Yes bank is one of the largest private sector banks. The bank was established in 2004 and has grown into a full-fledged commercial bank and offers various commercial and retail products and services. The customer-centric and service-driven quality of the bank has made it an all-favourite bank.
The bank caters to Corporate, Retail as well as MSME Sectors. It's PAN India presence has made it convenient for its customers to conduct operations from anywhere in the country. Of all the loan products, Yes Bank is the one loan that can bail you out of your financial constraints. With the Yes Bank Personal Loan available on simple terms, you can fulfil all your dreams and need not compromise on any item on your bucket list due to a lack of funds.
Yes Bank Personal loan is available at an EMI as low as Rs. 2513/- per lakh. The rate of interest charged10.50% onwards, and the repayment period provided is between 12 months to 60 months. Choosing a loan amount at an EMI within the monthly resource available is your prerogative. To help you with the complicated calculation Yes bank provides a Yes Bank Personal Loan EMI Calculator that can be accessed on the official website of the bank.
You do not have the choice to alter the rate of interest, but you can try different variations of tenure and loan amount to arrive at an EMI that helps you manage your finances efficiently. You can compare the rate of interest offered by top banks in comparison with Yes Bank and negotiate with the bank for the best rate if you are an existing customer of the bank and have a good track record with the repayment of earlier loans.
To make the calculator of the EMI using the complex mathematical formula, you can use the Yes Bank Personal Loan EMI Calculator. You can follow the guide to use the EMI calculator given below:
Yes Bank interest for the personal loan starts at 10.50%. It is not adequate to just know the interest rate. You should also be aware of the total interest you will be paying for the loan amount availed of on applying the stipulated interest rate. Yes bank calculates the interest on reducing balance, and the formula for the calculation will be P*r* (1+r)^n/([(1+r)^n]-1)
P = Loan amount to be borrowed
r = Rate of interest/month.
n = tenure in months.
You can calculate the total interest outgo for a particular loan amount for a chosen tenure. The above mathematical formula is applied to calculate the EMI as well. You will get the value of the EMI as well as the total interest payable for the tenure chosen. You can do the calculation multiple times using the EMI Calculator for Yes Bank Personal Loan until you arrive at an EMI that fits your budget with an economical interest outgo.
Know in detail: Simple Interest Formula Calculation.
The two aspects, i.e., the loan amount that the EMI that fits your budget would fetch, should be decided by you before applying for the loan. After the affordable EMI is assessed, you should then figure out if the debt to income ratio as per the eligibility criteria is available. If all these parameters are satisfied, you can be assured of the approval of the loan application.
The EMI calculator is a technical tool that helps you calculate the EMI for a certain loan amount, tenure and rate of interest. The benefits of using EMI Calculator for Personal Loan Yes Bank are:
Easy Access: The EMI calculator can easily be accessed on the official website of the bank from anywhere across the globe and at any time, irrespective of holidays.
Simple to use: It is a user-friendly tool and can be used by anyone and does not need any technical knowledge. The only thing required will be an internet connection. Input the three required variants and get the result within seconds.
Helps to manage finance: With prior knowledge of the EMI, you can prepare yourself to keep up the repayment commitment for the entire loan term by planning your other expenses accordingly. You will also be aware of the loan amount that the affordable EMI can fetch, and you can plan the expenses for the purpose for which the loan is available. For instance, if you are availing of a loan to purchase gadgets for your home, you can limit the purchase up to the loan amount available.
Prepayments can be planned: If the tenure chosen for the repayment to arrive at an affordable EMI amounts scales up the cost of the loan, you can plan for prepayments at a stage when the apportionment towards the interest out of the EMI is higher so that the outstanding principal balance will come down and so will the interest. This stage can be decided by studying the amortisation schedule that the EMI Calculator provides.
The EMI Calculator for Yes Bank Personal Loan should be used mainly to calculate the affordable EMI. the other reasons why the Personal Loan EMI calculator should be used are:
This article emphasizes the EMI being within the affordable level, i.e., within the monetary resources available to keep away from future stress. The loan that bailed you out of the financial constraint should not become financial stress in the future. When the bank is doing an eligibility check, the financial obligations considered to arrive at the debt to income ratio will only be your existing EMIs and the credit card dues.
The bank insists on the debt to income ratio after taking into consideration the proposed EMI to make funds available for your monthly sustenance till the next salary day. But it is only you who can gauge your other monthly obligations like mandatory bills, rent, school fees, grocery, and other requirements for your home. If these expenses go beyond the 40% available, then you will not be able to provide for the EMI regularly, and you will end up defaulting on the EMIs.
To avoid such a situation, you should consolidate all your existing debts and obligations and arrive at the disposable income that can provide for the EMI while keeping the debt to income ratio within the level stipulated by the bank. You can then use the Yes Bank Personal Loan EMI Calculator to arrive at the EMI that fits your budget.
The factors affecting the EMI of Yes Bank Personal Loan are the loan amount, tenure and the rate of interest. Let us now see how these factors affect the EMI of the Yes Bank Personal Loan.
Loan amount: This is the amount that you will be borrowing from the bank. A personal loan being unsecured carries a higher rate of interest. It is thus essential to decide on the probable amount required beforehand and, if possible, keep the amount at a lower level. The loan amount determines the EMI. It will be low if kept low and high when higher. The quantum of personal loans provided by Yes Bank ranges between Rs. 1 lakh to Rs. 25 lakhs.
Tenure: The repayment period provided for the loan is the tenure. The higher tenure, the lower will be the EMI and the lower the tenure, the higher will be the EMI. While the higher tenure is convenient to keep the EMI within your budget, it will increase the cost of the loan. You should necessarily bear this in mind while choosing the tenure.
Rate of Interest: The cost of the loan is determined by the interest rate. The lower the interest rate, the lower will be the EMI and the cost of the loan. The higher the rate of interest, the higher will be the EMI and the cost of the loan. For the advantage of interest negotiation, you should have a high credit score with a high income and a good relationship with the lender. Keep these parameters at the ideal level and enjoy the benefit of a better interest rate.
The Personal Loan EMI Calculator will give you the accurate EMI for a loan amount for a given tenure and rate of interest. It will also give you the total cost of the loan or the total interest payable and the total amount payable along with interest for the chosen tenure.
But the other charges that add up to the cost of the loan are processing charges that are collected at the time of accepting the application or at the time of the loan disbursal and prepayment charges that are collected during every instance of prepayment. You will also be charged a delayed penalty for EMI missing out on the due date, and this charge will be added to the EMI of the subsequent month.
The EMI calculator will not tell you about these charges. The bank branches will provide this information if you either visit them or call their customer care toll-free number.
The maximum quantum under Yes Bank Personal Loan is Rs. 25.00 lakhs.
Yes. The bank collects 2.50% of the loan amount as processing charges at the time of submitting the application.
The prepayment charges collected for the Personal Loan are 2% to 4% of the principal outstanding at the time of prepayment, depending on the stage at which the prepayments are being made.
You can either give post-dated cheques for the EMI or sign an autopay request at the time of executing the loan documents.
The tenure for Yes Bank Personal Loan ranges from 12 months to 60 months.