Yes Bank Personal Loan EMI Calculator
Checking of the monthly equated monthly instalment (EMI) that will be required to pay the Personal Loan amount for an urgent requirement of finance for the short period is very necessary. This estimation will help you in deciding the loan amount and your monthly expenses accordingly.
The Personal Loan EMI Calculator at MyMoneyMantra helps the borrower to find out the EMI that is payable to the Yes Bank against the Personal Loan taken. It does not take more than a minute to calculate the EMI based on the details provided. It is very beneficial to know the exact amount you will be required to pay each month for the loan borrowed.
Yes, Bank provides secured as well as an unsecured loan to the individuals to meet the financial requirements. The Secured loan requires the submission of any collateral or a guarantor against the loan whereas unsecured loan such as Personal Loan does not require much documentation as well as collateral. However, the rate of interest for an unsecured loan is higher.
It is essential to calculate the EMI using EMI Personal Loan calculator. The EMI calculator helps one to calculate EMI for all types of loan. With its help, it is now easy to plan the monthly expenses with ease and in advance too.
EMI is the amount payable by the borrower per month for the Personal Loan taken for a specific tenure.
Personal Loan EMI Calculator Results At Different Loan Tenures
Here are the Personal Loan EMIs calculated using the EMI calculator for different loan amounts and tenures @10.75% interest rate:
|Loan Amount ()||2 Years||3 Years||5 Years|
From the above table, one can study that for the various loan taken at various interest rates the EMI amount changes as per the loan tenures. The EMI is higher for the short-term loans such as for 2 years and is lower for the long-term loan such as for 4 years.
Every EMI includes the component of interest payment as well as principal payment. The ratio of both changes even if the EMIs remain constant. With every EMI the proportion of principal component keeps increasing based on the principal repayment and the interest component decreases.
Yes Bank Personal Loan Calculator Formula
The formula used to calculate Yes bank Personal Loan EMI is as follows:
P = Loan amount to be borrowed and can range from a minimum of 1 Lakh to a maximum of 25 Lakhs
r = Rate of interest/month. The going rate of interest for Yes bank Personal Loan is 10.75%
n = tenure in months. For Yes bank Personal Loan, this can be up to 60 months
How to Use Yes Bank Personal Loan EMI Calculator on MyMoneyMantra?
The EMI calculator of MyMoneyMantra is very simple and convenient to use. Below mentioned are some of the steps for calculating EMI using MyMoneyMantra's EMI Calculator:
- Log on to the MyMoneyMantra's EMI calculator page that is listed under the financial tools tab.
- After this, you will reach a page where you need to enter the various loan details like the principal, interest rate, and tenure. Enter the desired details and follow the next step.
- As you enter the three important loan parameters, you will instantly get the monthly EMI amount payable against the Personal Loan.
- You can also try the various permutations and combinations by changing the loan parameters and get the best EMI.
- After completing the EMI calculation, you have the option to check the loan eligibility online. Get the best loan offers based on your requirements and eligibility and apply online for the Personal Loan from Yes Bank at MyMoneyMantra.
Benefits of Using MyMoneyMantra's EMI Calculator
It is very beneficial to know the EMI amount in advance before applying for a Personal Loan as it will help you plan your monthly expenses accordingly, without any financial stress. You can also decide the EMI amount that you can easily pay across the loan tenure.
- Accessible Anytime
An applicant can easily access the loan EMI Calculator anytime and also use it as many times as you want. The time is saved as you are not required to visit the bank multiple times personally and do all the complex calculations. It gives you instant results as soon as you submit your loan parameters. The calculator is very convenient to use and simple as well.
- Accurate Outcome
The EMI Calculator gives you accurate and instant result without any tedious calculations and confusion that you have to go through when you personally visit the bank. The chances of errors using online EMI calculator is less. It is best to use an online EMI calculator for the error-free computation of the EMI instantly.
- No time-consuming and complex calculations
The online EMI calculator helps you to save time as when you calculate the EMI at the different bank at a different interest rate it creates confusion and the entire process is complex as well. You need to repeat the same calculation again and again in order to compare the EMI and other parameters this is a tedious task and is very prone to error as well. With online EMI calculator tool, the complex and lengthy procedure can be done in a jiffy without any errors thus, it helps to save the time and energy too.
