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RBL Bank Personal Loan EMI Calculator - Feb 2021

RBL Bank Personal Loan Calculator

Last Updated 22nd Feb 2021

Get monthly EMI as low as ₹ 2,326 per lakh on RBL Bank personal loan. Personal loan EMI in RBL Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 1 Lakh₹ 8,978₹ 3,417₹ 2,326
₹ 5 Lakh₹ 44,891₹ 17,086₹ 11,632
₹ 10 Lakh₹ 89,782₹ 34,173₹ 23,263
Personal Loan EMI Calculator Or Free Corona Health Insurance Cover of up to ₹5 lakh
Lowest Interest Rate
Best Offers on Personal Loan offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
HDFC Bank10.50%₹ 2,149Check Eligibility
Bajaj Finserv12.99%₹ 2,275Check Eligibility
ICICI Bank10.75%₹ 2,162Check Eligibility

* Starting From

Personal Loan EMI Calculator RBL Bank

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to RBL Bank against the loan taken for repayment of your loan and payment of interest to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • RBL Bank offers affordable and convenient personal loans with loan EMIs as low as ₹ 2,326 per lakh for a tenure of 60 months and lowest rate of interest at 13.99%.
  • RBL Bank Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the RBL Bank personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 13.99% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,801 ₹ 3,417 ₹ 2,326
3 Lakh ₹ 14,402 ₹ 10,252 ₹ 6,979
5 Lakh ₹ 24,004 ₹ 17,086 ₹ 11,632
10 Lakh ₹ 48,008 ₹ 34,173 ₹ 23,263
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
RBL Bank Personal Loan Interest Calculator
Personal Loan EMI for ₹ 1 Lakh loan amount at lowest 13.99% interest rate offered by RBL Bank for different tenures
Calculated Results for RBL Bank Home Loan EMI 2 years 3 years 5 years
RBL Bank EMI for a loan amount Rs. 1 lakh at 13.99% ₹ 4,801 ₹ 3,417 ₹ 2,326
Total amount you pay back to the bank including principal and interest ₹ 1.15 Lakh ₹ 1.23 Lakh ₹ 1.40 Lakh
Interest you have to pay during the loan tenure ₹ 15,224 ₹ 23,012 ₹ 39,560

The above table shows that EMI paid on loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan from RBL Bank for 60 years, you pay the lowest EMI of ₹ 2,326. However, you pay an interest of ₹ 39,560 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from RBL Bank at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,801 and pay an interest of only ₹ 15,224 which is less than half of what you pay for a 60 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting RBL Bank Personal Loan EMI

  • Loan amount – This is the amount that you have borrowed from RBL Bank. If you apply for a higher loan amount, your monthly EMI will be high. RBL Bank gives a minimum loan of ₹ 1 Lakh, which can go upto an amount of ₹ 20 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. RBL Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by RBL Bank is 13.99%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period in which you can repay your loan in RBL Bank. Longer loan tenure means lower personal loan EMI. Generally, RBL Bank offers a loan for a maximum tenure of 5 years.

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 2.50 Lakh for 4 years at an interest rate of 10.40%. EMI calculated for this loan amount is ₹ 6,389 and the total annual EMIs to be paid annually is ₹ 76,665. The EMI schedule of loan for 4 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 2.50 Lakh over the 4 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 21,768 ₹ 48,509 ₹ 70,277 ₹ 2,01,491
2022 ₹ 18,221 ₹ 58,444 ₹ 76,665 ₹ 1,43,047
2023 ₹ 11,845 ₹ 64,820 ₹ 76,665 ₹ 78,226
2024 ₹ 4,773 ₹ 71,893 ₹ 76,665 ₹ 6,334
2025 ₹ 55 ₹ 6,334 ₹ 6,389 -₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 2.50 Lakh, taken at the lowest interest rate of 10.40%, EMI paid is ₹ 6,389 and an annual total of EMIs is ₹ 76,665, the interest component is ₹ 23,514 while the principal component is ₹ 53,152 in year 1 of loan disbursement. You repay only 21.26% of the total principal after paying 12 EMIs during the first year.

In year 4, the interest component of EMI is around 5.41%, while the principal component is around 94.59%. Upto 4 years, you have cumulatively repaid 100% of your total Personal Loan.

