Your Amortization Details (Yearly/Monthly)
A home loan is one of the most commonly used financial products offered by a bank. It is a support system for those who want to build their own home and need financial assistance to back them.
RBL Bank is one such financial entity that offers home loans with feasible interest rates. However, before taking a loan from the bank, it is necessary to calculate the Loan EMI that one would be liable to pay from period to period.
The EMI Calculation can be a bit complex. Hence, one can use the RBL Bank Home Loan EMI Calculator to resolve this complexity. It can help a prospective borrower estimate what amount he would have to pay off monthly.
RBL Bank Home Loan EMI Formula
The basic formula to calculate EMI is as follows-
E = P*R*(1+R)^N/((1+R)^N – 1)
E = EMI (Equated Monthly Installment)
P = Principal Loan Amount
R = Monthly Interest Rate
N = Monthly Loan Tenure
The RBL Bank housing loan calculator helps to compute the EMI amount within a fraction of a second. One needs to fill in the given fields like the loan amount, rate of interest and loan tenure to calculate EMI-
Groww makes calculating home loan EMI simple and quick with its RBL Bank home loan EMI calculator. These are the 2 easy steps to compute your EMI-