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Yes Bank Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
What is Personal Loan EMI?
It is the amount the borrower has to pay every month until the end of their loan tenure. Borrowers are required to pay their personal loan EMI amount, which includes both the principal as well as the interest component of the loan on a monthly basis until the amount is repaid in full. Personal loan borrowers should also note that the EMI will remain the same throughout the repayment period, in cases of personal loans availed at fixed interest rates.
What is Yes Bank Personal Loan EMI Calculator?
Yes Bank Personal Loan EMI Calculator is an online tool offered by Yes Bank that helps prospective personal loan borrowers to calculate the loan installment amount they have to pay every month. The EMI amount can vary based on the Yes Bank Personal Loan Interest Rate selected by the borrower. Alternatively, borrowers can also use Paisabazaar’s Personal Loan EMI Calculator to select the optimum tenure and EMIs for Yes Bank Personal Loan based on their repayment capacity.
How do I Select the Rate of Interest for Yes Bank Personal Loan EMI Calculator?
Yes Bank Personal Loan EMI Calculator provides loan applicants with the option of choosing ROI from a wide range of interest rates. The prospective borrowers can choose different combinations of interest rates, loan amounts and tenures to find respective EMIs for each combination. However, it is important to know that the final rate of interest offered for personal loans will depend on Yes Bank Personal Loan eligibility, which will be determined considering multiple factors such as your monthly income, credit score, age, repayment capacity, occupation profile, etc.
Personal Loan Interest Rate Comparison of Different Banks
| Banks/NBFCs | Interest Rates(p.a.) |
| Bajaj Finance | 10% - 31% p.a. |
| Axis Bank | 9.99% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.99% onwards |
| HDFC Bank | 10.85% onwards |
| ICICI Bank | 10.80% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 11.99% onwards |
| Federal Bank | 11.49% onwards |
| DMI Finance | Up to 24% |
| L&T Finance | 11.00% onwards |
| Kreditbee | 16.00% - 29.95% |
| MoneyTap | 13.00% onwards |
| Piramal Finance | 12.90% onwards |
| Aditya Birla | 10.99% onwards |
| Moneyview | 14%-36% |
| Cashe | 33.50% onwards |
Note: Interest rates as on 20th June 2024
Factors Affecting Yes Bank Personal Loan EMI
Various factors affecting Yes Bank Personal Loan EMI are as mentioned below:
Interest Rate
Yes Bank Personal Loan Interest Rates start from 10.99% p.a. Personal loans availed at lower rates would result in lower EMIs and interest cost, and vice versa. For that reason, make sure to compare the personal loan interest rates offered by top lenders before applying for Yes Bank Personal Loan.
Loan Tenure
Personal Loans from Yes Bank come with loan tenures of 1-5 years. Existing personal loan borrowers can lower their EMIs by opting for longer repayment tenures. However, longer repayment tenures ends up increasing the total interest cost of their personal loan. Thus, individuals planning to avail Yes Bank personal loans should use the Yes Bank Personal Loan EMI Calculator to find out the optimum loan tenure based on their repayment capacity.
Loan Amount
Personal loan applicants can avail Yes Bank Personal Loans for loan amounts of up to Rs 40 lakh. The bigger the loan amount, the higher would be the EMIs and total interest cost. Your eligibility for a personal loan amount would primarily depend on your repayment capacity and loan tenure.
Benefits of Using Yes Bank Personal Loan EMI Calculator
Ease of Access
Yes Bank Personal loan EMI Calculator would allow loan applicants to calculate the EMI amount without much hassle. All they need to do is to enter the principal loan amount, the interest rate and then select the desired loan tenure to know the value of their monthly installments.
Quick Results
Yes Bank Personal EMI Calculator would allow the prospective personal loan applicants to find out their EMIs without going through tedious calculations using complex formulas. Additionally, Yes Bank Personal Loan EMI Calculator would also provide the accurate monthly installment amount as there is no scope of human errors that comes with manual calculations.
Improve Personal Loan Eligibility
Lenders generally approve personal loan applications of individuals whose total EMI obligations, including their proposed personal loan EMI, does not exceed 50% – 60% of their total monthly income. As using Yes Bank Personal Loan EMI Calculator would give the prospective loan applicants a fair idea of their EMIs, those exceeding the aforementioned limit can opt for longer repayment tenures on their personal loan and/or lower personal loan amounts to reduce the EMI while making personal loan applications. This should help them in improving the chances of personal loan approval.
Healthy Credit Scores
Personal loan applicants who have already calculated their monthly installments using the Yes Bank Personal Loan EMI Calculator would be better prepared to manage their finances for repaying their personal loans within the given tenure. Thus, such applicants would have lower chances of defaulting on their EMIs. This in turn should help in improving or maintaining their credit scores.
Also Read: How you can build or rebuild your credit score with Step UP Credit Card co-branded with SBM Bank India Ltd.
Budget Management
Since the EMI amount for personal loans availed at fixed interest rates remain constant during the entire tenure of the loan, the applicants can use Yes Bank Personal Loan EMI Calculator to find the exact amount they have to repay every month. This way, they would get the chance to find out their repayment capacity and accordingly adjust their monthly expenses accordingly to fit in the EMI amount.
FAQs
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.
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.
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.
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.