Having an accurate estimate about the monthly installments that you wil be paying is an important aspect of the loan. It doesn’t matter what kind of loan you are taking. This monthly installment is the EMI amount. Anyone saying otherwise about the EMI calculation beforehand doesn’t know about the effects it can have on your overall finance. In this article, we will talk about the Yes Bank Personal Loan EMI calculator. YES Bank is one of the leading private banks of India that has been providing personal loan at an affordable rate of interest. Apart from this facility, it also has a range of financial services of all types such as home loan, credit cards, vehicle loans, and many more.
With the personal loan from Yes Bank, you can get different types of personal loans such as a personal loan for holidays, weddings, home renovation, etc. Yes Bank personal loan can be availed without submitting any collateral with the Yes Bank personal loan interest rate starting from 10.99% per annum. So if you are someone who is looking to opt for a personal loan and wants to have an estimation of EMI before taking it, then this article would be perfect for you. As we will be telling you what are the details you will need and what is the importance of this estimation. So, keep reading!
What is an EMI Calculator and what are the details that you will need?
An EMI Calculator is an amazing tool that helps you in calculating the exact EMI amount with the help of a few basic details. You will have to just put a few basic details into it and it will give you results within a second. The Yes Bank Personal Loan EMI Calculator works on the following formulae.
E = P x r x (1+r)^n/((1+r)^n – 1)
Where E= EMI
P = Principal Amount that you want to borrow
R = Rate of Interest charged by the lender
N = Number of months you want the loan for
So, in order to calculate the EMI, you want to have these three details at your disposal. With the help of Yes Bank personal loan, you can get the loan amount ranging from the INR 1 lakh to INR 40 lakhs. Your required amount should fall in this particular range. Yes Bank personal loan interest rate starts from 10.99% per annum. The last thing you will need to fill in the calculator is the number of months that you will need to repay the loan. Yes Bank lets you repay within the period of 12 months to 60 months. You can choose this according to your repayment capability.
That’s it! After feeding all these details into the calculator, you just have to click the ‘Calculate’. It will give you the exact EMI amount within a minute, and also the interest amount.
What is the Importance Of EMI Estimation?
Getting to know about the EMI amount helps you in managing your finances accordingly. When you have a certain figure, you will be able to plan accordingly becasue this EMI amount will be going from your monthly income. So, you should be cutting down your unnecessary expenses to make smooth repayment of EMIs every month. Yes Bank personal loan EMI calcualtor helps you in organizing your overall spends.