- Helps You with the Financial Planning Process
The EMI calculator helps you to anticipate your monthly expenses in advance and plan your monthly budget accordingly. It helps you to know the exact EMI amount that you can comfortably pay without affecting your current lifestyle. You can also change loan parameters to arrive at the desired EMI amount.
- One Calculator for Every Loan
The loan calculations are very easy with the online EMI calculators. It is very simple to use this calculator for different types of loan you wish to apply for. Even if the loan variants are same but there are situations where you may require using an online EMI calculator for the error-free specific results.
Quick Guide on Yes Bank Personal Loan
Purpose of Loan: You can utilize the loan amount for any purpose including a medical emergency, wedding, education, payment of other debts, and so on.
- Personal Loan is available for both salaried individuals and self-employed
- Loan amount of minimum 1 Lakh to 25 Lakhs
- Loan Tenure 1 to 5 years
- Borrowers within the age group of 21 and 60 years
- Interest rates start from 10.75%
- Lowest EMI of 2,162 per Lakh
Processing Fees: The processing fees at Yes Bank can be up to 2.50% of loan amount (minimum 999). The processing fees have to be paid while submitting the loan application.
Special Schemes: Customised and special loan offers are offered to a special category of borrowers this includes women applicants, individual working with a large reputed company, government employees, defense personnel, bank employees, and so on.
Applying for a Personal Loan with Yes Bank
It is very easy to apply for the loan at Yes Bank. After arriving at all the loan parameters that you would prefer for the Personal Loan all you need to is just apply directly at the Yes Bank official website or log in to MyMoneyMantra website to get the best loan deals from all the major banks and financial institutions. Make an easy and quick comparison and select Yes Bank Personal Loan from the option. We will help you proceed with the rest.
It is recommended to apply for the Personal Loan online as it helps one to reduce the time and minimises the efforts, as one is not required to personally visit the bank. The existing customers of the bank can apply using their net banking details of their Yes Bank Account. A non-existing customer will have to enter the personal details and income details in order to complete the online application for the Personal Loan.
You should always check the eligibility criteria before applying online for the Personal Loan in order to be well prepared and know the entire loan procedure. Some banks have their own lending procedure and it is required to meet all the loan parameters to get the loan sanctioned.
The credit score of 700 and above is considered a good credit score when applying for Yes Bank Personal Loan. If you have a good credit score, chances of your loan being approved are more. In case your loan application gets rejected, it is advised to improve your creditworthiness and credit score and then apply again at Yes Bank for the Personal Loan. The credit score is a mandate by the Reserve Bank of India (RBI) and is provided free by credit bureaus in India.
It is very important to have a good credit score as it reflects the borrowers capacity to repay the loan. The different aspects of credit history including Credit Card usage and bill payment are taken into account while determining the credit score. The individual with lower credit score are offered higher interest rates and the chances of getting their loan application rejected are high.
Factors Affecting Yes Bank Personal Loan EMI
- Loan amount: The loan amount is the amount borrowed from the bank. The higher the loan amount the higher will be your monthly EMI. The minimum loan amount offered by Yes Bank is 1 Lakh and the maximum amount is 25 Lakhs.
- Interest rate: The rate of interest has a considerable effect on the monthly EMI. The higher the interest rate the higher will be your EMI. However, Yes Bank can offer good interest rates to the individuals with salary account and this will reduce the overall amount of EMI. The lowest rate of interest offered by Yes Bank on the Personal Loan is 10.75%. Complete market research and comparison is necessary before selecting a bank to apply for the Personal Loan.
- Loan tenure: The period in which an individual can repay the loan amount is termed as loan tenure. The longer your loan tenure is, the less will be your EMI amount. The maximum Personal Loan tenure at Yes Bank is of 5 years.
Tips to Calculate the Right Amount of EMI
- Decide the amount you need to borrow: It is always beneficial to do complete research and arrive at a tentative loan amount that you need to borrow from the bank. The Personal Loan being an unsecured loan comes at higher interest rate. Hence, one should apply only for the minimum amount needed. Also, you can select the desire loan tenure during which you will pay the principal as well as interest. Loan tenure can increase or decrease your EMI.
