YES Bank Home Loan EMI Calculator

Yes Bank Home Loan EMI Calculator is a digital tool that facilitates the ease of computation of Equated Monthly Installments. The tool helps the borrowers to accurately ascertain the amount they will need to set aside every month by way of repayment, which enables them to plan their finances better.

How to Calculate Yes Bank Home Loan EMI?

EMI (Equated Monthly Installment) is the amount that borrowers need to pay every month towards the repayment of their loan until the entire quantum, along with applicable interest, is repaid. Here is how Yes Bank computes EMI as per these industry-standard formulas: 

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

In this expression:

• P stands for the loan amount
• R represents the interest rate divided by the number of instalments in a year
• n denotes the maturity period in months

Yes Bank Home Loan EMI Calculation Formula

The Yes Bank home loan EMI calculator formula to calculate your monthly EMI is as follows, –

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

Here,

• P is the amount of money you borrow from the bank
• R is the rate of interest per month charged by the bank
• N is the tenure by which the loan has to be repaid (in months)

Let's take an example where you want to borrow ₹50,00,000 from Yes Bank (P=5,000,000). The bank will give you an interest rate of 8.5% per annum ((R = 0.085/12 = 0.007083 per month). For a 20-year tenure, the loan number of months will be 240 (N = 20 × 12 = 240).

Using the formula:

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

Substituting the values, we get: 

EMI = [5,000,000 × 0.007083 × (1+0.007083)^240]/[ (1+0.007083)^240)-1]

EMI = [36125 × 4.322] / [(4.322) - 1]

EMI = ₹1,52,976.30

The EMI you will be required to make for your home loan of ₹50,00,000 with an interest rate of 8.5% per annum over a tenure of 20 years will be approximately ₹1,52,976.30 every month.

How Can the Yes Bank Home EMI Calculator Help You?

The Yes Bank Home EMI Calculator is a robust device that can be incredibly helpful for individuals navigating home loan administration. There are several ways this calculator can prove impactful, such as:

Financial Planning Aid

The calculator is an invaluable addition to your financial planning by giving you an accurate picture of what is due each month. It can accurately determine the EMIs due to different loan figures, interest rates, and tenures, allowing you to come up with a holistic financial plan that fits your finances.

Decision-Making Support

The Home EMI Calculator can help you compare scenarios and decide which is best suited to your interest. If, for example, you compare two different parameters, such as the loan figure and the tenure, you can see which of the two affects the EMI and the total interest most. This will help you make an informed choice on the loan bracket you want.

Instant Results

Time is of the essence, and sometimes the manual computation can prove tedious. The EMI calculator gives you instant results, and you don’t have to wait for ages before you can get the EMI due. This will help you get the answers you need and make your choices on time.

Yes Bank’s Amortization Schedule

The amortization schedule is a table of all periodic loan payments that breaks down the amounts due or payable into the principal and interest until the outstanding balance at the end of the term. Yes Bank’s amortisation schedule featuring a typical loan would show the date of each instalment due, the amount of the payment allocated to the principal, the amount paid towards interest and the amount remaining on the balance owing after each period. 

For borrowers, such a schedule may serve as a forecast and visualisation of the loan accrual system for the case. In the beginning, the more significant part of each payment will go towards interest. In contrast, as the loan ages, each next payment will make a more critical and more substantial contribution to the principal. Such a schedule would help to see the impact of each payment on the overall loan balance and make better financial plans. Yes, bank would offer various amortization schedule types depending on the terms, including fixed-rate and adjustable-rate mortgages. Such graphs enable borrowers to handle their prepayment or refinancing better and save interest down the life of the loan.

How to Use Yes Bank's Home Loan EMI Calculator?

To use Yes Bank's Home Loan EMI Calculator, you need to follow these steps:

1. Visit the official Yes Bank website.
2. Navigate to the 'Tools and Calculators' page.
3. Look for the option specifically labelled as 'Home Loan EMI Calculator'.
4. Enter the required details, such as the loan amount, rate of interest, and loan tenure (in years and months).
5. After entering these details, the calculator will provide you with the monthly EMI amount you would need to pay for your home loan.

This process allows you to quickly and accurately determine the monthly instalment you would need to pay based on the loan amount, interest rate, and tenure you choose.

Factors Affecting Yes Bank Yes Bank Home Loan EMI

In addition to loan amount, interest rate, and tenure, several other factors can impact the EMI amount of a Yes Bank home loan. Some of these include

1. Interest rate type: As mentioned before, Yes Bank offers fixed and floating interest rate options. While fixed rates need to be paid throughout the loan tenure, floating rates are revised periodically based on market conditions.
2. Loan tenure: A longer tenure reduces the EMI amount but increases the total interest paid over the loan tenure. It is thus the other way around with a shorter tenure. 
3. Loan Amount: The principal amount borrowed affects the EMI calculation. Higher loan amounts lead to higher EMIs, while lower loan amounts result in lower monthly payments.

Credit score: A better score will make you eligible for lower interest rates, resulting in EMI.

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