RBL Bank Personal Loan EMI Calculator

About RBL Bank Personal Loan EMI Calculator

Do check and analyze the results of the EMI calculator before applying for RBL Bank Personal Loan for your good being. In the absence of the same, the repayment days ahead can bite your pocket hard, thereby culminating in a stressful financial life. So check the calculator and steady your repayment ship.

What is EMI?

The EMI or Equated Monthly Installment is a combination of interest and principal repayments payable each month till the tenure is over. So when you sit to calculate the EMI, all you need then is loan amount, interest rate and tenure. So just enter these variables in the calculator and find your repayment future on the screen. The repayment future means the EMI and interest likely to be paid over the course of a loan.

EMI Calculation Formula

Ever thought 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)

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

However, if you have an example that can give you a brief idea of the repayment, it would be good, isn’t it? Saying ‘Yes’ to your call, an illustration is shown right below.

Example – 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 16% interest rate. In the given scenario, how much EMI and interest Ravi is likely to pay? Find the answer in the table below.