- Review your current obligations: It is necessary to review all the current obligations and evaluate the monthly expenses before applying for the loan. You should also include all the EMI obligations while evaluating your expenses. This will help you to know the EMI amount you can comfortably pay without affecting your lifestyle. After deciding the EMI amount you can proceed to select the right tenure for your Personal Loan.
- Calculate your Yes Bank Personal Loan eligibility: The functional assessment of your repayment capacity is based on your monthly income and other fixed obligations. You can determine your eligibility by following two methods:
- Multiplier based loan amount eligibility: In order to determine the loan eligibility the Yes Bank uses the multiplier method. In this method a multiplier is applied to your net home salary. This is the easiest and simplest method of estimating loan eligibility. The calculation formula is as follows: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the number of factors such as organisation an individual works with an internal categorization of the company based on its size, reputation, growth rate, turnover, and so on.
- FOIR based loan amount eligibility: Fixed income to obligation ratio (FOIR) is also used by Yes Bank to determine the maximum EMI that one can afford to pay keeping in consideration the monthly income and other expenses. A certain ratio is applied by the bank to the income, in order to estimate the monthly expenses and then other obligations are also added to find out fixed obligation. The FOIR of minimum 0.45 is considered as good to consider a loan application. However, this assessment of obligations may vary from your own assessment. You may think of readjusting the loan amount and close the current short-term loans in order to improve your overall loan eligibility.
The above two methods are used to calculate the loan eligibility of the borrower and then the Personal Loan is sanctioned at the lower amount arrived from the above two methods.
How Does Yes Bank Personal Loan EMI Change with Pre-Payment?
The outstanding balance on your Personal Loan reduces if you wish to prepay your Personal Loan. Yes Bank gives you two options:
- Reduce your loan tenure and keep EMI on your Personal Loan unchanged: In this method, you can close the loan amount earlier and save the interest outgo during the remaining tenure. This is apt for those borrowers who think that they have enough income to continue to pay the existing EMIs.
- Reduce the amount of EMI and keep your loan tenure same:You can reduce the monthly EMI and increase the availability of the monthly income, which can be used to meet other needs. This option is apt for those borrowers who anticipate higher expenses and who wish to reduce the amount of their monthly EMI obligations.
FAQs on Yes Bank EMI Calculator
Question - Why it is necessary to calculate Yes Bank loan EMI before applying for the Personal Loan?
Answer - Calculating the Yes Bank Personal Loan EMI beforehand has the following benefits:
- If the EMI amount is more than your monthly expense than you can think of adjusting your loan amount, which can fit your monthly budget and enables one to arrive at the EMI that is affordable.
- It is possible to plan the monthly expenses properly if one knows the EMI amount that one will have to pay each month.
- Based on the EMI amount, you decide whether to make a prepayment of the Personal Loan in future in case you have the surplus amount.
Question - What is the lowest EMI per lakh on the Personal Loan offered by Yes Bank?
Answer - The lowest EMI amount is of 2,162 per Lakh at the interest rate of 10.75% per annum for the tenure of 5 years.
Question - What are the prepayment charges levied by the Yes Bank on the Personal Loan?
Answer - The prepayment charges levied by the Yes Bank on the Personal Loan after payment of 12 EMIs is up to 4%.
Question - Is there any processing charge on the Personal Loan?
Answer - The Yes Bank charges a processing fee of up to 2.50% on the Personal Loan amount.
Question - Will a borrower get the Personal Loan from Yes Bank if they have a bad credit score?
Answer - No, the applicant must have a good credit score of 700 and above to avail the Personal Loan from Yes Bank. The banks avoid giving loans to individuals with low credit score.
Question - How can a borrower repay the Personal Loan?
Answer - The repayment can be done in the form of an EMI directly from the applicant's bank account. The applicant may be required to submit a few postdated cheques and sign an ECS mandate during loan disbursal.
Question - Can a borrower have a co-applicant while applying for a Personal Loan with Yes Bank?
Answer - Yes, a borrower can add a co-applicant to taking the Personal Loan from Yes Bank. Adding a co-applicant will increase the Personal Loan eligibility as the income of the co-applicant is also considered while approving your Personal Loan application.