# RBL Bank Personal Loan EMI Calculator

₹ 50k ₹ 50L
6.0% 30.0%
6 months 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Month)

Total Amount

## 2024

Month Principal Paid Interest Charged Total Payment Balance
Aug ₹3,942.44 ₹500.00 ₹4,442.44 ₹46,057.56
Sept ₹3,981.86 ₹460.58 ₹4,442.44 ₹42,075.70
Oct ₹4,021.68 ₹420.76 ₹4,442.44 ₹38,054.01
Nov ₹4,061.90 ₹380.54 ₹4,442.44 ₹33,992.11
Dec ₹4,102.52 ₹339.92 ₹4,442.44 ₹29,889.60

## RBL Bank Loan Calculator Tool

### Highlights

• EMI Calculator - One Stop Guide for Repayment
• EMI Calculator Available Online, Go & Compute

Before applying for an RBL Bank Personal Loan, it’s a good idea to use the EMI calculator to see your monthly payments. This helps you make sure they’re affordable so you don’t end up struggling financially later on. Just take a few minutes to check the calculator and make your loan payments easier to handle.

## What is EMI?

The EMI, or Equated Monthly Installment, represents both the principal and the interest portions of your loan, which you need to pay every month until the loan term ends. To calculate your EMI, simply input the loan amount, the interest rate, and the loan tenure into the calculator. This will display your "repayment future" on the screen, which includes the monthly EMI and the total interest you will pay throughout the duration of the loan.

## How to Use Wishfin RBL Bank Personal Loan EMI Calculator?

The Wishfin RBL Bank personal loan EMI calculator is very user-friendly. Here’s how to use it:

• Move the sliders or enter manually to set the loan amount, interest rate, and loan duration according to your needs.
• After you adjust these settings, the calculator will show you the monthly EMI, the total interest, and the total repayment amount for the duration of the loan.

### Personal Loan EMI Calculation Formula

Have you ever wondered how the calculator derives its results? No! Well, it performs its operations based on the formula shown below.

E=P . R . (1+R)^N/((1+R)^N – 1),

Where E=EMI
P=Principal Loan Amount
R=Rate of Interest
N=Monthly Loan Tenure

If you have applied for a loan for ₹3.5 lakh at an interest rate of 14% with a repayment period of 5 years. The calculation of the Equated Monthly Installment (EMI) would be as follows:

• Principal Amount (P): ₹3,50,000
• Interest Rate (R): 14% per annum (which converts to 0.14 per month)
• Loan Tenure (n): 5 years, or 60 months

Here’s how you will get your EMIs:

[3,50,000 x 0.14 x (1 + 0.14) ^ 60]/[(1+0.14) ^60 -1] = 8,143.89

So, you will be required to pay ₹8,143.89 as your EMI.

## RBL Bank Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

Year Principal Interest Total Payment Balance
2024 ₹ 25,085 ₹ 23,778 ₹ 48,863 ₹ 3,24,915
2025 ₹ 55,724 ₹ 42,002 ₹ 97,727 ₹ 2,69,191
2026 ₹ 64,046 ₹ 33,680 ₹ 97,727 ₹ 2,05,144
2027 ₹ 73,611 ₹ 24,115 ₹ 97,727 ₹ 1,31,533
2028 ₹ 84,604 ₹ 13,122 ₹ 97,727 ₹ 46,929
2029 ₹ 46,929 ₹ 1,935 ₹ 48,863 ₹ 0

Example for RBL Bank Personal Loan EMI Calculation

Ravi Shekhar applies for a personal loan worth ₹12 lakh at RBL Bank for 5 years. The bank, after checking his credit profile and income, disbursed him the loan at a 16% interest rate. In the given scenario, how much is EMI and interest is Ravi likely to pay? Find the answer in the table below.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNT INTEREST RATE TENURE MONTHLY INSTALMENT TOTAL INTEREST AMOUNT TOTAL AMOUNT
₹ 12,00,000 16% 1 ₹ 1,08,877 ₹ 1,06,524 ₹ 13,06,524
₹ 12,00,000 16% 2 ₹ 58,756 ₹ 2,10,138 ₹ 14,10,138
₹ 12,00,000 16% 3 ₹ 42,188 ₹ 3,18,784 ₹ 15,18,784
₹ 12,00,000 16% 4 ₹ 34,008 ₹ 4,32,400 ₹ 16,32,400
₹ 12,00,000 16% 5 ₹ 29,182 ₹ 5,50,900 ₹ 17,50,900

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YEAR PRINCIPAL INTEREST BALANCE AMOUNT
1 ₹ 1,70,311 ₹ 1,79,869 ₹ 10,29,688
2 ₹ 1,99,650 ₹ 1,50,529 ₹ 8,30,037
3 ₹ 2,34,044 ₹ 1,16,135 ₹ 5,95,992
4 ₹ 2,74,364 ₹ 75,816 ₹ 3,21,628
5 ₹ 3,22,012 ₹ 28,551 ₹ 0

## What is the Lowest EMI Offered by RBL Bank on Personal Loans?

The minimum monthly payments (EMIs) for an RBL Bank Personal Loan with interest rates of 14% and 23% over a period of 5 years for various loan amounts are:

Interest Rate of 14%

Interest Rate of 23%

1 lakh loan amount - ₹2,326.83 p.m.