RBL Bank Personal Loan Interest Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how RBL Bank Personal Loan EMI is calculated:

In the above formula,

P = Loan amount. This can range from ₹ 1 Lakh to ₹ 20 Lakh

r = Rate of interest per month. Current rate is 13.99%

n = tenure in month. For RBL Bank, this can be 60 months

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember, a personal loan is an unsecured loan that can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your RBL Bank personal loan eligibility: Your loan eligibility is a function of an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - RBL Bank calculates your loan amount eligibility by applying a multiplier to your net-take home salary. This is the simplest method for calculating loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size, and growth in turnover.
    • FOIR based loan amount eligibility - RBL Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. RBL Bank lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. RBL Bank's assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • RBL Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at by the above two methods.
Quick guide on RBL Bank personal loan
  • Purpose of Loan: RBL Bank personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 25 and 60 years.
    • Loan amount of minimum ₹ 1 Lakh to ₹ 20 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 13.99% to 18.00%.
    • Lowest EMI of ₹ 2,326 per lakh.
  • Processing Fees: Upto 2% of loan amount. This is to be paid at the time of loan application
  • Special schemes: RBL Bank offers customised personal loan interest rates and schemes for a special category of borrowers, including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator RBL Bank – How it works?

  • RBL Bank personal loan calculator are online tools which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • RBL Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, RBL Bank will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from RBL Bank, the interest rate and the remaining tenure in the EMI calculator.

Other Loan Calculators

FAQs

Why should I calculate RBL Bank loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your RBL Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount

What is the lowest EMI per lakh offered by RBL Bank on personal loan?

RBL Bank offers personal loan at 13.99% interest rate for a maximum of 60 months, and hence lowest EMI on per lakh loan amount is ₹ 2,326. However, RBL Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre close RBL Bank personal loan?

You can preclose your RBL Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of balance amount that you have paid.

What are the prepayment charges on RBL Bank ?

RBL Bank offers you an option of prepayment after 12 months at NIL foreclosure charges when payed through own funds.

Is there any processing charge on personal loan from RBL Bank?

Yes, RBL Bank charges a certain amount of processing fee to process your loan application. Currently, RBL Bank charges a processing fee of Upto 2% on Personal Loan.

Will I get the personal loan from RBL Bank if i have a bad credit score?

No, for taking a loan from RBL Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have a low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

Can I have a co-applicant while applying for a Personal loan with RBL Bank ?

Yes, you can opt for a co-applicant to take a personal loan from RBL Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in RBL Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my RBL Bank loan EMI?

You can pay the EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

Compare Personal Loan EMI of All Banks

RBL Bank Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-123-8040
Ahmedabad 1800-123-8040
Ambala 1800-123-8040
Anand 1800-123-8040
Aurangabad Bihar 1800-123-8040
Bangalore 1800-123-8040
Bhilai 1800-123-8040
Bhilwara 1800-123-8040
Bhiwadi 1800-123-8040
Bhopal 1800-123-8040
Bhubaneswar Cuttack 1800-123-8040
Bikaner 1800-123-8040
Chandigarh 1800-123-8040
Chennai 1800-123-8040
Cochin 1800-123-8040
Coimbatore 1800-123-8040
Dehradun 1800-123-8040
Delhi 1800-123-8040
Durg 1800-123-8040
Faridabad 1800-123-8040
Gandhinagar 1800-123-8040
Ghaziabad 1800-123-8040
Goa 1800-123-8040
Greater Noida 1800-123-8040
Gurgaon 1800-123-8040
Guwahati 1800-123-8040
Gwalior 1800-123-8040
Hyderabad 1800-123-8040
Indore 1800-123-8040
Jabalpur 1800-123-8040
Jaipur 1800-123-8040
Jalandhar 1800-123-8040
Jodhpur 1800-123-8040
Kanpur 1800-123-8040
Karnal 1800-123-8040
Kolhapur 1800-123-8040
Kolkata 1800-123-8040
Kota 1800-123-8040
Kozhikode 1800-123-8040
Lucknow 1800-123-8040
Ludhiana 1800-123-8040
Madurai 1800-123-8040
Meerut 1800-123-8040
Mehsana 1800-123-8040
Mohali Sas Nagar 1800-123-8040
Mumbai 1800-123-8040
Mussoorie 1800-123-8040
Nagpur 1800-123-8040
Nashik 1800-123-8040
Noida 1800-123-8040
Noida Extn 1800-123-8040
Panipat 1800-123-8040
Patna 1800-123-8040
Pondicherry 1800-123-8040
Pune 1800-123-8040
Raipur 1800-123-8040
Rajkot 1800-123-8040
Ranchi 1800-123-8040
Rohtak 1800-123-8040
Roorkee 1800-123-8040
Salem 1800-123-8040
Shimla 1800-123-8040
Sonipat 1800-123-8040
Surat 1800-123-8040
Trichy 1800-123-8040
Udaipur 1800-123-8040
Vadodara 1800-123-8040
Varanasi 1800-123-8040
Vijaywada 1800-123-8040
Vizag 1800-123-8040

