Yes Bank is the country’s fastest growing bank which believes in providing trustworthy and efficient banking services. Headquartered in Mumbai, Yes Bank has over 900 branches. The bank offers services such as personal loan, home loan, car loan, commercial vehicle loan, etc. Yes Bank provides personal loan of amounts between Rs.1 lakh to Rs.20 lakh. With flexible repayment options, you can avail a personal loan without any collateral or guarantor. Minimal documentation and hassle-free process makes it preferable for most customers.
When you take a personal loan from Yes Bank, you can repay it in Equated Monthly Installments (EMIs). The monthly EMI comprises of the principal amount and the interest charges as per the bank. You should know the exact EMI amount that you will be required to pay each month, as well as the breakup of that amount. As loan repayment is done over a period of time, knowing this amount is important for your financial planning.
Sometimes, the EMI amount also includes the processing fees towards the loan. Calculation of your loan EMI manually is a cumbersome process as you have to compute the ideal EMI amount that is suitable for you by trying various combinations for the chosen loan amount. You will either have to adjust the loan amount or the loan tenure if you want to reduce the EMI to the amount that is ideal for you.
BankBazaar has a personal loan EMI calculator on its website which helps you calculate your loan EMI in seconds. It is a comprehensive tool that also gives a detailed breakup of charges towards the loan, apart from the installment amount. An amortisation table is used to generate instant output.
To use the BankBazaar loan EMI calculator, you can follow 9 easy steps given below:
The calculator requires basic details of the loan such as the principal amount, interest rate, loan tenure, etc. to calculate monthly installment.
The online loan EMI calculator uses the following formula:
E = P x R x (1+R)^n/[(1+R)^n-1]
Where, E is the EMI
P is the amount to be borrowed
R is the interest rate on a monthly basis
n is the loan tenure in months
Processing fee is also included in the calculation sometimes depending on the bank.
The personal loan EMI calculator can be used to calculate the EMI that you will have to pay towards a personal loan from Yes Bank. The loan calculator has many benefits such as:
Manual calculation of EMI towards personal loan can take a long time, whereas this online calculator takes a few seconds. It allows you the freedom to explore various tenure options, loan amounts and different interest rates offering, helping you choose the ideal combination for a suitable EMI that fits your budget.
Manual calculation always carries a risk of errors every time you vary the amount to be borrowed, or interest rate, or loan tenure. When there is a comparison between banks, the chance of mistakes, further increases. The calculator on the other hand is accurate and free of such errors, no matter how many times the data is varied.
The calculator is found online and is very easy to use. Using this tool, you can decide the best loan for yourself in seconds. EMI calculation is the most important criteria in selecting a personal loan and this loan EMI calculator does the job with ease.
Graphic Representation of Loan Details:
The personal loan EMI calculator also displays the monthly payment and charges in a graphic form such as a pie diagram. The diagram displays the total amount that would be repaid towards the loan when the entire loan is complete.
Use of Amortisation Table:
Amortisation table is used in the calculation of EMI as it helps in knowing the loan’s progress with time. The table determines how much loan amount you have repaid each year, in terms of principal and interest.
Yes, the personal loan EMI calculator is easier to use than excel sheets as the latter requires you to program the calculator before using it, whereas the online calculator already has an inbuilt formula.
Yes, this is a universal loan EMI calculator and can be applied to any bank, provided you change the details of the loan, accordingly.
The loan EMI calculators are not so different from the one on BankBazaar, however the latter provides a detailed analysis of your personal loan and helps you understand your repayment better.
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