1 lakh loan amount -  ₹2,819.05 p.m.

3 lakh loan amount - ₹6,980.48 p.m.

3 lakh loan amount -  ₹8,457.14 p.m.

5 lakh loan amount - ₹11,634.13 p.m.

5 lakh loan amount -  ₹14,095.24 p.m.

7 lakh loan amount - ₹16,287.78 p.m.

7 lakh loan amount -  ₹19,733.33 p.m.

9 lakh loan amount - ₹20,941.43 p.m.

9 lakh loan amount -  ₹25,371.42 p.m.

## Main Benefits of Using RBL Bank Personal Loan EMI Calculator

Here are the main advantages of using RBL Bank personal loan EMI calculator:

• Quick and accurate EMI calculations: The calculator displays precise EMI amounts based on the principal amount, loan tenure, and interest rates you input. This eliminates the possibility of human errors in manual calculations.
• Easy access: As the calculator is available online, it can be easily accessed by anyone, at any time. Customers are not required to visit a bank branch or contact customer service to get an idea of their monthly repayments.
• Instant results: It offers instant results, which means you can quickly see the monthly EMI, total interest payable, and the total repayment amount. This helps in making swift and informed decisions.
• Comparison of loan options: The calculator allows you to compare different loan amounts, interest rates, and tenures. This flexibility helps you choose the most suitable loan option that fits your financial situation and repayment capacity.
• No cost involved: Using the EMI calculator is free of charge, allowing you to explore various loan scenarios without any financial commitment.

## RBL Bank Personal Loan Eligibility Criteria

• Age: Between 25 to 60 years or up to the age of retirement.
• Minimum Monthly Income: At least Rs 40,000.
• Work Experience: At least 3 years total, with a minimum of 1 year at the current job.

RBL Bank will also consider the applicant's credit score, job type, and the reputation of the employer, similar to other banks when assessing personal loan qualifications.

## Factors Affecting RBL Bank Personal Loan EMI

Here are the factors that influence the EMI for a personal loan from RBL Bank:

• Age: RBL Bank provides personal loans to individuals who are older than 25 years. People under 25 are usually not eligible because they might have a higher risk of not making timely payments. Similarly, if you are over 60, you generally won't qualify for a loan.
• Income: You need to earn at least Rs. 25,000 per month to qualify for a personal loan from RBL Bank. The more you earn, the higher the loan amount you might be eligible for.
• Employment Type: Only individuals with salaried jobs can apply for a personal loan because they have a regular monthly income, which lowers the risk of missed payments.
• Work Experience: To get a personal loan, you should have been working for at least three years and been with your current employer for at least one year. A stable job history suggests financial stability, which can help you secure a larger loan.
• Credit Score: A good credit score is crucial for getting favorable interest rates on a loan. It's best to have a credit score of 700 or above.
• Existing Debts: If you already have other debts, your ability to borrow more might be limited. This is because your overall capacity to repay a new loan is considered reduced.

## Fees and Charges Associated with RBL Bank Personal Loan

Here are the different fees and charges related to the personal loan offered by RBL bank:

• Processing Fee: The bank takes a one-time fee of 2% from the total loan amount when the loan is given out.
• Prepayment Charges: If you choose to pay off the loan early within the first 18 months, the bank will charge a fee of 5% on the remaining loan amount. If you pay after 18 months, the fee is reduced to 3%. However, there are no charges for early payment if you've already paid at least 12 EMIs on time and you use your own money, not transferred from another bank.
• Late Payment Fee: If you miss a monthly payment, the bank will charge an extra 3% of the monthly payment amount plus GST as a late fee.

## Limitations of Using RBL Bank Personal Loan EMI Calculator

Here are certain disadvantages of using the RBL Bank personal loan EMI calculator:

• Doesn’t Account for Other Fees: The calculator might not include various fees like processing fees, late payment charges, or prepayment penalties, which can affect the overall cost of your loan.
• Interest Rate Variability: It usually uses a fixed interest rate for calculations. However, actual rates can vary based on your credit score and other factors, which can change the calculated EMI.
• Estimates Only: The results provided by the EMI calculator are approximate. The actual EMI amount could differ when you apply and get the loan processed.
• No Personal Advice: The calculator doesn’t offer personalized advice. It doesn't consider your financial situation or needs, which are important when choosing a loan product.