Personal Loan from YES Bank is one of the most popular loan options among Customers. But there is one most common question that several people ask — How does YES Bank Personal Loan EMI Calculator help them? Well, you must have heard this term many times from the people around you. If you don’t know the functioning of this amazing tool and how does it help customers, don’t worry! In this article, we will be telling you the method by which this tool works. Let’s start right away!
Well, the first thing you need to know is that YES Bank Personal Loan EMI Calculator helps getting an estimate about the monthly installments. When you opt for a personal loan, you need to repay this loan amount via EMI. This EMI amount consists of a portion of principal amount and interest amount and this amount will be fixed for the overall tenure. The EMI Calculator helps knowing what amount you will be paying as the monthly installments towards your personal loan. You can know your EMI amount, interest outgo and total amount payable within seconds in a hassle-free manner.
Now, you would be thinking how can you use the Personal Loan EMI Calculator? Well, there are a few things that you need to know before using this amazing tool. There are three inputs that you need to put in this tool and you’ll get EMI as the output. We are showing details about them below. Do check.
Required Loan Amount – This is the first and foremost thing you will need. YES Bank provides a loan amount ranging from INR 1 lakh that can go as high as INR 50 lakh. So when you are going for a personal loan, you must have a requirement in your mind. Put the required loan amount in the calculator.
YES Bank Personal Loan Interest Rates – After filling the amount, coming to the most important thing which is Interest Rate. You should know that interest rates directly affect your EMI amount. The higher the interest rates, the higher will be your repayment amount. YES Bank Personal Loan Interest Rates starts from 10.45% per annum and depends on a few factors such as Age, Monthly Income, Residing Location, Existing Obligations, Credit Score, etc.
Tenure – The last thing you need to put in the EMI Calculator is the number of months that you will need to repay the loan. This tenure can be maximum of 60 months from which you can choose according to your repayment capacity.
As soon as you put all these three details into it, you will get the EMI amount within a second. Apart from this, you will also get the interest amount and total amount payable.
Let’s understand this through an example. Suppose an individual wants to opt for a 5-year personal loan of INR 6 lakh at an interest rate of 12.50% per annum. So, when we put these details into the YES Bank Personal Loan EMI Calculator, you will get your EMI amount as INR 13,499. On this loan amount, you will be paying an interest amount of INR 2,09,926.
So, you can see with how much ease you can use this amazing tool. It is advised to use this tool before going for a personal loan so that you don’t end up missing your repayments later.
Role of YES Bank Personal Loan EMI Calculator in Different Facilities (Balance Transfer, Prepayment, etc.)
Apart from getting the EMI amount, you can also use YES Bank Personal Loan EMI Calculator for different purposes such as Balance Transfer Facility, Prepayment of Loan, Choosing the right tenure for yourself, etc. Let’s understand how? With Balance Transfer Facility, you can transfer your outstanding principal balance to YES Bank at lower rates. So how much money can you save by doing it? To know this amount, you can use the EMI Calculator. Similarly, to know what will be your new EMI amount when you decide to opt for the Prepayment facility, you can use this tool too.