RBL Credit Card EMI Calculator

A credit card is a useful financial tool that helps to make purchases for which you can pay later. You can utilize the predetermined credit limit within a specified period and pay the bill by the set due date. It helps you get rewards and additional perks alongside helping you build a credit history and unlocking other advantages.

While you can pay without interest by the due date, sometimes you may not have enough to clear it. In such cases, you can convert your purchases into EMIs which you have to pay on a monthly basis. This facility is also available on RBL credit cards. However, to estimate how much you will pay monthly, you need the RBL Bank credit card EMI calculator. This simple online tool facilitates quick and accurate estimations and helps you plan your finances so you can pay the debts in a structured manner to ensure better financial management.

To calculate your EMI, you need to input the following details - loan amount, the rate of interest and repayment tenure. Once you enter these details, the calculator plugs them into the RBL credit card EMI calculator formula and generates a quick estimation of EMI and interest payable.

The RBL credit card EMI calculator formula is below:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

• P denotes the principal amount
• R denotes the interest rate
• N denotes repayment tenure

You just need to provide basic information to use the RBL credit card EMI calculator online, as mentioned below:

• Amount: Input the amount you must pay to purchase or the total bill amount.
• Interest rate: Input the interest rate the bank charges for the borrowed amount on your credit card. It is typically communicated when you purchase the product or service.
• Repayment tenure: It is the period that you need to repay the borrowed funds. An eligible transaction can be converted into EMIs for a period of 3, 6, 9, 12, 18 or 24 months.

The online RBL credit card EMI calculator will calculate the EMI as per the input provided. Using this calculator, you can check the total interest payable during the tenure.

Let us understand how the RBL credit card EMI calculator works with an example:

Suppose you wish to convert a credit card purchase amount of Rs. 1 lakh to EMIs for 2 years. If the applicable interest rate is 7%, the online calculator will yield the following results:

- Monthly EMI: Rs. 4,477/-
- Principal amount: Rs. 1,00,000/-
- Total Interest: Rs. 7,454/-
- Total Amount: Rs. 1,07,454/-

The RBL Credit Card EMI calculator allows you to reap several benefits. Using the calculator, you can:

• Save time and effort: The EMI calculator is a digital tool that takes only a few seconds to show results. You need not do tedious and error-prone manual calculations to determine the EMI when you have access to the RBL credit card EMI calculator.
• Make informed financial decisions: Online RBL credit card EMI calculator simplifies budgeting for you. You can compare different options and select tenure which matches your financial bandwidth.
• Get accurate results: The calculator helps you get accurate results every time and thus enables you to make effective decisions.
• Inculcate financial discipline: By getting an idea of how much you will pay monthly, you plan your finances better and ensure timely repayments. This helps you develop a greater sense of financial discipline. The RBL credit card EMI calculator encourages responsible borrowing and timely payments.