RBL Bank Home Loan EMI Calculator is an online device to help prospective borrowers to calculate their monthly equivalent monthly income (EMI) for a home loan. The calculator is simple to use and calculates the EMI using various factors like the loan amount, interest rate, and tenure. By providing a correct estimate of the EMI, the calculator allows prospective borrowers to plan their finances in order to pay the EMIs of the upcoming Home Loan.
The basic formula to calculate EMI is as follows-
E = P*R*(1+R) ^N/((1+R) ^N – 1)
Were,
E = EMI (Equated Monthly Instalments)
P = Principal Loan Amount
R = Monthly Interest Rate
N = Monthly Loan Tenure
Understanding this formula can help you gain a deeper insight into how your EMI is calculated and how factors like loan amount, interest rate, and tenure influence your monthly payments.
Mr. Rahul is interested in purchasing a new Home. She needs a loan of Rs. 50 lakhs and plans to repay it over 10 years. His preferred lender, XYZ Bank, offers a competitive car loan interest rate of 9%. Let's calculate her EMI and illustrate her payment schedule.
Key Details
Principal Amount: Rs. 50 lakhs
Loan Tenure: 10 years (120 months)
Interest Rate: 9%
EMI Calculation
Using the EMI formula (E = P x R x (1+r)^n / ((1+r)^n - 1))
E = EMI
P = Rs. 50 lakhs
R = 9%/12 = 0.0075 (monthly interest rate)
N = 120 (number of months)
After plugging in the values, Mr. Rahul’s monthly EMI would be approximately Rs. 63,338.
Some of the generic, primary advantages of using the Home loan calculator available with RBL Bank include:
1. Completely avoid doing any manual calculation to know the monthly EMI of the Home loan that you will borrow from RBL Bank using this EMI calculator. In addition to those manual calculations, there will also be errors, which can be avoided using this calculator.
2. This could also be usable time and again, and it could be used as a comparison tool for comparing the different values and tenures.
3. You will not have to wait to know the results; you will find the results instantly.
4. The result from the EMI Calculator for the RBL Bank Home Loan should probably be seen as a move ahead, such that one can configure the monthly budget around the EMI amount, opening a way for better decisions state by state.
Other Loan EMI Calculator:
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3. HDFC Home Loan EMI Calculator
4. Axis Bank Home Loan EMI Calculator
5. Canara Bank Home Loan EMI Calculator
6. PNB Home Loan EMI Calculator
7. BOB Home Loan EMI Calculator
8. LIC Home Loan EMI Calculator