RAKBANK Personal Loan Calculator: How It Calculate Loan EMI?
Do you want to avail a personal loan in order to meet your various financial needs be it your child’s higher education, international trip, home renovation, debt consolidation or any sort of financial emergency? But at the same time, you don’t have a proper idea that what will be the exact calculation of your loan EMI (i.e. equated monthly installments) that you will need to repay the bank? Well, all of your doubts and confusion can be solved with the help of the RAKBANK Personal Loan Calculator. Yes, you read that right. This is basically a smart online tool that assists you in taking a calculative decision by providing you quick access to your future EMIs. To know more about this EMI tool, read this article till the end.
What is the RAKBANK Personal Loan Calculator?
RAKBANK personal loan EMI calculator is indeed a valuable online automatic tool that assists you in calculating how much will be your EMIs (i.e. Equated Monthly Installments) outgo. Talking about the EMI, it is basically a fixed payment amount that a borrower is liable to pay to the bank or lender each month throughout the loan tenure. EMIs are used to pay off the sum of the interest as well as the principal every month.
Well, it’s extremely easy to use tool. All you have to enter the amount of loan, personal loan interest rate, and loan tenure. Based on these three details, this amazing tool will provide you the result of EMI, total amount, and total interest outgo within just a matter of a few seconds only. In this manner, RAKBANK personal loan calculator makes loan planning easier for you.
Formula for Calculating Personal Loan EMIs
Personal loan EMI calculation is a quite lengthy procedure that can take your lot of time if you do it manually. However, you can use the given-below formula to make the calculation simple and easy:
E= [P x R x (1+R) ^ N] / [(1+R) ^ N-1)
In the above-mentioned formula of calculating personal loan EMI,
E= Equated monthly installment that you’ll need to pay.
P= Principal loan amount that is borrowed.
R= Interest rate that is charged on the personal loan amount.
N = Tenor of loan repayment or the number of monthly installments that you will pay.
Key Benefits of Using the RAKBANK Personal Loan Calculator
Here are the key benefits of using the RAKBANK personal loan EMI calculator:
- Accuracy: Since there is no manual calculation is involved, this advanced tool provides you the more accurate results. You are just required to enter the details, it will provide you the exact personal loan EMI calculation with an apt accuracy.
- Time-Saving: This online tool provides you the accurate results within just a few seconds only. The moment you enter the details, it will provide you the results in no time. Hence, it saves your lot of time and of course energy.
- Highly Adjustable: One of the best things about the RAKBANK personal loan calculator is the fact that you can use this tool several times and can adjust the same as per your needs. Thus, you will easily be able to change the values such as loan amount and loan tenure anytime until and unless you get the results as per your suitability.
How to Utilize the RAKBANK Personal Loan Calculator?
You can use the RAKBANK Personal Loan EMI Calculator in order to determine the EMI that you’ll need to pay depending on the amount of loan you will procure, the rate of interest charged, and the repayment tenure. Below-mentioned are the steps that you will need to follow to use the RAKBANK personal loan calculator:
- Step 1: Under the loan amount section, you need to click on the slider for choosing the loan amount you wish to procure.
- Step 2: After that, click on the slider in order to determine the loan repayment tenure under the loan tenure section.
- Step 3: And then, click on the slider to determine the interest rate or you can also directly enter the value in the box given.
- Step 4: Once you have successfully entered all the required details, hit the calculate button to determine the personal loan EMI.
RAKBANK personal loan offers of a high loan amount at an attractive interest rate with flexible repayment tenure of a maximum of 48 months for UAE nationals as well as expats. You can use the RAKBANK Personal Loan Calculator in order to check your EMI beforehand to manage your finances easily and conveniently.