RBL Bank Personal Loan EMI Calculator - Nov 2018

Last Updated 15th Nov 2018

Get monthly EMI as low as Rs. 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.

RBL Bank Personal Loan Calculator

Loan Amount1 year loan3 year loan5 year loan
Rs. 1 LakhRs. 8,978 Rs. 3,417 Rs. 2,326
Rs. 5 LakhRs. 44,891 Rs. 17,086 Rs. 11,632
Rs. 10 LakhRs. 89,782 Rs. 34,173 Rs. 23,263
Personal Loan EMI Calculator
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Personal Loan EMI Calculator RBL Bank

RBL Bank Personal Loan EMI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to RBL Bank against the loan taken. This is towards repayment of your loan 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 Rs. 2,326 per lakh for a 60 tenure and lowest rate of interest on personal loans at 13.99%.

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 LakhRs. 4,801Rs. 3,417Rs. 2,326
3 LakhRs. 14,402Rs. 10,252Rs. 6,979
5 LakhRs. 24,004Rs. 17,086Rs. 11,632
10 LakhRs. 48,008Rs. 34,173Rs. 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 4 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month there is a change in 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.
Use EMI Calculator to calculate your interest on personal loan at different tenure
Personal Loan EMI for Rs. 1 Lakh loan amount at lowest 13.99% interest rate offered by RBL Bankfor different tenures
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 over loan tenure 15,224 23,012 39,560

The above table shows that EMI paid on the 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 Rs. 1 Lakh loan from RBL Bank for a period of 4 years, you pay the lowest EMI of Rs. 2,326. However, you pay an interest of Rs. 39,560 on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from RBL Bank at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,801 and pay an interest of only Rs. 15,224 which is less than half of what you pay for a 4 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 borrowed by a borrower from RBL Bank.If you apply for a higher loan amount, your monthly EMI will be high. RBL Bank gives a minimum loan of Rs. 1 Lakh which can go upto an amount of Rs. 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 loan for a maximum tenure of 5 years.

RBL Bank Personal Loan 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 above formula,

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

Tips to decide the right amount of EMI
  • 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 personal loan is an unsecured loan which 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 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 do an evaluation of 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 personal loan eligibility is a function 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 a 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 own 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.
    • Borrowers within the age group of 25 and 60 years.
    • Loan amount of minimum Rs. 1 Lakh to Rs. 20 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 13.99% to 16.00%.
    • Lowest EMI of Rs. 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 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 calculates EMI considering 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.
Personal loan EMI – EMI changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. RBL Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your personal loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.

FAQs on RBL Bank EMI Calculator

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

It is advised to calculate personal loan EMI prior to 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 toapply for a lower loan amount which fits your monthly budget and makes EMI easilyaffordable
  • If you already know the EMI you have to pay each month, then you can plan your spendsaccordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan infuture 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 and hence lowest EMI on per lakh loan amount is Rs. 2,326. However, RBL Bank personal loan interest rate for salary account holders or existing customers can vary.

What are the prepayment charges on RBL Bank ?

RBL Bank offers you an option of prepayment after 12 months at NIL foreclosure charges if clean repayment track for 12 months else 13-18 Months: 5%, >18 Months: 3% foreclosure charges.

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

Personal Loan from RBL Bank charges a processing fee of Upto 2%.

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 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 personal loan from RBL Bank that will increase your personal loan eligiblity as the income of the co-applicant is also taken into account.

Compare Personal Loan EMI of All Banks

RBL Bank Personal Loan EMI Calculator 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 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
Sonepat 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 News - Nov 2018
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