RBL Bank Home loan EMI Calculator

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.

RBL Bank Home Loan EMI Calculation Formula

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.

Example:

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.

Benefits of Using RBL Bank Home Loan EMI Calculator

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.

Factors affecting RBL Bank’s Home Loan EMI

• Loan amount: The precept loan amount immediately affects the EMI; a more extensive loan quantity has a higher EMI, and vice versa.
• Interest Rate: The interest rate imposed by the bank on the home loan substantially impacts the EMI. A higher interest fee results in a better EMI, while a lower interest rate reduces the EMI.
• Loan period: The EMI is stricken by the house loan's period or payback time. A more extended period may also result in less expensive EMIs, but the overall interest due could be higher. In evaluation, a shorter tenure will bring higher EMIs but lower overall interest costs.
• Credit Score: Your credit score is a vital factor in determining the interest rate at which the bank charges. A higher credit score may qualify you for an inexpensive interest rate, which means a lower EMI.
• Property Location and Value: The vicinity and cost of the belongings you are shopping for also affect the loan amount and, as a result, the EMI. Properties in acceptable locations or with better values may also want large loan sums and EMIs.

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