RBL Bank Personal Loan EMI Calculator

RBL Bank offers personal loans to all its different types of customers, and the loan amount goes up to a price level of Rs. 20 lakhs for a tenure that reaches a period of 5 years. The bank is also known to offer clientele pre-approved loans and instant loans on various eligibility criteria.

These loans can easily be repaid through EMIs, and when you want to know what your EMI would be even before you take a loan from RBL Bank, or you just want to cross-check, you can use the Personal Loan Calculator RBL.

Everything that You Need to Know About the RBL Bank Personal Loan Calculator

Here are all of the details that you will have to know about the RBL Personal loan online calculating tool:

What is the RBL Personal Loan Calculator?

The RBL Bank personal loan calculator is an online tool that can be accessed by anyone to know what the EMI amount on a personal loan from RBL Bank would be. This calculator can give you instant answers and will put an end to all of the manual calculations that you would usually have to do in order to know a particular personal loan EMI. 

This RBL Bank personal loan calculator is a tool that can also be used in order to compare different values and tenures - and finally, choose the most suitable EMI option for you when you take a personal loan from the RBL Bank.

You can be sure of the results that occur with the RBL Bank personal loan calculator as there will be no human error in it.

How to Use the RBL Bank Personal Loan EMI Calculator?

The steps to use this calculator are simple:

Step 1: Provide the principal amount for the loan.

Step 2: Secondly, provide the tenure of the personal loan.

Step 3: Lastly, provide the interest rate that the bank is offering for the personal loan.

After these details have been given, you can instantly see the results on the screen.

How Does the RBL Personal Loan EMI Calculator Work?

The RBL Bank personal loan calculator utilizes a standard formula that provides you with the most accurate results - and the formula is:

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

This expanded formula stands for:

P - Principal 

N - Tenure 

R - Interest Rate 

This formula can also be explained through an example of a personal loan from RBL Bank, which is mentioned below.

Mr Thomas wants to take a personal loan from the RBL Bank o July 2022. The principal amount that he wants is Rs. 13 lakhs, and for a tenure of 5 years. The interest rate that RBL Bank is offering him over the personal loans is 12%. Therefore, the details of the personal loan from RBL Bank are as follows:

Principal Amount = Rs. 13 lakhs

Tenure of the Loan = 5 Years

Interest Rate by RBL Bank For the Personal Loan = 12%

EMI = Rs. 28,918

Amortization Table of the RBL Bank Personal Loan

According to the example that has been provided above, this is the break-even schedule of the payment of their personal loan to Mr. Thomas:

Benefits of Using the RBL Personal Loan Eligibility Calculator Online

There is a multitude of personal benefits to using the personal loan calculator of RBL Bank, and here are some of the most primary and generic advantages of using this calculator:

1. You will not have to do any manual calculations in order to know the EMI of the personal loan that you want to borrow from the RBL Bank, and along with those manual calculations, there will also be errors, which you will be avoided by using this calculator.
2. You could use this calculator as many times as you want to, and you can use it as a tool of comparison by comparing different values and tenures.
3. You will not have to wait to know the results; you will find the results instantly.
4. The outcome of the RBL Bank personal loan calculator will allow you to plan your monthly budget around the EMI and make wiser choices.