You can avail a personal loan up to Rs. 50 lakh from YES Bank to meet any personal financial need including home renovation, vacation, wedding expenses, etc. The loans are offered at an interest rate starting at 12.49% p.a. and can be repaid over a flexible tenure ranging up to 60 months. However, before availing a personal loan it is always good to have an idea about the EMI payout to avoid any financial difficulties later on. The article discusses several key aspects relating to YES Bank personal loan EMI including its calculation method, key factors affecting the EMI amount, EMI payment methods, etc.
Table of Contents:
- How YES Bank Personal Loan EMI Calculator Functions?
- Personal Loan EMI Calculation Formula
- Monthly EMI Payment Comparison of Popular Banks in India
- YES Bank Personal Loan EMI Calculation
- How to Pay YES Bank Personal Loan EMI?
- Charges Levied on Non Payment of EMI
- Factors Affecting YES Bank Personal Loan EMI
- FAQs
How YES Bank Personal Loan EMI Calculator Functions
The fixed monthly payments that a borrower needs to make to the lender in order to repay a loan is known as EMI or equated monthly installment. YES Bank’s personal loan EMI calculator is a free online tool that lets you calculate the monthly payout of your loan even before you apply for it and helps you in better financial planning and management of finances. Alternatively, you can also use Paisabazaar’s Personal Loan EMI Calculator to know your loan EMIs within seconds.
EMI calculator uses 3 key parameters to automatically calculate your monthly payout instantaneously:
- Loan Amount: It refers to the principal amount that you borrow from YES Bank. Usually, a higher loan amount leads to higher EMI payouts. YES Bank offers personal loans ranging between Rs. 1 lakh to Rs. 50 lakh.
- Loan Tenure: It refers to the personal loan repayment period. The loan tenure for YES Bank personal loan can range between 12 months to 60 months, which borrowers can choose as per their own convenience. Generally, a longer tenure leads to lower EMI payouts and vice versa.
- Interest Rate: It refers to the rate at which interest is charged on the loan amount. YES Bank personal loan starts at 12.49% p.a. Usually as the interest rate increases, the EMI payout also increases. Moreover, the interest calculation method adopted by the lender also affects the EMI payout of your personal loan.
You can try various combinations of these loan parameters to arrive at the most suitable EMI for yourself.
Personal Loan EMI Calculation Formula
The EMI payable also depends on the interest calculation method adopted by the lender. Let’s understand the two main methods of interest calculation and how they affect the EMI payout.
- Flat Rate Method: The flat rate method involves calculating interest on the entire loan amount borrowed initially. Thus, the EMI amount remains unchanged throughout the loan tenure. The EMI calculation formula based on this method is as follows:
EMI by Flat Rate Method = (Principal + Interest)/ Loan Tenure in Months
For example: Ms. A availed a loan of Rs. 1 lakh at a flat rate of interest of 13% for a period of 12 months.
Interest for 1 year = 13% of Principal = 13% of Rs. 1 lakh = Rs. 13,000
Total interest payable over the loan tenure = Rs. 13,000
EMI = (Rs. 1 lakh + Rs. 13,000)/12 = Rs. 9,417
- Reducing Balance Method: This method involves calculating interest only on the outstanding loan principal amount rather than on the entire loan amount borrowed initially. Thus, this method may help you save on the total interest payout of the loan. The EMI calculation formula based on this method is as follows:
EMI by Reducing Balance Method = [P x (R/100) x {1+(R/100)}^N]/[{1+(R/100)}^(N-1)]
Where,
P = Principal loan amount
R = Rate of interest on a monthly basis = Annual interest rate/12
N = Loan tenure in months
For example: Ms.B availed a loan of Rs. 1 lakh at a reducing balance interest rate of 13% for a period of 12 months.
Monthly interest rate = Annual interest rate/12 = 13/12 = 1.08% per month
Monthly EMI payout = [1,00,000x 0.0108 x (1+0.0108)^12 /(1+0.0108)^(12-1)] = Rs. 8,932
Monthly EMI Payment Comparison of Popular Banks in India
The following table gives a comparison of the monthly EMI payments of popular banks in India for different combinations of loan amount, interest rate and tenure:
| Bank Name and Interest Rate | EMI Payout for Loan Tenure of 1 Year | ||
| Loan Amount of Rs. 1 lakh | Loan Amount of Rs. 5 lakh | Loan Amount of Rs. 10 lakh | |
| YES Bank @ 12.49% p.a. | Rs. 8,908 | Rs. 44,539 | Rs. 89,078 |
| Axis @ 11% p.a. | Rs. 8,838 | Rs. 44,191 | Rs. 88,382 |
| HDFC @ 12.50% p.a. | Rs. 8,908 | Rs. 44,541 | Rs. 89,083 |
| ICICI @ 10.50% p.ae. | Rs. 8,815 | Rs. 44,074 | Rs. 88,149 |
| SBI @ 9.60% p.a. | Rs. 8,773 | Rs. 43,865 | Rs. 87,730 |
| Citibank @ 9.99% p.a. | Rs. 8,791 | Rs. 43,956 | Rs. 87,911 |
YES Bank Personal Loan EMI Calculation
YES Bank uses the reducing balance method to calculate the EMI payable on its personal loans. The given table depicts various possible EMIs with different combinations of loan amount, tenure and interest rate.
| Loan Amount (Rs.) | Interest Rate (p.a.) | Tenure (months) | EMI (Rs./month) |
| 1 lakh | 15% | 12 | 9,026 |
| 2 lakh | 17% | 24 | 9,888 |
| 3 lakh | 13% | 36 | 10,108 |
| 4 lakh | 18% | 48 | 11,750 |
| 5 lakh | 20% | 60 | 13,247 |
How to Pay YES Bank Personal Loan EMI?
You can pay your YES Bank personal loan EMIs using the following payment modes:
- YES Bank Internet Banking
- Post Dated Cheques (PDCs)
- Standing Instruction
- National Automated Clearing House (NACH)
Charges Levied on Non Payment of EMI
Some key charges that may be levied in case YES Bank personal loan EMI payments are not made on time are given below:
| Particulars | Charges |
| Late Payment Charges | 24% p.a. on amount outstanding from date of default |
| Cheque Bounce Charges | Rs. 750 per cheque bounce plus taxes |
Factors Affecting YES Bank Personal Loan EMI
Following are the key factors which affect YES Bank personal loan EMI:
- Loan Amount: It is the principal amount that you borrow from the lender. Generally, as the loan amount increases, the EMI payout also increases (if interest rate and tenure are kept constant).
- Interest Rate: It is the rate at which interest is charged on the loan amount. Generally, a higher rate of interest results in higher EMI payouts and vice versa.
- Loan Tenure: It is the period of time over which you can repay the loan. Normally a longer tenure leads to lower EMI payouts. However, it leads to an increase in the total interest payout of the loan.
- Interest Calculation Method: The interest calculation method used by the lender also affects the EMI payout of your personal loan. EMIs calculated using the reducing balance method are slightly lower as compared to those calculated using the flat rate method and can help you save significantly on the interest component.
FAQs
Q1. Which method of interest calculation does YES Bank use?
YES Bank uses the reducing balance method to calculate the interest payable on its personal loans.
Q2. How much time does one have to repay the loan?
YES Bank personal loans can have a repayment tenure ranging between 12 to 60 months.
Q3. Is it possible to repay my YES Bank personal loan before the end of its complete tenure?
Yes, you can foreclose your personal loan once you have paid at least 12 EMIs along with the applicable foreclosure charges.
Q4. Can YES Bank personal loan EMIs be paid in cash?
No. At present you cannot pay your EMIs in cash.