Credit Card Calculator for

RBL Bank

RBL Credit Card EMI Calculator

RBL Bank, one of the leading private sector lenders in India, offers a range of credit instruments to customers, including credit cards. RBL Credit Card customers can convert their high value transactions or total outstanding amount into equated monthly instalments (EMIs). The bank offers a ‘Split n Pay’ option to its credit card holders.

If you want to convert your credit card transaction into EMIs, you need to pay a monthly amount towards it. The RBL Credit Card EMI Calculator helps you know the exact EMI you have to pay if you decide to convert your credit card dues into monthly instalments.

What is the RBL Credit Card EMI Calculator?

The RBL Credit Card EMI Calculator is an online tool that helps you to calculate the EMI of your credit card borrowings if converted into monthly instalments. You can use the tool for free and rest assured that the numbers are accurate.

How to Use the RBL Credit Card EMI Calculator

Follow these steps to use the RBL Credit Card EMI Calculator:

1. Enter the credit card transaction amount or the total outstanding.
2. Enter the interest rate.
3. Write the tenure or the number of months to repay the amount.
4. Click ‘submit’ and the EMI amount will appear on screen.

Factors Affecting RBL Credit Card EMI

The following factors affect your RBL Credit Card EMI:

• Total Amount: Converting a higher transaction amount or the outstanding balance into monthly instalments will mean that you have to pay higher EMIs.
• Interest Rate: High interest rate will increase your EMI outgo.
• Tenure: Longer tenures may reduce the EMI amount but increase the interest component.
• Other Fees: Factors like processing fees and EMI conversion charges also increase your EMI amount.

Benefits of Using RBL Credit Card EMI Calculator

The RBL Credit Card EMI Calculator offers several benefits:

• The RBL Credit Card EMI Calculator saves your time by calculating the EMI amount instantly.
• You can make informed decisions as you will know the exact EMI amount before converting the credit card outstanding to monthly instalments.
• The RBL Credit Card EMI Calculator is error-free.
• It helps you with financial planning and to avoid credit card payment defaults.

RBL Credit Card Interest Rates and Tenure

The interest rates on RBL Credit Cards start at 13% per annum. The interest rates change based on the tenure and your credit score. You can pay EMIs for 3, 6, 9, 12, or 24 months.

Increased tenures can lead to decreased EMI payment, but they can also mean that your overall interest payment on the transaction amount will be higher.

Understanding EMI and Its Components

An EMI comprises two components - principal and interest. Principal is the amount of money you have borrowed, in this case, the credit card transaction amount or the total dues to be paid. Interest rate is the fee the bank charges you for using the credit card amount.

The RBL Credit Card EMI Calculator uses a simple formula to compute the monthly instalments:

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]

Where:

• P – Principal amount or the total credit card outstanding amount converted into EMIs.
• R – Monthly interest rate.
• N – Tenure in months.

Common Mistakes to Avoid While Using RBL Credit Card EMI Calculator

To obtain correct results using the RBL Credit Card EMI Calculator, keep these things in mind:

• Do not make a mistake while entering the loan amount, interest rate, and tenure.
• Do not make hasty decisions and make use of the calculator to get different offers.
• Compare and contrast all offers before making the transaction.

Conclusion

The RBL Credit Card EMI Calculator is a simple tool that answers your EMI calculation issues in seconds. It helps you save time and make wise decisions.