YES Bank Personal Loan EMI Calculator

When you take a personal loan, knowing your Equated Monthly Installment (EMI) is crucial to service your payments effectively. YES Bank, one of India's premier private-sector banks, provides a simple Personal Loan EMI Calculator to assist you in calculating your EMIs effectively. This calculator offers immediate results based on critical factors like loan amount, tenor, and interest rate so you can plan your finances effectively.

Knowing your EMI beforehand ensures transparency and preparedness, whether you are consolidating debt, funding a dream wedding, or handling medical emergencies. This article will delve into how the YES Bank personal loan EMI calculator works and its features, benefits, and practical examples to help you make informed decisions. 

What Is YES Bank Personal Loan EMI Calculator?

The YES Bank Personal Loan EMI Calculator is an online calculator that assists borrowers in approximating their monthly loan payments based on the selected loan amount, term, and interest rate. Borrowers can modify these parameters to determine an appropriate repayment schedule if the calculated EMI is too high or low. The calculator provides the EMI amount instantly, allowing for rapid and informed decision-making. 

Since they know the EMI, borrowers can plan their budgets and arrange the repayments accordingly. The tool also offers an elaborate breakdown of the EMI, which provides transparency and accuracy while repaying the loan.

How Does YES Bank Personal Loan EMI Calculator Help?

The YES Bank personal loan EMI calculator is a useful tool for managing your loan application. It helps you figure out the exact EMI amount you need to pay each month, which can help you plan your finances better. 

Using this EMI calculator is simple and hassle-free. When entering the necessary details, such as the loan amount, the rates of interest, and the loan tenures, the calculator instantly reflects the EMI amount. With this tool, you can thus save both time and effort, eliminating the need for complex manual calculations. Moreover, this calculator allows for making necessary adjustments in parameters such as loan tenure and amount to choose the correct loan option per your budget. 

The calculator also helps in comparing various loan options. By knowing the EMI amount in advance, you can decide whether the loan amount fits your budget without becoming financially drained. 

YES Bank Personal Loan EMI Calculator Formula

The YES Bank personal loan EMI calculator calculates the equated monthly instalment or EMI based on interest rates, loan amount and loan tenure. Using a mathematical formula helps simplify financial planning by providing a clear breakdown of costs. Thus, borrowers can organise their personal finances to align with their budgetary requirements. Being accessible online, using an online calculator is a convenient method of making informed decisions before applying for a personal loan in YES Bank. 

Here is the formula to follow for EMI calculation using the YES Bank personal loan EMI calculator:

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

Where,

• P stands for the principal loan amount granted by the bank
• N indicates the tenure of the loan
• R is the applicable rate of interest

YES Bank Personal Loan EMI Example

Let us consider an example of EMI calculation while opting for a personal loan at YES Bank. For instance, Biraj wants to take a personal loan from YES Bank in July 2022. The principal amount he wishes to borrow is Rs. 1.2 Lakhs. The loan tenure is five years, and YES Bank offers Biraj an interest rate of 11.5%. 

Thus, the data reveals that:

Principal amount (P) = Rs. 1.2 Lakhs
Rates of Interest = 11.5%
Loan Tenure = 5 years

Putting the above data in the formula stated above, we get:

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

= 1.211.5(1+11.5)^5/(1+11.5)^5-1)

= Rs. 2,639

Thus, the EMI amount he needs to pay for a personal loan is Rs. 2,639. 

YES Bank Personal Loan Amortization

The amortisation or repayment schedule contains a detailed breakdown of your repayments throughout the predetermined tenure. It shows how the principal and interest of each EMI contribute to repaying the loan until the maturity date. Once you put in the required values, you can get the amortisation schedule for the entire tenure.

Here is a detailed overview of the Personal Loan amortisation schedule of YES Bank: 

How To Use YES Bank Personal EMI Calculator?

You can use the YES Bank personal loan EMI calculator to determine your loan repayments monthly. With instant results, you can check your affordability and make informed decisions. 

Here is a detailed step-by-step guide detailing how to use the YES Bank personal loan EMI calculator:

• Enter the Principal amount of the personal loan
• Provide the tenure of personal loan
• Enter the rates of interest offered by the YES Bank
• Now, the screen instantly displays the EMI amount

YES Bank Personal Loan EMI Calculator Advantages

Go through the following points to learn about some of the significant advantages of using the YES Bank personal loan interest rate calculator:

User-friendly: 

• The IDBI Bank Personal Loan EMI Calculator by Cleartax has a very user-friendly interface. 
• You can use the calculator even without technological expertise or background. 
• You will only require a stable internet connection and the input variables, and you will be ready to go.

