financial planning. By choosing the right loan for your financial situation, you can ensure timely repayments. With this EMI calculator, you can avoid financial stress caused by incorrect calculations.
Transparency and clarity:
The online RBL Bank personal loan EMI calculator offers transparency by displaying the detailed breakup of your EMI, interest, and payable amount. This level of clarity enables you to assess and make adjustments if needed. This way, you can easily track your finances and stay informed.
Factors Influencing the Personal Loan EMI Amount:
- Loan Amount: The amount you borrow directly impacts the monthly EMI you must pay. Opting for a larger loan amount will result in higher EMIs.
- Repayment Term: The duration of the repayment term also affects the EMI amount. Longer repayment terms result in smaller EMIs, which may seem attractive. However, it's important to consider that longer tenures translate to higher interest payments over time. Assessing your financial needs and affordability before deciding on the loan tenure is advisable.
- Credit Score: A good credit score is crucial in securing a low-rate personal loan. Lending institutions generally consider a credit score of 700 and above as favorable. A higher credit score can help you obtain a loan at a lower interest rate, ultimately leading to lower EMIs.
- Age and Income: Lenders often view older individuals as higher risk, especially when nearing retirement age. Consequently, older applicants may be subject to higher interest rates on personal loans, resulting in increased EMIs. This is because lenders perceive a higher risk regarding the borrower's ability to repay the loan.
Types Of Personal Loan offered by RBL Bank
RBL Bank offers personal loans ranging from Rs. 1 lakh to Rs. 20 lakhs, with convenient repayment options of 12 to 60 months. No collateral or security is required to avail of this loan, and the documentation process is simplified and quick. The bank provides attractive interest rates, starting from 14% and going up to 23% per annum, based on factors such as the applicant's income, credit history, and chosen tenure. Eligibility criteria include a minimum net monthly income of Rs. 40,000, minimum age of 25 years at loan sanction, and a minimum of 1 year of work experience at the current employment and 3 years of total employment experience.
What is the RBL Bank personal loan EMI calculator?
The RBL Bank personal loan EMI calculator is a tool that helps you estimate the EMI you need to pay for your personal loan. It considers the loan amount, interest rate, and loan tenure to calculate the monthly instalment you must pay.
How to use the RBL Bank personal loan EMI calculator online?
You can access the online RBL Bank personal loan EMI calculator on the Angel One website. Enter the loan amount you wish to borrow, the tenure of repayment, and the applicable interest rate. The personal loan EMI calculator will display the estimated EMI amount and total payable amount.
Is the RBL Bank personal loan EMI calculator free to use?
The RBL Bank personal loan EMI calculator is available for free. You can use the calculator without any charge to calculate your monthly installments and plan your loan repayment effectively.
How is the total interest of a RBL Bank personal loan calculated?
The total interest you will pay on your loan is based on the borrowed amount, applicable interest rate, and loan tenure. You can calculate the total interest quickly using the online RBL Bank Personal Loan EMI calculator.
Can I modify the EMI amount for RBL Bank personal loan?
In some cases, the EMI amount can be modified. However, this is subject to the discretion of the lender. You can visit the nearby bank branch or write to customer care to check your eligibility for an EMI modification.