RBL Bank Personal Loan Reviews 4.5/5  by 14 customers
MyLoanCare Service
4.6/5.0
Banks Service
4.4/5.0
Shano Tharian,
Reviewed on 13th Feb 2018
5 / 5 stars
RBL Bank Personal Loan Availed in Feb 2018

Overall it was good experience. Thanks to Mr. Banajit Mishara from MyLoanCare team.Read more...

Manish Bhardwaj, Ghaziabad
Reviewed on 23rd Oct 2017
5 / 5 stars
RBL Bank Personal Loan Availed in Oct-17

Nice experience. Easy and supportive staff keep it up Read more...

Vanishree Shetty, Mumbai
Reviewed on 07th Sep 2017
5 / 5 stars
RBL Bank Personal Loan Availed in Aug-17

Smooth experience of loan processing with RBL Bank.Read more...

seshwanth tv, Chennai
Reviewed on 28th Jun 2017
4 / 5 stars
RBL Bank Personal Loan Availed in Jun-17

Indeed My loan officer Mr. Banajit Misra did a good job, he was on a constant follow up with the RBRead more...

Suresh Kumar, Coimbatore
Reviewed on 30th Apr 2017
3.5 / 5 stars
RBL Bank Personal Loan Availed in Apr-17

Thanks for your service. Got personal loan from RBL. But loan disbursed after 15 days from enquiry. Read more...

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RBL Bank Personal Loan News - Feb 2021
  • 2021-01-28 : RBL Bank posted a Q3 net profit of ₹147 crore
    RBL Bank reported a 110% rise in its net profit year-on-year at ₹147 crore in the quarter ended December 31, 2020. In the corresponding quarter, the bank posted a net profit of ₹6,995 crore. The bank’s total revenue backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans grew by 6% year-on-year to ₹1,488 crore .
  • 2020-10-30 : RBL Bank Q2 net profit surges to ₹144 cr
    RBL Bank reported almost a three times increase in profit in the quarter ended September backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans. Further, Net profit rose to Rs 144 crore in the quarter ended September 2020 up from Rs 54 crore a year earlier supported by 23% growth in retail advances year on year even as wholesale advances continued to shrink.
  • 2020-07-29 : RBL Bank posted a net profit of Rs. 141. 22 crores for June quarter.
    RBL Bank reported a net profit of ₹ 144 crores for Q1 FY 2021 against loss of Rs. 3,801 crores for Q1-FY 2020. NII aided by home, personal, gold, car and two-wheeler loans along with business and mudra loans stood at Rs. 1,773 crores. Further, Cost of Deposit which includes FD and RD improved by 64 bps to 4.65% and CASA increased to ₹ 1,04,315 crore as on June 30, 2020
  • 2019-04-15 : Bajaj Finserv RBL Bank SuperCard offers 5% cash back on shopping
    The SuperCard which has been jointly announced by the NBFC Bajaj Finserv and private sector lender, RBL Bank in 2017 is offering attractive cashback of up to 5% on shopping. The offer is available to all the SuperCard members from 20th March to 20th June where you can avail cashback of up to Rs. 1,000 per transaction. Besides this, the NBFC is also planning to achieve significant growth across is personal loans and fixed deposits.
  • 2019-04-10 : Bajaj Finserv RBL Bank SuperCard reaches the milestone of 1 million
    The SuperCard which has been jointly announced by the NBFC Bajaj Finserv and private sector lender, RBL Bank in 2017 has managed to reach one million milestones. The credit card is loaded with many unique features like affordable emergency loan facility, privileges like airport lounge access and exciting reward programs along with many benefits. In addition to this, this credit card also allows users to convert cash limit into a personal loan.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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