Instant and Right Solutions: 

• The calculator saves you from manual computation, which consumes time and leads to wrong results. 
• Using the IDBI Bank personal loan calculator, you can obtain correct results based on the variables you provide within minutes, thus saving time and effort.

Helps in Managing Finances: 

• Before making any financial commitments, learning about your loan repayment ability is essential. 
• This calculator enables you to do that by providing accurate answers every time you use it. 
• It allows you to understand which loan amount suits your financial situation and the timeframe within which you should repay it, acting as a budget management tool.

Enables Constructive Comparison: 

• The  IDBI Bank personal loan calculator allows you to try out different combinations of variables required to calculate the EMIs for your loan, and compare several loan amounts.
• This way, you can assess and evaluate the loan amount you should take out without facing any financial setbacks.

Offers Flexibility and Convenience: 

• These online calculators can be accessed from anywhere, anytime, with a stable internet connection. 
• You are not required to pay additional charges for using them, adding to your convenience.

YES Bank Personal Loan EMI Charges

Understanding the fees and charges of YES Bank personal loans is essential for good financial planning. These include late payment penalties, prepayment charges, processing fees, and others. 

The table below shows the fees associated with YES Bank personal loan EMI:

YES Bank Personal Loan Calculator Eligibility

The eligibility criteria YES Bank offers are simple and hassle-free. Customers can thus now check their personal loan eligibility with the bank in less than one minute. The eligibility criteria, however vary considerably for both salaried and self-employed individuals.

For salaried individuals

• Age: 21 to 60 years
• Income: Rs. 25,000 each month (applicable for applicants residing in tier 1 cities) whereas Rs. 18,000 per month (for applicants living in tier 2 cities)
• Credit score: 700 and above
• Loan tenure: 1-5 years
• Loan amount: Rs. 1 Lakh to Rs. 40 Lakh
• Interest rate: 10.99% per annum
• Processing fee: up to 2.5% (with minimum spending of Rs. 999)
• Prepayment charges: Applicable after 12 EMIs, which includes 4% of the principal amount and other service taxes 

For self-employed individuals

• Age: 25 to 65 years
• Credit score: 700 and above 
• Loan tenure: 1 to 5 years
• Loan amount: Rs. 1 Lakh to Rs. 40 Lakhs
• Interest rate: 10.99% per annum
• Processing fee: up to 2.5% (with minimum spending of Rs. 999)
• Prepayment charges: applicable after 12 EMIs, with 4% of principal outstanding and services taxes

YES Bank Personal Loan Interest Rate

The table below displays the interest rate on personal loans, processing fees, stamp duty and other statutory fees. 

The personal loan interest rate YES Bank finally offers to applicants depends on certain crucial factors, including the applicant's credit score and income level. The higher your credit score and income level, the greaterthe repayment capacity and creditworthiness of borrowers will be will be. Thus, borrowers can also avail of low personal loan interest rates. 

On the other hand, considering personal loan scheduled charges, YES Bank maintains a competitive structure to ensure clarity. The processing charges applicable are up to 2.5% of the loan proceeds. Moreover, the bank abides by all state laws combined with stamp duty. 

To conclude, the personal loan EMI calculator is valuable for applicants planning to opt for a personal loan. It helps simplify the estimation process of monthly payments and helps in reaching well-informed financial decision-making. In this calculator, make necessary adjustments in the loan amount, tenure and interest rates to continue exploring the different repayment options aligning with your budgetary requirement. Because of this transparency and convenient feature, the EMI calculator is a valuable resource for planning to opt for personal loans efficiently. 

Other Banks Personal Loan EMI Calculator:
1. Indian Bank Personal Loan EMI Calculator
2. Bank of India Personal Loan EMI Calculator
3. Indusind Personal Loan EMI Calculator
4. Union Bank Personal Loan EMI Calculator
5. Canara Bank Personal Loan EMI Calculator
6. IDFC Personal Loan EMI Calculator
7. IDBI Personal Loan EMI Calculator
8. Axis Bank Personal Loan EMI Calculator
9. Bandhan Bank Personal Loan EMI Calculator
10. Central Bank of India Personal Loan EMI Calculator
11. Ujjivan Small Finance Bank Personal Loan EMI Calculator