RBL Bank Car Loan EMI Calculator
Car loan is one of the many financial services offered by RBL Bank. The car loan option offered by the banks comes with a competitive rate of interest and a flexible tenure. It is important to know the EMI of your car loan before finalizing on a particular loan option. RBL bank has partnered up with BankBazaar to offer an easier way of calculating EMI with the Loan Calculator. Read on to know more about RBL Bank Car Loan EMI Calculator.
How to use BankBazaar RBL Car Loan Calculator to understand your Car Loan Repayment
The EMI calculator available on Bankbazaar website can be used to calculate accurate EMI for your RBL Bank car loan scheme. As a customer, you will have to enter basic details of your car loan in order to get the right results. The tool will also display a detailed breakup of your car loan which will help you understand the scheme much better.
RBL Bank Car Loan EMI Calculator - How does it Work?
The RBL Bank Car Loan EMI Calculator available on the BankBazaar website provides accurate EMI results for your car loan. In order to get accurate EMI results along with a detailed breakup of the loan, the customer will have to provide a few details pertaining to their car loan. The customer can get the accurate results by following the below mentioned steps.
- The customer has to first enter the loan amount which can be done using the scale or the input box to the right of the scale.
- Next, the customer has to choose the tenure for their loan by using the scale or the input box.
- The customer has to enter the rate of interest offered by the bank for the loan as the third parameter.
- Many banks charge a processing fee at the time of disbursing the loan. The customer has to enter the processing fee charged by RBL Bank for the car loan.
- The EMI calculator gives the customer an option to calculate the EMI of their car loan with prepayment. If the customer wishes to calculate the EMI with pre-payment, they will have to provide additional details before clicking "calculate". The customer can skip the additional step and click "calculate" if they do not intend on making prepayments.
- Once the customer clicks on "calculate", the EMI calculator will display the EMI results for the details provided along with an amortization table.
- The amortization table gives a detailed breakup of the loan along with a bar diagram.
Example: Let us take a look at the following table to check out the EMIs you will need to pay if you take a certain car loan amount for a particular period. The interest rate for a car loan offered by RBL Bank ranges between 10.35% to 10.85%. Let us consider the interest rate to be 10.75%. Let us consider the processing fee for any RBL Bank car loan is 2% of the loan amount. This table only gives an illustration of the EMIs that you will need to pay for different loan amounts and interest rates.
Loan Amount | Interest Rate | Processing fee | EMI for 2 Years (Rs.) | EMI for 3 Years (Rs.) | EMI for 4 Years (Rs.) | EMI for 5 Years (Rs.) | EMI for 6 Years (Rs.) | EMI for 7 Years (Rs.) |
10 Lakh | 10.75% | 2% | 46,492 | 32,620 | 25,724 | 21,618 | 18,906 | 16,991 |
15 Lakh | 10.75% | 2% | 69,738 | 48,931 | 38,586 | 32,427 | 28,359 | 25,487 |
20 Lakh | 10.75% | 2% | 92,984 | 65,241 | 51,449 | 43,236 | 37,813 | 33,983 |
25 Lakh | 10.75% | 2% | 1,16,230 | 81,551 | 64,311 | 54,045 | 47,266 | 42,478 |
30 Lakh | 10.75% | 2% | 1,39,476 | 97,861 | 77,173 | 64,854 | 56,719 | 50,974 |
35 Lakh | 10.75% | 2% | 1,62,721 | 1,14,172 | 90,035 | 75,663 | 66,172 | 59,469 |
40 Lakh | 10.75% | 2% | 1,85,967 | 1,30,482 | 1,02,897 | 86,472 | 75,625 | 67,965 |
RBL Bank Car Loan EMI Calculator - Features and Benefits
- The RBL Bank Car Loan EMI calculator is user friendly and gives the accurate EMI results within seconds.
- The customer can avail the services of the calculator for free.
- The calculator also displays an amortization table that gives a clear breakup of the car loan scheme.
- Knowing the EMI of the car loan beforehand will help the customer plan their monthly finances.
- The customer can determine the accurate EMI in case they wish to make prepayments on their car loan by providing prepayment details.
RBL Bank Car Loan EMI Calculator FAQs
- Is there a particular formula for the calculation of car loan EMI?
Yes, there is a formula for calculating the EMI. It is:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N - 1]
Here, P is the principal amount, N refers to the number of installments, and R is the rate of interest for each month.
The formula can be different for a car loan depending on the parameters that are involved in a car loan.
- What details should the customer provide in case they want to make prepayments on the loan?
The customer will have to provide the following details while calculating the EMI in case they want to make prepayments on the loan:
- Prepayment frequency
- Prepayment fee
- Prepayment amount
- How the prepayment applies
- What is an amortization table?
The amortization table gives a clear breakup of the loan along with a pie chart explaining the progress of the loan.
- How many times can I use the calculator and how much does BankBazaar charge for the services of the EMI calculator?
The customer can use the EMI calculator numerous times for no additional cost.
- What does the EMI of a car loan depend on?
The EMI of a car loan depends on several parameters such as the loan amount, tenure, and rate of interest.
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