RBL Bank Personal Loan EMI Calculator will help you to find out your Personal Loan EMI and interest cost based on your loan amount, tenure and interest rate. It will help you to choose your loan amount and loan tenure based on your repayment capacity.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
Personal Loan Interest Rate Comparison of different Banks
|Banks||Interest Rates (per annum)|
|HDFC Bank||10.25% – 21.00%||Apply Now|
|Axis Bank||10.25% onwards||Apply Now|
|Kotak Mahindra Bank||10.75% onwards||Apply Now|
|ICICI Bank||10.25% onwards||Apply Now|
|IDFC First Bank||10.49% – 23.00%||Apply Now|
RBL Bank Personal Loan EMI Calculation
RBL Bank uses the reducing balance method of interest calculation. The following table shows the possible monthly EMI payouts for RBL Bank personal loan based on different combinations of loan parameters:
|Loan Amount (Rs.)||Interest Rate (p.a.)||Tenure (months)||EMI (Rs./month)|
Charges Levied on Non Payment of EMI
|Overdue Interest||2% per month on the overdue amount|
|Cheque Bounce Charges||Rs. 250 per instance|
Factors Affecting RBL Bank Personal Loan EMI
The following factors affect the RBL Bank personal loan EMI:
- Loan Amount: It refers to the amount of money you want to avail as a personal loan. Generally as the loan amount increases, the EMI amount also increases.
- Loan Tenure: It refers to the number of months/ years that are available for the repayment of the loan. As as the loan tenure increases, the EMI decreases. However, it may result in a greater interest payout. Hence, it is advised to maintain a balance between the EMI amount and the total interest you will be paying for the loan.
- Interest Rate: It refers to the rate at which interest is charged on the loan amount. High rate of interest generally translates into high EMIs. Thus, you should always compare multiple loan offers before settling for one. You can use the Paisabazaar platform to compare loan offers from 30+ lenders at the same time to make an informed decision.
Frequently Asked Questions (FAQs)
Q1. Which method of EMI calculation does RBL Bank use?
RBL Bank uses the reducing balance method of interest calculation, i.e., interest is calculated on the outstanding loan principal amount and not the entire loan amount.
Q2. What is the minimum and maximum tenure for RBL Bank personal loan for EMI calculation?
The minimum tenure is 12 months and the maximum is 60 months.
Q3. Does the EMI calculator also show processing charges?
No, the EMI calculator does not show charges such as processing fees or prepayment charges. These charges vary from one lender to another as well as from applicant to applicant in some cases. They are specified in the loan agreement provided to the borrower at the time of loan disbursal..
Q4. How can I arrive at the right EMI amount?
The EMI calculator lets you try different combinations of loan amount, interest rate and tenure to arrive at the most appropriate EMI for yourself. However, make sure that you take into account all your outstanding debts and monthly expenditure to avoid any hassles later.
Q5. What do you mean by float rate EMI calculation? Is personal loan interest computed this way?
EMI is made up of two components – the principal and the interest accrued. When a lender makes use of floating interest rate that depends on an external benchmark like repo rate to calculate EMIs, it is called floating rate EMI calculation. In this case, there is a periodic change in the interest rate applicable to the loan. However, at present this method is not applicable to personal loan interest calculation.