Yes Bank Personal Loan EMI Calculator
If you happen to stare at an immediate financial requirement, and do not have anyone credible to fall back upon, the last and perhaps the only resort would be to raise a personal loan from a bank or a non-banking financial corporation (NBFC).
A personal loan is an unsecured loan which most financial institutions offer to borrowers to meet their unpredictable and sudden financial need. These requirements include, but not limited to, spending on a wedding, buying a luxury item, booking for a vacation and spending on house renovation.
Yes Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
How does the Yes Bank Personal Loan EMI Calculator help you?
Yes Bank personal loan EMI calculator helps you streamline your finances as you ascertain the monthly instalment with the help of three inputs. These inputs are loan amount, interest rate and loan tenure.
After you enter these three factors in the EMI calculator, you can find out the amount of equated monthly instalment (EMI), thus helping you plan your budget in advance.
Formula of Personal Loan EMI Calculation
Personal loan EMI equals to
P x R x (1+R)n/(1+R)n-1
where
Amortisation Schedule
| Month | Op Balance | Interest | Principal paid | Closing Bal |
|---|---|---|---|---|
| 1 | ₹50,000 | ₹437 | ₹3,970 | ₹46,030 |
| 2 | ₹46,030 | ₹402 | ₹4,005 | ₹42,025 |
| 3 | ₹42,025 | ₹367 | ₹4,040 | ₹37,985 |
| 4 | ₹37,985 | ₹332 | ₹4,075 | ₹33,910 |
| 5 | ₹33,910 | ₹296 | ₹4,111 | ₹29,799 |
| 6 | ₹29,799 | ₹260 | ₹4,147 | ₹25,653 |
| 7 | ₹25,653 | ₹224 | ₹4,183 | ₹21,470 |
| 8 | ₹21,470 | ₹188 | ₹4,220 | ₹17,250 |
| 9 | ₹17,250 | ₹151 | ₹4,256 | ₹12,994 |
| 10 | ₹12,994 | ₹114 | ₹4,256 | ₹8,700 |
| 11 | ₹8,700 | ₹76 | ₹4,331 | ₹4,369 |
| 12 | ₹4,369 | ₹38 | ₹4,369 | ₹0 |
(Source: yesbank.in/personal-loan-emi-calculator)
Yes Bank Personal Loan Eligibility
These are four key criteria for Yes Bank personal loan eligibility:
Yes Bank Personal Loan Interest Rates
Yes bank’s Personal Loan EMI Calculator
When you want to use Yes Bank Personal Loan EMI calculator, you are required to enter three details i.e., loan amount, rate of interest and loan tenure. Upon entering these details, you can calculate the monthly instalment that you need to pay in order to repay the loan.
For instance, if you happen to raise ₹5 lakh for 3 years at an annual interest of 12 percent, you can enter these details in the Yes Bank Personal Loan EMI calculator. Once you enter these details, you will be able to find out that the net monthly instalment payable to the bank is ₹16,607.
The calculator would also reveal that the total interest payable over the loan term is ₹97,852.
How to use Livemint personal loan EMI calculator:
One can use Yes Bank Personal Loan EMI calculator on Livemint. Here, you need to enter three key details which are loan amount, rate of interest and duration of loan in months.
Using the illustration mentioned above — raising ₹5 lakh for three years at 12 percent interest — you can ascertain on Livemint personal loan EMI calculator that the monthly instalment amount i.e., ₹16,607.
The calculator also shows the total interest amount that is payable during the loan tenure.
https://www.livemint.com/loans/yes-bank-personal-loan-emi-calculator
Advantages of using Livemint personal loan EMI calculator
Using Livemint Personal loan EMI calculator helps you ascertain the monthly instalment that you need to pay to service the debt. This is pertinent to streamline your monthly budget. It tells you how much monthly financial obligation that you need to embrace in order to repay the debt on time.
Here, it is noteworthy to mention that your monthly EMI rises with the loan amount as well as with the interest rate. In other words, higher the loan amount or the rate of interest, higher the EMI. Conversely, lower the loan amount, lower the EMI.
At the same time, EMI is inversely proportional to the loan tenure. This means as the loan tenure increases, the monthly EMI falls and as the loan tenure falls, the monthly EMI increases.
Yes Bank Personal Loan EMI Calculator FAQs
What is a personal loan EMI calculator?
A personal loan EMI calculator is a tool that helps you calculate the EMI you would need to pay to repay a personal loan. It takes into account three factors: the loan amount, the interest rate, and the loan tenure.
How does a personal loan EMI calculator work?
A personal loan EMI calculator uses a mathematical formula to calculate the EMI amount. The formula is as follows. EMI = P x R x (1+R)n/(1+R)n-1 where: EMI = Equated monthly instalment P = Principal loan amount R = Rate of interest per month N = Loan tenure in months
How to reduce your personal loan EMIs?
To lower your personal loan EMIs, one can consider opting for higher tenure to spread the cost over more months, thus reducing the monthly payments. Additionally, one can also try securing a lower rate of interest if you have a credit profile and score or by negotiating with the bank to decrease the EMI amount.
How is the personal loan EMI to be paid?
Personal loan EMIs are paid every month via an auto-debit arrangement with your bank, ensuring timely repayments directly from your bank account. Alternatively, you can make payments manually through mobile apps, online banking, or by visiting the bank’s branch.
How to calculate the lowest EMI for your personal loan?
To compute the lowest personal loan EMI, opt for the longest possible repayment tenure and seek the lowest rate of interest by comparing distinct offers. It is recommended to use an online personal loan calculator to experiment with distinct combinations of loan proceeds, repayment tenures, and rates of interest to figure out the most affordable monthly payment.