RBL is one of the top banks in the country that offer a wide range of products to their customers all over the country. Among all of their top products, credit cards are known to be the most popular ones. In order to convert purchases to EMIs, and then pay them off as instalments, the cardholder can use the option of split and pay.
Once you have borrowed money through your RBL credit, or you are planning to, you will have to pay an EMI. You can estimate the EMI amount that you would have to pay with the credit card EMI calculator RBL.
The RBL credit card EMI interest rate calculator is an online tool that you can use for free to calculate your EMI. A calculator is a digital tool that works on an algorithm to calculate your every month's EMI with just some basic information like the principal amount that you want to or have borrowed, the tenure of repayment, and the rate of interest offered by the bank.
The RBL Bank Credit Card EMI Calculator does not ask you to log in or sign up, and you can just use it with a few clicks. The calculator will help you to know how much your credit card EMI would be before you can borrow through your credit card. The calculator will show you the EMI inclusive of all the charges and the interest amount on your loan.
With the utilization of the RBL Bank Credit Card EMI Calculator, you can decide the amount you would want to borrow through your RBL credit card. The RBL Bank Credit Card EMI Calculator is instantaneous and eliminates the need for manual EMI calculations, along with error-free results.
The calculator will show you the interest you have to pay on your loan and also your EMI to be paid every month. All you need to do is enter some of your basic information, such as tenure and more. The calculator will work on a formula box, which means there will not be any errors in the final results. It will help you better on debt planning and your monthly financial budgeting. RBL Bank Credit Card EMI Calculator helps you decide the amount you can borrow and also gives you the opportunity to compare the different interest rates.
You can use the RBL Bank Credit Card EMI Calculator in one simple step, and that is to enter some basic details. The details that you need to enter on the calculator are:
The Principal Amount: This is the amount that you want to or have borrowed on your credit card, and you will have to enter this on the online RBL Bank Credit Card EMI Calculator.
The Interest Rate: You will also have to enter the interest rate that is offered by the bank, and you can compare and combine interest rates.
The Tenure of your Loan: This is the tenure that you want to take to repay the loan or the period that you choose to pay your EMIs. Also, the longer the period you choose, the lesser your EMI. The shorter your tenure, the higher your EMI would be.
After you have entered all of these information sets, you will be shown the EMI amount that you would be paying every month and the interest amount that is accrued on your loan.
Mentioned here are the formula and the example of how RBL Credit card EMIs are calculated.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
E = It is the Amount that you would have to pay each month - the EMI.
P = It is the principal amount that you borrowed.
R = It is the rate of interest.
N = It is the duration of the loan in months.
Based on this formula, we can look at an example.
If Ms Seema borrows Rs. 50,000 through the RBL Credit Card, over a period of 9 months, and at the rate of 8%.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
P = Rs. 50,000
R = 8%
N = 9 Months
According to this formula,
The monthly EMI would be = Rs. 5,743
The Total interest = Rs. 1,681
There are varied advantages of using the Credit Card EMI Calculator, and some of them are:
The Credit Card EMI Calculator is a digital financial tool that calculates credit card EMIs for you.
No, the Credit Card EMI Calculator is completely free.
Yes, the calculator will include processing fee, interest, and all of the other charges on RBL credit card EMI.
Your loan will be split according to the period that you choose to pay it off.
No, you do not have to create an account, log in or sign in to use the calculator.