Description

In addition to the YES Bank personal loan which  you select according to your convenience also provides an EMI calculator to help you in finalizing and clear out your loan. As in clearing out the loan, a monthly EMI payment is required, moreover, it also has a direct effect on your credit score. So, before finalizing your loan, make sure you use the YES Bank personal loan EMI calculator.

Yes Bank Personal Loan EMI Calculator

Yes bank personal loans are available at competitive interest rates, so your EMI per lakh can be as low as Rs.2,326. Yes Bank provides 13.99 percent interest rates for personal loans to 16.99 percent p.a. For salaried creditors. 

On this website, Afinoz has a personal loan EMI calculator that lets you measure your loan EMI in seconds.  It is a thorough tool that, apart from the installment number, also offers a clear rundown of charges against the loan. To produce instant output, a repayment table is used.

You can follow the 6 easy steps given below to use the Yes Bank Personal loan EMI calculator: 

  • Step 1: Visit the https://www.yesbank.in/personal-loan-emi-calculator
  • Step 2: Then enter the specifics of the loan, such as the amount of the loan, interest rate, and tenure of the loan.
  • Step 3: For pre-payments, select the choice of yes or no. 
  • Step 4: Click on the 'Calculate' button. 
  • Step 5: The EMI number on the page will be shown in seconds. 
  • Step 6: The website also provides a graphical display of all its payments, among other loan information.

 

How does the EMI calculator work for a personal loan?

To measure the monthly installment, the calculator includes basic loan information, such as the principal sum, interest rate, loan tenure, etc. 

The EMI calculator for an online loan uses the following formula: 

E = P x R x (1+R)^n/[(1+R)^n-1]

Where

  • E is an EMI 
  • P is the quantity that should be lent.
  • R is the interest rate every month. 
  • N means the tenure of the loan in months 

Depending on the bank, transaction fees are also often included in the estimate.

To understand it clearly, let's take an instance. 

Suppose Meena Singh, a talented software engineer aged 27, is looking for a personal loan of Rs. 4 Lakhs to travel for a family vacation to Switzerland. The best thing is that she received a personal loan offer from Yes Bank for 5 years at an interest rate of 10.05 percent per annum. Veena now worries about her monthly installments (EMIs).

She would like to know whether or not her monthly payments would be affordable. She used the Yes Bank Personal Loan EMI Calculator to recognize her EMIs. So, to learn more about this, let's have a quick look at the table given below.

The following table showing:

EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNT

INTEREST RATE

TENURE (Years)

MONTHLY INSTALMENT

TOTAL INTEREST AMOUNT

TOTAL AMOUNT

₹ 4,00,000

10.05%

1

₹ 35,176

₹ 22,108

₹ 4,22,108

₹ 4,00,000

10.05%

2

₹ 18,467

₹ 43,213

₹ 4,43,213

₹ 4,00,000

10.05%

3

₹ 12,916

₹ 64,986

₹ 4,64,986

₹ 4,00,000

10.05%

4

₹ 10,155

₹ 87,423

₹ 4,87,423

₹ 4,00,000

10.05%

5

₹ 8509

₹ 1,10,520

₹ 5,10,520

The Table showing the:

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YEAR

PRINCIPAL

INTEREST

BALANCE AMOUNT

1

₹ 64,836

₹ 37,267

₹ 3,35,163

2

₹ 71,661

₹ 30,443

₹ 2,63,502

3

₹ 79,204

₹ 22,900

₹ 1,84,297

4

₹ 87,541

₹ 14,562

₹ 96,756

5

₹ 96,826

₹ 5348

₹ 0

 

Features and Benefits of Yes Bank Personal Loan EMI Calculator

It is possible to use the personal loan EMI calculator to measure the EMI that you will have to pay on a Yes Bank personal loan. The loan calculator provides many advantages, such as:

Quick calculation: 

It can take a long time to manually measure EMI for a personal loan, while this online calculator takes a few seconds. It gives you the ability to explore different choices for tenure, loan amounts, and varying interest rates, helping you select the best mix that suits your budget for an acceptable EMI.

Precise Calculation: 

Any time you vary the amount to be borrowed, or interest rate, or loan tenure, manual calculation always carries a danger of errors. The probability of errors increases further when there is a contrast between banks. On the other hand, the calculator is reliable and free of such errors, no matter how much the data varies.

Practicality: 

The calculator is found online and can be used very quickly. You can assess the best loan for yourself in seconds by using this method. The most critical criterion in choosing a personal loan is the EMI calculation, and this loan EMI calculator does the job with ease.

Graphic Details of Loan Representation: 

In a graphic type, such as a pie diagram, the personal loan EMI calculator also shows the monthly payment and costs. When the whole loan is finished, the diagram shows the cumulative amount that will be repaid against the loan.

Application of repayment Table: 

The repayment table is used in the EMI equation, as it helps to explain the progress of the loan over time. In terms of principal and interest, the table calculates the amount of loan you have repaid last year.

Loan Representation Graphic Details: 

The personal loan EMI calculator also illustrates the monthly payment and expense in a graphic form, such as a pie diagram. The diagram shows the total amount that will be repaid towards the loan until the entire loan is done.

FAQs

Q1Is it simpler than Excel sheets to use the Personal Loan EMI Calculator?
Yeah, it is simpler to use the personal loan EMI calculator than excel papers, since the latter allows you to program the calculator before using it, whereas the online calculator already has an integrated formula.
Q2 Can I calculate EMIs for personal loans from other banks by using the same loan EMI calculator?
Yeah, this is a universal EMI loan calculator and can be extended to any bank as long as you alter the loan information accordingly.
Q3Before taking a loan, why should I measure Yes Bank loan EMI?
Before taking a personal loan, it is best to measure the personal loan EMI in advance. As discussed below, there are many advantages to calculating your Yes Bank personal loan EMI - 1. If EMI is more than your monthly budget, you can apply for a lower loan sum that suits your monthly budget and makes EMI easier to afford. 2. If you already know the EMI that you have to pay every month, you can schedule your expenses accordingly. 3. If you have a surplus number, you can choose to prepay your personal loan in the future depending on the EMI amount.
Q4 What is the lowest EMI per lakh offered on a personal loan by Yes Bank?
Yes Bank provides a personal loan at an interest rate of 10.45 percent for 60 months, and hence the lowest EMI on the sum per lakh loan is Rs. 2,147. Yes Bank however, may offer a lower interest rate and EMI may differ for its salary account holders or current bank customers.
Q5How do I pre-close a personal loan from Yes Bank?
By visiting the branch with the appropriate collection of documents, you can preclose your Yes Bank personal loan. Send the preclosure form, pay the sum and take the balance amount acknowledgment that you have charged.
Q6What are the Yes Bank's prepayment charges?
After 12 months, Yes Bank offers you a prepayment option of up to 4 percent.
Q7 Is there any payment fee on Yes Bank's loan?
Yeah, a certain amount of processing fee is paid by Yes Bank to process your loan application. At present, Yes Bank charges a personal loan processing fee of Min-Flat Rs.2021.