RBL Bank Personal Loan EMI Calculator

What is the EMI of a 1 Lakh Personal Loan in RBL Bank?

Below, we have calculated the EMI for a 1 lakh RBL Bank personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by RBL Bank on their personal loans.

What is the EMI of a 3 Lakh Personal Loan in RBL Bank?

Below, we have calculated the EMI for a 3 lakh RBL Bank personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by RBL Bank on their personal loans.

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:

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.