Have you ever faced a situation where you need funds right away? These situations can arise without any prior information. It can be for some medical emergency or for your child’s marriage or even for settling your credit card dues or any other purposes. Doesn’t matter what the need is, you could always opt for a personal loan without any trouble. A personal loan is a credit facility with which you can get the funds in your account within a few days through a hassle-free process.
There are several banks and financial institutions that provide this facility to the individuals that are in need of it. RBL Bank is also one of the leading private banks of India that has been providing some amazing banking services to the customers for long. A personal loan is one of those facilities that people prefer more. It also provides an amazing tool named RBL Bank personal loan EMI calculator with which you can easily have an estimate about the monthly installment that you will be paying. So if you want to gain some more knowledge about it, then this article would be perfect for you. Keep reading!
Why is the Rate of Interest an important factor in EMI Calculation?
Before knowing about the importance, you must know what is meant by an EMI. Abbreviated for the Equated Monthly Installment, it is a fixed amount that you will be paying every month to repay your loan. Now coming on to the importance of interest rate, EMI is made up of the principal amount and interest amount. So a higher rate of interest would automatically make your EMI amount higher. That’s why it is always advised to choose a lender with a lower rate of interest so that you don’t have an extra burden while repaying the loan amount. RBL Bank personal loan interest rate is one of the cheapest interest rates available in the current market.
Why it is important to use EMI Calculator?
With the help of the RBL Bank personal loan EMI calculator, you will have an exact estimate about the monthly amount. And when you have a fixed amount in your mind, you could manage your expenses in a better way. Many people don’t use the EMI calculator before opting for a personal loan and they regret it later. It helps in people managing your finances and cutting on unnecessary expenses.
What are the details that you will require to use EMI Calculator?
There are basically three details that you will need to use the RBL Bank personal loan EMI calculator. The first would be the required loan amount which can be a minimum of INR 1 lakh and a maximum of INR 20 lakhs. Put the required amount into the calculator. Choose it wisely because you would be repaying it back. The second thing would be the RBL Personal loan interest rate. And the third and final thing would be the required tenure which ranges from 12 to 60 months.
After filling all these details into the required place, click on the calculate button and within one second, it will give you the exact EMI amount. If you are having any dissatisfaction with the results, then you can use it again with the different values because of its endlessly flexible nature.