You can avail a personal loan up to Rs. 40 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 10.99% 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.
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. 40 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 10.99% 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.
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 @ 10.99% 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)|
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:
|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.
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. Does personal loan EMI calculator include the GST component in its results?
No. Currently, the EMI calculator does not take into account the GST component when calculating the EMI payable on a personal loan.
Q3. Are prepayment charges shown by the EMI calculator?
No, the prepayment charges are not taken into account by the personal loan EMI calculator while making the EMI calculation. However, you can check the prepayment charges in the loan agreement provided by the lender.
Q4. What is the maximum and minimum tenure for YES Bank personal loan for EMI calculation?
The maximum tenure is 60 months and the minimum is 12 months.